This is perhaps the single most common question that people have when they first hear of GAMBL, and it’s deceptively simple. The average bettor is generally asking more along the lines of why is it even needed when we already have sites like DraftKings and FanDuel? While on the other hand we have the crypto natives asking how is our approach different from the many other blockchain-based betting projects? In short – many of their comparisons, expectations, and metrics can vary wildly.
The best, and certainly clearest, way to address these questions and concerns is separately. For the average bettor we’re working to bring the benefits of blockchain in a manner that is intuitive and easy to use. On the surface it will look and function largely like the sportsbooks/casinos that users are already accustomed to. In fact, we’re working on solutions that could reduce friction even lower than traditional platforms.
Under the hood the blockchain ensures that you always control your own funds, there’s no dependence on fallible and corruption-prone humans. If you win you get promptly paid no question, and you have the ability to use your coins at any operator easily. You can also stake your coins for passive gains, and everyone benefits from an anti-inflationary economy. It’s a solution that is secure and one that you can trust (and verify!), which is governed by universal rules that are enforced through code and consensus. So you don’t have to worry about such things as a random book disappearing or what license they have. One app for all of your betting, anyone?
For crypto natives it is extremely important to highlight that our approach is quite different in that we are targeting the traditional gaming industry, for the advancement of it through blockchain. Not just a simple bare-bones betting app for crypto bros.
We’re focused on bridging the gap with the traditional gaming industry by on-boarding operators, improving solutions for affiliates, and tackling regulation head-on. A better end-user experience clearly comes first, but the mutual benefits of blockchain adoption within the traditional industry are huge. This is how you move crypto forward the proper way – by carefully integrating blockchain adoption into the traditional industry, which will service millions of users better than they currently are.
A blockchain solution that has the component parts of a betting solution built in, is also a massive sell for operators themselves. They can have a product connected to the chain that they offer through a site or app, just like they do now. Using whichever component parts (odds/feed/etc) they want, and at a greatly reduced cost versus traditional industry (think commission-based). They do not need to be dependent on a single provider either. Payment processing, where fees for the operator can be a whopping 10% or more, is completely removed.
Users possess GAMBL tokens in their wallet and can engage with any operator, no cashing in and out over again (incurring even more costly fees!). This not only reduces fees to near zero, but removes the need for a payments department entirely. They also don’t need traders to settle results, and can massively reduce their spending there too. Individual licensing becomes a much easier task with the rules of the blockchain essentially being hard-coded (i.e. can’t take bets without liquidity, regulator doesn’t need to worry about books not paying users, etc). Overhead is greatly reduced and the entry barrier also reduced by a large factor, so operators can focus more of their precious resources on their brand, giving themselves a major advantage over others.
It’s also highly beneficial for affiliates too. They’re a huge part of the industry, yet often get overlooked and treated unfairly. With GAMBL they can get commissions from user betting, regardless of which operator they bet at. And because there are universal rules that are strictly enforced by code, they don’t have to worry about bait-and-switch tactics or insider affiliates getting better deals in secret. They also get a real voice in matters and have legitimate power in the network, through the tokens that they hold. This is a far better deal than their current situation, so much that it should be an absolute no-brainer for them.
Unlike many other projects in this space, both past and present, we are committed to being transparent about funding and holdings. We have a highly qualified team with well-known names in the industry who are putting their reputation on the line.
Our CEO is Mario Fiorini. He is director of IGA Group, the 2021 Sigma Consultants of the Year in the igaming industry. They do everything you would want or need as an operator – providing software, licensing, legal, etc.
Our CSO is Karl Brincat Peplow. He was formerly lead online regulator for the MGA, which is one of the two main regulators in Europe alongside the UK gambling commission. Honestly, you can’t get much better than that.
Our COO is Jason Tauriello. He has 20 years of experience within the gaming industry on both sides of the counter. He is the founder of MMAforMoney and has years of experience as a Director of Operations in both traditional industries and the blockchain space. His depth of knowledge of both the betting and crypto sides is quite rare and makes him an invaluable asset to the team.
Our CTO Sean Mac An Tsionnaigh has a formal background in computer science, specializing in scripting and automation. He is also a professional bettor and consultant with a number of years experience in both the gaming and blockchain industries. Combined with Jason’s experience, they make for a formidable team and have been working closely together for many years already.
The tech to do all of this exists, and we have a highly experienced and dedicated team who can successfully bring it to market. The question isn’t if blockchain is the way forward here, it’s now just a matter of how early will you adopt it?