With esports betting witnessing dramatic growth due to the COVID-19 crisis shutting down most traditional sports, we thought it would be a great time to catch up with Rahul Sood, CEO and Founder of Unikrn – the esports betting operator that counts Mark Cuban and Ashton Kutcher among its investors.
We’ve put together a shortened video, but if you have time check out the full uncut version for some real insights from one of today’s most successful esports entrepreneurs.
Here’s a short overview of our chat:
For those who aren’t familiar with Unikrn, can you tell us what differentiates it from other esports betting operators?
Unikrn was awarded EGR’s Esports Betting Operator of the Year in 2019 because we’re different. Not only does Unikrn esports betting provide endemic odds for dozens of titles with thousands of markets, but we have also developed new tech to underpin a wide variety of betting opportunities. At Unikrn you can bet in real time on Twitch streamers, powered by proprietary technology. We developed 24/7 virtual matches featuring real, exclusive gameplay with all-star quality players including Justin Wong. You can even bet on yourself in public matchmaking games or private lobbies, a skill-based betting experience which is available even in the United States.
Unikrn offers a much wider range of betting than most bookmakers, including betting on your own gameplay, which obviously drives engagement to an unprecedented degree. Do you think this is key to the future, and are there other exciting innovations coming?
Variety is what keeps games fresh, but also what keeps a betting platform interesting. Not only do I think betting on yourself in video games is going to revolutionize the way we see today’s young adults engage with betting, but I also think it will revolutionize the way today’s gamers play. The first publishers to openly participate in skill-based gaming is going to have unprecedented tools for amping up adrenaline, focus, variety and interest in their games. A lot of gamers who review our platform or contact us in Discord have mentioned how betting on something like Fortnite has totally reinvigorated their interest in playing the game. Gamers have more fun watching, playing or streaming with something on the line, which creates increased user retention for the games themselves, ultimately leading to bigger esports audiences and more interest in esports betting.
Unikrn UMode is a full-circle strategy which helps everybody in the industry: publishers, fans, gamers, and of course us.
And, yes, we’re working on other exciting innovations in this space, but I’m not ready to make any announcements for upcoming expansions right now!
Unikrn’s UnikoinGold cryptocurrency was the world’s first gaming utility token and is now well established, but when were you first introduced to the world of blockchain and cryptos, and where do you see it developing in the future?
UnikoinGold was a big push in the right direction for crypto, which desperately needs more utility before it can really go mainstream. For us, UnikoinGold has been a tremendous success in allowing us to provide betting, rewards and other activities without needing to worry about process slowdowns such as cross-national banking transfers. This ultimately makes it less expensive to run our books and allows us to push the limits, offering better odds than our competitors and a more streamlined experience for our crypto-savvy users.
We’re in the process of securing the next stage of partner development for the UnikoinGold ecosystem, which is going to come with another batch of utility and widen UKG’s appeal beyond just our active, crypto-savvy bettors.
Can you tell us about Unikrn Casino and partnerships with casinos, and how you see esports relating to the traditional gaming space?
Esports is either an unprecedented threat or an unprecedented opportunity for land-based casinos. Which is really up to them.
We’ve worked with several Vegas casinos on gaming-related partnerships, initiatives or consulting, and we’ve seen some success bringing younger audiences into places like the MGM Grand using gamer appeal.
Right now, casinos are still trying to figure out how reliable esports performance is and how big the audience is. With COVID-19 shutting down real sports, I think we’re going to see a lot of casinos and sports media companies come back to operation with a greater understanding of esports’ significance. In the coming years and decades, the casinos that lean into gaming and work with strong partners like Unikrn are going to be the ones that have an enormous advantage for the lifetime of Millenials and Gen Z.
The COVID-19 crisis has significantly boosted the profile of esports around the world, as people look for digital entertainment alternatives. Is Unikrn managing to attract new customers from the traditional sports betting space, and do you see this effect lasting beyond the crisis?
We’re seeing an enormous uptick as people look for safe, fun ways to keep themselves engaged without sports or traditional betting options. I think COVID-19 accelerated esports betting, both because operators are being forced to take a serious look at what esports offers and bettors are starting to rediscover video games as a hobby. Gaming and esports are there to support these new fans through the most difficult period of our lives, and I think it’s unlikely that they lose interest once COVID-19 is defeated.
We’ve heard you’re a League of Legends fan and player, but what title are you most excited about in terms of the future, especially from a betting point of view?
Valorant, a tactical shooter from the makers of League of Legends, is the hot new thing in the esports world. I’m extremely interested to see what we can do with a Riot Games title with a third-party esports ecosystem. CS:GO is one of the most successful esports betting cultures, and Valorant attracts many of that same audience, so I think there will be a lot of interest. The complexity of the game makes for very interesting exotic markets and the format makes it much easier for bettors to enjoy than Battle Royal titles like Fortnite.
Unikrn has invested in and acquired several other companies over the last few years – which has been the most interesting for you, and are there any more moves on the horizon?
I don’t pick favorites, every company we’ve bought has integrated into Unikrn and allowed major innovations behind the scenes. Lots of our tech, offerings and patent applications have been made possible by the people or groundwork provided by the companies we’ve acquired.
As a college dropout who has gone on to phenomenal success, what do you think is wrong with the education system, and what would your advice be to young entrepreneurs?
Everybody needs to be educated to run a successful business. My education came through successes and failures in the real world. There’s no academic replacement for that, but that doesn’t mean academics are useless. Like any other decision in business, getting a degree or an apprenticeship is a cost/benefit analysis.
Look, for me, college wasn’t a fit, that doesn’t mean I would unilaterally prescribe dropping out to other people. My businesses are operated by people of mixed educational backgrounds, which means they come in with a variety of strengths and weaknesses.
If you’re a young entrepreneur, you really need to assess what kind of business you want to make and what kind of education is a fit for those goals. If you want to create a new medical technology, you’re unlikely to do that without a background in medicine, right? If you want to start a new entertainment business, it’s probably more important for you to understand entertainment, network and innovate a product or service that fills a gap.
Either way, the most important thing is to know what your own blind spots are and hire accordingly. If you didn’t go to college, chances are good you’ll want to hire some people who did. You’ll each help cover each other’s weaknesses.
Times certainly are a changin’ and Unikrn is definitely out there in front, driving progress on both the esports betting and tokenisation fronts.
We’ll be sure to keep you up-to-speed with developments at Unikrn, and in the meantime it’s a massive “thank you” to Rahul for taking the time to talk with us.
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