IoM Grants First Of Kind E-Sports Gaming Licence
by Amanda Banks, Lowtax.net, London
24 August, 2017
The Isle of Man has granted a license to e-Gaming company ESP (eSportsPools), thought to be the first license in the world to specifically cover the wagering of virtual goods.
The license allows ESP to develop its eSports operations on the Isle of Man, and follows the introduction of regulations in January this year allowing players to deposit, gamble, and withdraw virtual items and digital currencies in addition to cash.
Commenting on the granting of the license, Jonathan Mills, Director of e-Business at the Department of Economic Development, commented: "The island's e-Gaming sector is continuing to enjoy exceptional levels of growth and this new license demonstrates that the industry is growing in diversity too. The Isle of Man's reputation for excellence and innovation is attracting more and more companies in niche areas of e-Gaming and our supportive ecosystem and financial aid on offer is helping them to thrive when they arrive."
"ESP is the first company to take advantage of the new regulations making this license a world first for betting virtual items. It is particularly pleasing that this product combines a few sectors the Isle of Man has been actively supporting – eSports, Fantasy Betting, Digital Currency, and Skins Betting. It's exciting to see another company joining the expanding eSports sector on the island and I wish them every success," said Mills.
Scott Burton, CEO at ESP, commented: "The Isle of Man is well set up for ESP to develop and grow. We only have to look at the pedigree of other e-Gaming companies already based here who trust the island with their business. The Isle of Man has many positive attributes that align with our brand values, such as their stance on player protection, a progressive gambling commission that understands our product and market, and top tier hosting and technology services – all in all, everything that we need to run the company."
ESP's offering is an innovative fantasy game based around eSports tournaments. The game allows players to construct a fantasy eSports team and gain points depending on how well their players perform throughout the season. The company has evolved and now offers a full eSports betting service catering to thousands of players around the world by offering a chance to bet on teams at professional eSports tournaments.
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