Belize-based Xwin CryptoBet has announced that it has raised a million dollars in a pre-ICO sale of tokens, thanks to a 3,000-strong sports betting community it has already attracted.
The organisation plans to operate an online Ethereum cyber-currency eSports betting site in 2018, and claims strong interest from unidentified South Korean and Japanese venture capital firms.
“Esports betting is already huge, and this global industry at the intersection of gambling, technology, and entertainment is growing by the minute,” said Xwin CEO Artyom Baikov, quoting a report from independent research company NewZoo.
The NewZoo report estimates that China and North America have generated $376 million in revenues in 2017 or 53 percent of the world’s total sports betting revenue.
“If this growth trend continues, the global sports betting industry is expected to generate $1.4 billion in 2020. Clearly, our Japanese and South Korean colleagues know a good thing when they see it. They realize that Xwin is very well-positioned to have its share of this enormous pie in the upcoming years and they want in,” Baikov added.
He says that his plans include smart contract-based currency exchange, wide implementation of AI for rates calculation and probability estimates, various VIP packages, DAO casino with poker and slot machines, and multimedia content for eSports fans, all offered under a Belize online gambling licence.
Baikov says his company plans to extend its offerings to at least six South-Eastern Asia countries where it recently presented to prospective investors. Europe will be targeted once the Asian-facing operations are running and stable, probably under a Malta Gaming Authority licence.
The CTO of the operation is Vladimir Kiryanov.