
New Crypto Casino Launches With Sportsbook Funding
Fledgling crypto casino EVO.io has raised £2.3 million in seed investment from Asian sportsbook SABA Sports and officially opened its doors for business.
The website is available here and you will find games from Advantplay and Red Tiger, together with a welcome bonus that gives you a 100% deposit match up to one Bitcoin. It’s a pretty enticing offer if you’re already in to Bitcoin gambling, and even if you’re not.
The privately owned Web3 based casino is registered in Costa Rica and launched this last month. Of course it offers a full range of slots, table games, live casino games and more. But the decentralised nature also allows customers to effectively become the house, rather than simply play against it, create games, alter odds and form communities with friends.
Big Ideas on a Small Budget
These are bold ambitions that maybe go beyond such a small investment, but SABA Sports could certainly benefit from a fully decentralised platform for sports betting. Indeed, there is a sports betting section on the site with a ‘Coming Soon’ banner, and they are looking to the future.
“It is without a doubt that crypto will play key roles in iGaming in the years to come,” a SABA Sports spokesperson said. “It may just be a simple deposit and withdrawal transaction right now, but blockchain technology can be much more, for example transparency in casino games, detailed on-chain betting data, and so on.
“We have seen EVO.io’s vision and what they aim to achieve in the next three years, and we firmly believe they will make their mark in this industry.”
Crypto casinos come with a number of built-in advantages. They include truly global access, instant withdrawals of your winnings without lengthy KYC procedures and provably fair games. The transparency that goes hand-in-hand with the blockchain technology means players can see exactly how often a game pays out, and it’s very hard to manipulate the system.
Regulation is Lagging
This is great for gamblers, but local governments aren’t always so keen. Many of the major attractions of a crypto casino also mean there is potential for money laundering, and also some countries simply wish to restrict gambling. Crypto means there are no geographical barriers and anybody with a wallet can link it and start playing.
Singapore recently banned crypto casinos, America has firm rules in place for online gambling in all but six States and other countries have tried to restrict access. It largely feels like holding back the tide at this point, as the technology is here and the advantages are too big to ignore. But it is true that a proper regulatory framework is long overdue and is almost certainly on the way.