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Georgia’s gambling industry is steering towards blockchain

George Miller

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Georgia's gambling industry is steering towards blockchain
Reading Time: 4 minutes

 

Gambling is one of the biggest industries in the world. It is getting more and more popular with time and there is still plenty of room for development. The gambling industry varies and has changed in nature quite a few times already. While some countries are very specific with their desires in relation to the gambling industry, others are very open to any new opportunities.

Gambling is developing with rapid speed, and the clearest example for it is the online gambling industry which has become one of the mainstream gambling ways. The countries are adapting to online gambling and thus, get access to the new markets on the daily basis.

Many countries have limited online gambling for their citizens, due to the responsible approach to the subjects, others try to evolve and expand online gambling all over the local as well as international countries. Georgia, which is a small country in the Caucasus region, has a very different and liberal approach to the gambling industry, especially when compared to its neighbors.

Gambling is an especially active part of the country’s economy and operation ever since 2014. First amendments and changes have been made exactly in this period, and are still ongoing ever since. Thousands of people gambling in Georgia and despite the small and relatively unstable economy, Georgian online casinos are very popular among the local citizens.

Gambling in Georgia

Bookmakers and online gambling in Georgia are big and still growing industries that employ thousands and generate over 150 million GEL, over $50 million in tax revenue only.

Gambling, as well as sports betting, is a heavily regulated and fully legal sector in Georgia. Moreover, the advertisements, unlike many other European countries, are legal, and thus you can see plenty of banners and signs in major cities as well as online. This encourages more people to take the risk and invest their money and time in gambling activity. As such, Georgia attracts many wealthy visitors for this sole reason.

Technological progress and development have also introduced Georgian gamblers to the new type of gambling, which is a Bitcoin casino and blockchain-based gambling. It is getting more and more popular and is attracting a wider audience. Considering the number of people possessing BTC accounts in the country, the Bitcoin casinos are getting even more popular with time.

In 2017, gambling accounted for 8.4% of total revenue in Georgia’s business sector, which was just above ₾71 billion at that time. The possible increase in BTC gambling promises even increased revenue for the country’s economy. According to the statistics and observations, BTC gambling in 2021 should increase the overall industry revenue by around another $2 billion.

The forecasts are made according to the previous tendencies and the previous increase of the revenue in gambling, once the traditional casinos have switched to online gambling platforms. The largest one-year increase was recorded in 2015 when the rapid growth of online gambling and sports betting resulted in a 91% increase in total turnover in the gambling sector.

Gambling regulations

During the past several years, the local government has introduced some more regulations and initiatives, in order to make the gambling industry even more appealing and safe for the thousands of players. The tax exemptions for the gambling industry in some parts of the country are the most vibrant ones. For instance, in order to set up a casino, a company has to pay an annual fee of 5 million GEL, which is around $1.5 million. Though, in some regions like Batumi, Gudauri, Bakuriani, Borjomi, and some other resorts, the fee is almost 20x less, which is only 250,000 GEL. The massive interference like this is in order to attract more investors and build new, modern resorts.

According to official statistics from the Ministry of Finance, there are 247 permits for organizing gambling activities in Georgia. The industry paid ₾136.5 million into the state budget in 2018. This is ₾17 million more than the amount of taxes paid in 2017.

The changes in taxation resulted in building new casinos. In Batumi only back in 2018, there were 10 casinos operating and the same amount was for the online casinos. Within the next five years, the amount should increase by 50%. This also increased visitors to the region by 75%.

The development of online gambling has also ceased one more problem. Throughout the past several years, the local casinos have mostly been owned by Turkish businessmen. Though, with the development of the local casinos, many businessmen were able to invest in the traditional casinos and renown the casinos.

The increased online gambling flow is already affecting the local economy and society as well. Thus the development of the Bitcoin casino locally shall attract even more attention. So far, there is no local Bitcoin casino in Georgia, though offshore and international operators accepting Georgian players, can still enjoy Bitcoin gambling.

Gambling and the society

The overall perception of gambling in society is not very positive, as an increased amount of gamblers, increases the risks and problems of gambling in people. Though the revenue and the income the industry generates to the economy still makes the local authorities further continue focusing on the development of online gambling.

According to the official statistics, almost 90% of the respondents on the survey are engaged in any type of gambling activity. The rest of the respondents are at least engaged in sports betting, which is also very important and the most popular activity among the locals.

With all the recommendations taken into consideration, Georgia should maintain a loyal and liberal approach to the gambling industry. It is also tightly linked to the tourism industry and high profits. With the rapid technological development and an entrepreneurial boost in society, Georgia might soon become the first country in the region to introduce Bitcoin casinos and switch to blockchain gambling within the next following years.

Blockchain

Alanyaspor to Launch Fan Token on Socios.com

Niji Narayan

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Alanyaspor to Launch Fan Token on Socios.com
Reading Time: 2 minutes

 

Turkish Süper Lig side Alanyaspor, in partnership with blockchain providers for the sports and entertainment industry Chiliz, have announced plans to launch $ALA Fan Token on fan engagement and rewards platform Socios.com in the coming months.

Alanyaspor finished fifth in last season’s Süper Lig and were also runners-up in the Turkish Cup. The club is currently in the fifth position in this season’s table. $ALA Fan Tokens are collectible digital assets, minted on the Chiliz blockchain, that provide owners with access to voting rights in polls, VIP rewards, exclusive club and sponsor promotions, AR-enabled features, chat forums, games and competitions on Chiliz’ fan engagement and rewards mobile app Socios.com.

The Alanya-based side will become the fifth Turkish club to launch a Fan Token, joining Galatasaray, Trabzonspor, İstanbul Başakşehir and Göztepe on the Socios.com roster. The announcement takes the total number of partners in the Socios.com network up to 28.

Hasan Çavuşoğlu, President of Alanyaspor, said: “We are pleased with this agreement that will bring our club, which we want to move forward day by day, into the digital world with the active participation of our fans.

“With the $ALA Fan Token, our fans will have a significant impact on club decisions and benefit from the multiple interaction and reward opportunities available on Socios.com.

“We are extremely excited for our Fan Token launch and are looking forward to great interest from our fans. We are proud to have Aytemiz Alanyaspor join the Socios.com family, which includes the world’s leading clubs, and make our club stronger in the global digital arena.”

Alexandre Dreyfus, Founder and CEO of Chiliz and Socios.com, said: “This latest announcement means that almost a quarter of all Süper Lig clubs have now partnered with Socios.com to launch Fan Tokens.

“The biggest clubs in Turkey – and throughout the world – are using Fan Tokens and Socios.com to increase engagement with their global fanbases.

“Our vision is to evolve passive fans into active fans and it’s very fitting that this evolution is currently happening faster in Turkey, where the passion of supporters is so high, than anywhere else.”

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Bitcoin

A Golden Opportunity: How to Win a Lamborghini in 2021

Zoltan Tundik

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Reading Time: 2 minutes

 

Dreams do come true.

 

On April 24th, a FreeBitco.in user, out of over 42 million registered users, won a brand new Lamborghini, crypto’s favorite car.

And that wasn’t the first time. Since May 2019, FreeBitco.in, one of the world’s biggest Bitcoin gaming websites, has given away Lamborghinis to four lucky winners.

And they don’t intend to stop…

It’s Time for Round 5!

The Lamborghini Giveaway at FreeBitco.in is a Golden Ticket Contest where users have to collect Golden Tickets which are entered into a provably fair draw to pick the winner.

User 15324044 is the latest winner and they held over 882,251 Golden Tickets over the course of the contest. The lucky winner gets to choose between a Lamborghini or $200,000 in BTC credited directly to their FreeBitco.in account.

Over the last 2 years, FreeBitco.in has given away a total of $800,000 in BTC through four popular editions, and now they’re making it $1 million with Round 5.

And the best part? You can win a Lambo too!

How to Participate?

Win a Lambo Round 5 began as soon as Round 4 ended. Everyone can participate in Crypto’s Biggest Giveaway and stand a chance to win.

Follow these steps to join the contest:

  1. Create an account on FreeBitco.in.
  2. Collect Free BTC or deposit BTC into FreeBitco.in wallet.
  3. Play the HI-LO dice game, or bet on events.
  4. For every 0.005 BTC wagered in total on both the dice game or the event betting page, the user gets 1 Golden Ticket.
  5. Golden Tickets can also be bought for 0.00025 BTC each.
  6. Collect as many Golden Tickets as possible to increase the chances of winning a Lamborghini.
  7. After the contest ends, a provably fair lottery draw will be conducted to pick the lucky winner.

It’s that simple!

The contest ends on 23rd October, 2021. You have six months to collect as many tickets as you can. Who knows, you could be driving home a shiny Lamborghini come October!

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Blockchain

The Sandbox Attracts Strategic Gaming & Silicon Valley Partners to build Virtual Lands in its NFT Metaverse

George Miller

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The Sandbox Attracts Strategic Gaming & Silicon Valley Partners to build Virtual Lands in its NFT Metaverse
Reading Time: 4 minutes

 

Uken Games, Bill Lee, Ken Howery, Galaxy Interactive, Tyler Winklevoss, Gemini Frontier Fund, Nifty Gateway, Avenged Sevenfold, and others entered into strategic partnerships to acquire LAND and build experiences in The Sandbox’s NFT-based metaverse

The Sandbox, a subsidiary of Animoca Brands and the leading decentralized social metaverse platform, announced that it has added multiple partners from the NFT, investment, and music industries to its growing list of partners. As with previous partners, the new entrants have joined in The Sandbox’s virtual real estate by acquiring LAND NFTs in the open metaverse and committed to building experiences across the metaverse. To celebrate the new partners, The Sandbox will launch a new LAND sale on April 14 that allows players to purchase choice spots near partner LANDS.

The partners who acquired LAND in The Sandbox’s metaverse include crypto projects such as Nifty Gateway, 21x, and Gemini, as well as renowned Silicon Valley based VCs and investment partners including Galaxy Interactive (Global gaming VC and investors in over 50 companies across the interactive landscape, including RTFKT, Bitski, Mythical Games, Immutable, and WHALE), Bill Lee (Co-Founder of Craft Ventures, former Board Director of Big Fish Games, and early investor in Cloud9, Coinbase, Opensea, and Tesla), Ken Howery (Co-Founder and former managing partner at Founders Fund, Co-Founder of PayPal), Sundeep Madra (Serial entrepreneur and investor), Gemini Frontier Fund (Founded by Tyler & Cameron Winklevoss), Chris Ye (CEO of Uken Games and creator of top-grossing mobile games Bingo Pop, Ava’s Manor, Who Wants To Be A Millionaire), Alex Reece (Early investor in Unity, Draft Kings and Lyft), Michael Witz (Founder of Redemption Games and creator of top-grossing mobile games Cookie Jam and Sweet Escapes), Edward Saatchi (Founder of Virtual Beings company Fable) and Patricio Fuks (Serial Entrepreneur & Investor), and heavy metal band, Avenged Sevenfold.

“As a vibrant, growing NFT-based gaming metaverse, The Sandbox is attracting strong and diverse new partners each day, from gaming studios to IP brands to artists to celebrities to visionary entrepreneurs to technology companies,” said Sebastien BORGET, COO & Co-Founder of The Sandbox. “We’re shaping our virtual world to be an experience rich place where partners can plant a flag with virtual destination experiences on their LANDS in a powerful new entertainment community where creators, players and brands can build and grow alongside each other.”

The involvement of the partners announced follows the beta launch of The Sandbox’s NFT marketplace, which gives anyone the opportunity to earn SAND, The Sandbox’s utility token, by monetizing voxel-based NFT creations created with the dedicated software VoxEdit. Each NFT can be used inside the game platform in the future or used to build custom game experiences. LAND NFTs are the main gateway to publishing games in The Sandbox, as the platform prepares for opening its first public beta for players later this year. The Sandbox was recently featured by the Wall Street Journal and CNBC as a pioneer in the space.

The Sandbox is becoming a prime entertainment destination where brands, IPs, and celebrities can engage with their fans and offer virtual experiences including games, live performances, and social experiences. Brands will coexist through neighboring lands, able to function as digital concert arenas, theme parks, or malls that users of The Sandbox can visit and experience by themselves or with friends. Reflecting on this potential, partner VCs, investors, and celebrity brands share their thoughts below on what attracted them to The Sandbox:

“We have been tracking the progress of The Sandbox ecosystem from its earliest days, and have been impressed by the founding team’s consistent execution towards their mission of developing a community-owned sandbox of creativity and fun. We are delighted to do our part to develop the community through the land we’ve acquired, directly and through our portfolio companies, and cannot wait to witness how the broader ecosystem evolves,” said Richard Kim, GP at Galaxy Interactive.

“Gaming is a killer use case for the metaverse, and The Sandbox is the only metaverse tuned for high-quality games with a decentralized monetization ecosystem for developers, asset makers, and passionate gamers,” said Bill Lee, Co-Founder of Craft Ventures. “21x will be developing all of our parcels into THE premiere gaming destinations across any metaverse — stay tuned!“

“The Sandbox is revolutionizing gaming by empowering users to build, own, and monetize their gaming experiences in a virtual world that is decentralized,” said Tyler Winklevoss, Co-Founder of Gemini Exchange. “We plan to extend our existing platforms into The Sandbox and develop unique experiences on our properties that advance our mission of empowering the individual through crypto.”

“We have officially purchased LAND in The Sandbox and are excited to build out a virtual space for our friends to explore,” said heavy metal band, Avenged Sevenfold. “Digital ownership and the metaverse have become increasingly interesting to us and The Sandbox felt like the right fit to enter this new world.”

Upcoming LAND Sale
The Sandbox’s upcoming LAND sale event on April 14th, 2021 will offer additional premium LAND located near the partners announced today. Each purchasable LAND will include exclusive premium NFTs and have the possibility to host events, gaming experiences, or social hubs when the game is released later in 2021. The Sandbox has already sold 45% of its 166,464 LAND NFTs, releasing them in successive waves that usually sell out in seconds. Existing LAND owners include Binance, CoinCheck, Metakovan, Pranksy, Socios, and CoinMarketCap among others.

The Sandbox has secured over 60 partnerships, including The Smurfs, Care Bears, Atari, CryptoKitties, and Shaun the Sheep, to build a fun, creative “play-to-earn” platform that offers virtual worlds and game experiences owned and created by players. The play-to-earn model gives players true ownership of anything they collect in the game, allowing them to trade it to other players (including outside the game on other websites), transfer it to other players, or even resell it.

The Sandbox is scheduled to launch its full Alpha for players in Q2 2021, enabling anyone to experience a social hub and gain the power to build a fantastic collection of fantasy and role-playing adventures that can be traded as NFTs with other players, creators, and artists on the platform.

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