Warning Against Online Gambling Sites Bearing Initial Coin Offerings
Vancouver-based FansUnite is the latest site hopeful of accepting real-money wagers starting next year via a proprietary digital currency it’s calling the FansUnite Token (FAN).
The CalvinAyre.com website warns to be careful of gambling sites looking to get into the Initial Coin offering space.
With the value of Bitcoin soaring, initial coin offerings are breeding like rabbits, yet the real-world value of these alt-coins remains suspect, as does the motives of some of the individuals announcing these ICOs.
Ask yourself one question: what value is a coin that you cannot spend anywhere except some theoretical future online sportsbook put up by guys with no experience in creating or running an online sportsbook?
If FansUnite was truly sincere in its desire to offer customers quick and simple money movement, all they need to do is incorporate a Bitcoin Cash (BCH) payment option, as an increasing number of existing, proven online sportsbooks have already done.
FansUnite says it intends to hold a Token Generation Event, which is essentially an initial coin offering, that will allow customers to acquire FAN. US and Canadian residents will be unable to do so however.
FansUnite will only allow sports betting for real money from those in the United States should the activity be deemed legal. Hearings took place in the US Supreme Court this week to determine the fate of sports betting in the States. A decision is expected by no later than June of next year.
- Aaron Goldstein, Gambling911.com
