Unikrn Explained

Unikrn Inc. (styled as "Unikrn") is an esports betting and entertainment media company based in Miami, Florida.

In August 2021, international betting, gaming and interactive entertainment company Entain acquired Unikrn.^{[1] [2]}

Overview

Founded in November 2014, Unikrn primarily offers real money ^[3] and token-based wagering on competitive video game tournaments, otherwise known as esports.^[4] Unikrn creates betting markets on esports (organized video game competitions) matches akin to traditional betting.

History

The company was founded by Rahul Sood and Karl Flores in November 2014.

In 2016, Unikrn became an investor in BIG (Berlin International Gaming),^[5] a professional Counter-Strike: Global Offensive team. Unikrn also has an investment in MAINGEAR,^[6] a high-end PC manufacturer.

In the second quarter of 2017, Unikrn acquired LEET,^[7] an esports startup based in Las Vegas, Nevada. Unikrn also owns an Indian-based esports company, DotaProHub.^[8]

In November 2017, the company released UnikoinGold, an ERC-20 cryptocurrency, running on the Ethereum blockchain.^{[9] [10] [11]}

In September 2020, Unikrn agreed to a settlement with the U.S. Securities and Exchange Commission after raising $31 million via a digital asset called UnikoinGold in an unregistered 2019 token sale of digital.^[12] Unikrn volunteered to settle without a determination of guilt by paying a $6.1 million penalty to be paid via a Fair Fund to its token holders. Unikrn also undertook to disable UnikoinGold ^[13] Unikrn settled despite lack of consensus within the SEC that Unikoingold constituted a security, with Commissioner Hester M. Peirce saying, "I do not concur in my colleagues’ opinion that Unikrn’s token offering constituted a securities offering[...] By failing to challenge ourselves to experiment with new approaches to regulation, we, and those whose interests we are pledged to serve, risk surrendering the fruits of innovation. I respectfully dissent from the Commission’s actions today relating to Unikrn."^[14] She further clarified, "[Unikrn] is not alleged to have engaged in any fraud."

In 2021, Unikrn partnered with FYX Gaming to work jointly on development of an updated monetization structure.^[15]

Notes and References

1. Web site: 12 August 2021. Online gambling company Entain buys esports betting startup Unikrn as it looks to triple its business. 3 September 2021. CNBC.
2. Web site: 13 August 2021. Gambling giant Entain puts £50m bet on esports. 3 September 2021. The Times.
3. Web site: There's an easy way to bet on competitive video games. Engadget. 2017-07-17.
4. Web site: Gambling Comes to E-Sports with Unikrn. The New York Times. 11 May 2017.
5. Web site: eSports Betting Company Unikrn Invests In German CS:GO Team BIG. SportTechie. 11 May 2017.
6. Web site: Maingear, Unikrn Bet on PC Gaming's Future. PCMag. 11 May 2017.
7. Web site: Unikrn to acquire casino focused esports company LEET. Esports Insider. 11 May 2017.
8. Web site: Esports betting hub Unikrn buys statistics company DotaProHub GamesBeat. venturebeat.com. en-US. 2017-09-19.
9. News: ConsenSys Ventures has made its first four investments. Shieber. Jonathan. TechCrunch. 2017-12-20. en.
10. News: Mark Cuban-backed Unikrn to launch cryptocurrency for esports betting. Schroeder. Stan. Mashable. 2018-01-15. en.
11. News: Mark Cuban, Ethereum co-founder among big investors in Unikrn's digital token sale. Soper. Taylor. 2017-09-25. CNBC. 2018-01-15.
12. Web site: September 15, 2020. In the Matter of Unikrn, Inc. U.S. Securities and Exchange Commission.
13. Web site: September 15, 2020. Unregistered ICO Issuer Agrees to Disable Tokens and Pay Penalty for Distribution to Harmed Investors. September 15, 2020. SEC.gov. U.S. Securities and Exchange Commission.
14. Web site: Statement on SEC Settlement Charging Token Issuer with Violation of Registration Provisions of the Securities Act of 1933 . .
15. Web site: Duran. H.B.. March 11, 2021. Unikrn forms blockchain partnership with FYX Gaming. Esports Insider.