iGaming has grown massively in the last few years. More recently, iGaming activities such as poker, online casinos, and sports betting have seen huge growth thanks to the pandemic, which is expected to reach a market volume of nearly $1 trillion by 2025.
Despite that, iGaming is sometimes perceived as one of the less favorable online activities. Online gambling is seen as a fun pastime for some, but a harmful addiction for others (like almost every human activity). So can iGaming be transformed into something more positive for all?
DoubleJack, a global fintech startup, thinks so. It is combining iGaming, blockchain, global access, and philanthropy in one platform.
Access to iGaming for all
Around the world, many countries use geoblocking to prevent their local populations from partaking in iGaming.
“Regulations in each state permitting citizens to engage in iGaming are constantly changing, causing the necessity of permanent maneuvering for the providers, operators, law firms, insurances, and all the supply chain thereafter,” Falk Maschitzki, cofounder at DoubleJack, told me. “Everyone enjoys iGaming to some degree. We all love dreaming up what we might do if we were to win it all.”
That’s where blockchain technology comes into play.
“The cryptosphere gives people around the world wiggle room to partake in iGaming, and not be inhibited by imposing governments,” Maschitzki said. “Mass adoption of crypto is slowly underway to the point that geoblocking will eventually be unnecessary. In DoubleJack’s context of using blockchain to try and overcome geo-blocking problems, we’ve often found that people in developing countries are using crypto to protect themselves from local inflationary issues. These same people tend to be unbanked with regard to iGaming. Seeing as iGaming is turning into a trillion-dollar market and a minority of people around the world able to access it, DoubleJack sees the opportunity in creating a platform to change the existing paradigm by building on the crypto movement’s momentum.”
Philanthropy and supporting good causes
Interestingly, an important part of DoubleJack’s plan is to use the platform for good and incentivize its users to support good causes.
“An influencer with a massive following within the DoubleJack world will get an initial significantly-raised affiliate income from us,” Maschitzki said. “To become an influencer with DoubleJack.Club, we accept applications under the condition that we get to know where the particular influencer is going to spend a part of this on local charities. Now is the time more than ever to care for our families, friends, and neighbors. We will support those charities by raising awareness for them, part of which will come from our funds. It has never been done that influencers can actually capitalize on their followings. That is part of the purpose of our philanthropic iGaming landscape; to build our entire company around our community and on the foundation of corporate social responsibility.”
That’s all well and good, but if users cannot generate enough wealth, those good causes will still go without.
“That is why we also offer, via a partnership with a wealth management and company-building firm, a guide on how to build a substantial passive income with DoubleJack, and how to build and sustain a company with the passive income,” Maschitzki said. “As we are just sharing a major part of our own ticket revenue from our players with our community, this can lead to new occupations and incomes that will stay forever. Therefore, we hope that our influencers and all of our affiliates will be wealthy enough to think about how they can contribute to their local communities sooner or later. We are going to support this and showcase it all over the world on our portals.”
DoubledJack’s iGaming future
It certainly bucks the trend when it comes to other iGaming platforms and could offer a more balanced approach within the market, allowing users to play and be supported while creating wealth for people who need it worldwide. So what’s next for DoubleJack?
“In the near future, DoubleJack will be launching its ICO to beat the geo-blocking mechanisms in place and give access to anyone around the world to our platform,” Maschitzki said. “With the trustless nature of blockchain, which is what our ICO will naturally operate on, it will be possible to immediately pay out all the winnings to the lucky winners without any delay and total transparency. The funds from the ICO will lay the groundwork for DoubleJack’s big goal: building its own insurance entity for risk management.”
It’s early days for DoubleJack, but the promise is certainly interesting, and its roadmap compelling. But it is also staying realistic.
“Despite our hopes for jackpot winnings, we either feel or know that hitting the top is really rather unlikely, even if we are afraid to admit it,” Maschitzki said. “Therefore, the majority of our community will benefit much more from our ticket revenue sharing model than from actually winning the jackpot, even if mathematically-speaking a participant can actually win. Those odds favor an insurance model. That is our strategic goal: creating our own insurance entity and an ILS-fund.”
In short, to build its philanthropic iGaming ecosystem, DoubleJack uses its utility token sale to accrue the funds to build its own captive insurance company and offer insurance-linked securities to institutional and accredited investors. So does its philanthropy extend to the token sale?
“Not only are we going to permanently spend parts of our funds on supporting major charities, but we have already started,” Maschitzki said. “We contributed to Holidays For Heroes Jersey last year. We were very touched by the idea when visiting last summer that this charity is inviting veterans together with their family and children for a free week of holidays. We have committed to funding at least 300 soldiers and their families, who will be able to enjoy their summer holidays. A portion of the DoubleJack founders team will also be part of the motorcycle ride-out to take the veterans around on the island of Jersey and host a party. The plan is for DoubleJack to develop more charitable activities like these around the globe and then encourage our influencers to do the same to help more military veterans and their families feel appreciated. This is one of our philanthropic campaigns.”