The licence will work to further expand Loot.bet’s global footprint, with the company declaring its intent to transfer the majority of its current players over to the Isle of Man licence.

Licence approval from the Isle of Man Gambling Supervision Commission is one of the most difficult to acquire, with the body awarding very few per year. The jurisdiction stipulates some of the toughest regulations and highest ethical standards in the industry.

However, the licence offers several financial and logistical benefits, providing Loot.bet with the opportunity to promote safe and responsible gaming for its global player base.

React Gaming CEO Leigh Hughes said: “This is truly a huge step forward for Loot.bet’s expansion plans in the B2C and B2B markets.

“In addition to providing gamers with the most compelling betting solutions, we will be able to offer white-label solutions to a much larger market, giving us the means to expand Loot.bet’s global reach and strengthen our brand awareness in the esports space.”

Hughes was named as interim CEO in June, taking over from previous CEO, President and Director Laurent Benezra.

In July, React Gaming qualified to trade on the OTCQB Venture Market under the ‘ITMZF’ symbol, with the company’s shares continuing to trade on the TSX Venture Exchange under the ‘RGG’ symbol.

The approval will work to facilitate trading in React Gaming stock for US investors, allowing the company to further expand and grow its esports and iGaming ventures in the US market.