Luckbox Review – Fully regulated esports betting platform

Luckbox is a fully regulated esports gambling and betting platform. Unlike most other offerings currently in this space, Luckbox will have a strong emphasis on being legally compliant. They will achieve this by seeking a license from the Isle of Man which carries the highest regulatory standard of any of the top-tier jurisdictions.

Luckbox will also have a dual token setup. The LuckCash token will be a utility token and used in place of fiat on their platform for purchases. The LuckProfit token will be a profit share token and entitle holders to 20% of company profit.

Why use Luckbox?

Esports is a growing industry. There was $655 million in global esports revenue in 2017, a 33% year-over-year growth. Revenue for 2018 is expected to hit $906 million, with 56% of that coming from the North American and Chinese markets.

Games like Blizzard’s Overwatch and Riot’s League of Legends, have started their own leagues with regular season and playoffs competition. These leagues have attracted strong interest from big names in traditional sports. NBA teams like the Cleveland Cavaliers and Golden State Warriors, and MLB teams like the New York Yankees, have a stake in the NALCS (the domestic league for LoL). Likewise, there are also many well known names backing the OWL (Overwatch League) which had a reported franchise buy in fee of $20 million.

Despite these impressive numbers, there is a lack of interest coming from established gambling platforms. They are content to cater to traditional sports and poker. Even if there is interest, lack of know-how and not having proper licenses prevent newer platforms from setting a foothold in the industry. Because of these reasons, Luckbox is primed to fix itself at the forefront of this coming opportunity.

Key Features of Luckbox

  • Esports dedicated gambling platform

  • Will focus on being fully regulated and licensed

  • Compliance will allow access to app stores, granting entry to mobile and tablet markets

  • Integrated with blockchain technology

  • Allows for transactions in fiat, crypto, and in-game items

  • Lower fees and faster transactions (compared to traditional platforms)

  • Unique marketing strategies that will engage and give back to the esports community

Getting registered in the Isle of Man is very significant. It complies with the highest level gaming jurisdictions and allows customers to play in a safe and secure environment. Internet casinos are often hosted in jurisdictions with lax rules; when they go bust, players lose their money. To avoid that, the Isle of Man government insists that online-gambling businesses must keep players’ funds separate from their working capital, and make sure those funds are protected.

Being integrated with a blockchain and crypto platform also gives it many advantages. One of the biggest issues with the current market is the processing of payments, especially in less developed regions such as those in Asia, Africa, and Latin America. Since Luckbox will offer a variety of payment solutions, this means access for players in regions where gambling is permitted but banks prove an obstacle. This also opens the market to a lot more potential customers.

Another issue that cryptocurrencies solve is the problem with chargebacks. Gambling sites have long had the problem of users losing their money and just calling up their banks and claiming fraud. Because of how the current system works, the betting operator will have to return their money and may even be charged with a fine. The use of digital currencies also leads to lower fees and faster transactions compared to existing fiat options.

Luckbox’s unique marketing strategies will include close collaboration with the esports community. They plan to provide exclusive content with key esports figures and also support grassroots esport initiatives such as coaching academies.

Concerns

The gambling license from the Isle of Man has not been approved yet. However, Luckbox has built a solid and experienced team of executives, each with 10-plus years experience managing gambling, digital currencies and/or esports projects. The team represents a broad spectrum of specialization, across management, technology, product, design, licensing, regulatory affairs, operations and marketing. Lee Hills, who is in charge of Licensing and Regulatory Affairs, has 8-plus years experience in obtaining licenses in the Isle of Man. He also obtained the first ever regulated blockchain gambling license and is a key advisor to licensed and non-licensed gaming companies globally.

There is also concerns about the legality of the the LuckProfit token. Jurisdictional restrictions might apply, for example, US residents must be accredited investors. LuckCash remains available for use on platform for eligible products. Also, securities cannot be traded on exchanges. Therefore, Luckbox plans to couple the price of LuckCash and LuckProfit by offering them at a 1:1 exchange rate for users to purchase directly from Luckbox themselves.

Fans of esports generally skew younger. To prevent underage gambling, there will be stringent KYC checks and protocols in place to ensure that people under the age will not have access to the platform.

Token Distribution and Crowdsale Details

27% for Strategic investors: Early contributors to the project.

34% for Crowdsale: Those who purchased Luck tokens in during the pre-sale and crowdsale.

10% for Company reserve: Tokens kept in reserve by the company, details to be announced.

20% for User adoption pool: Funds used for acquiring and retaining customers, including reward programme (see ‘Player acquisition and marketing’).

3% for Team: Tokens distributed to the Luckbox team.

3% for Advisors: Tokens distributed to project advisors.

3% for Influencers / promotions: Tokens distributed to influencers and used for campaigns.

Luckbox reached their target of $11 million for the presale within four days. They also earlier offered $50,000 in free tokens via airdrop as a way to thank and build up the community.

They recently announced details of their coming crowdsale. The whitelist will open at 1pm GMT/UTC on Friday, March 23 and the token price will be locked at 3pm GMT on Monday, April 2.

The public phase of the Luckbox crowdsale will then open at 1pm GMT/UTC on Wednesday, April 4 and the crowdsale will close at 11.59pm GMT on Wednesday, April 11.

Those interested will be able to register for the whitelist by visiting the homepage.

 

Resources:

Website https://luckbox.com/

Whitepaper Luckbox Whitepaper

Blog https://blog.luckbox.com/

Telegram Luckbox main telegram

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