- New technology allows for automatically calculated pricing
- Market expected to have vast potential
eSports betting platform Blinkpool has received $700,000 in investment from several key industry players, including Velo Partners, in an attempt to develop the eSports betting market.
Blinkpool’s technology allows for prices to be calculated automatically as the game continues, with players betting against one another. This removes several obstacles surrounding data and willing bookmakers which had previously kept eSports betting behind in development.
The technology is being tested on a free site called BlinkPredict, and pending a license from the UK Gambling Commission, Blinkpool hopes to fully launch its complete service later in the year.
The funding comes as a result of the Entrepreneur First program, which allows smaller tech companies to pitch their ideas requiring investments to some of the biggest venture capitalists in the world.
A black market soon to be out in the open
Speaking to Gambling Insider, Suraj, the co-founder of Blinkpool, was optimistic about the potential of the platform and highlighted the importance of the new funding.
“The funding is going to two things, product and getting our gambling license. The eSports audience created a huge multi-billion-dollar wagering black market, which was driven completely by demand. We want to bring transparency and legitimacy to eSports wagering with a product that is significantly more in line with what the audience want. We don’t think a traditional sportsbook offering will satiate the market; the eSports audience has high expectations and is very discerning when it comes to the products they choose.”
Since the existing market is underground, it has been difficult to make clear estimations of the size of the eSports gambling industry, but with the potential of eSports in general now indisputable, firms are putting an increasingly large wager on eSports gambling as an area of huge potential for growth.