ESI Digital Spring panel poster

Adam Kling talks evolution of esports gambling at ESI Digital Spring panel

FYX Gaming CEO Adam Kling recently participated in the “Letting It Ride on Esports – How Gambling on Esports is Evolving” panel at the Esports Insider Digital Spring Event.

Kling joined Tem Genji co-founder William Collis, Davis Wright Tremaine LLP partner Sean Sullivan and ThriveFantasy CEO Adam Weinstein in the panel moderated by Dr. Brett Abarbanel, director of research at the University of Nevada Las Vegas International Gaming Institute.

The group explored several topics within the esports industry with an emphasis on how gambling is beginning to make its way to e-sports and the environment as well as the obstacles around esports gambling. 

The esports gambling industry experienced a lot of new attention and interest amid the ongoing coronavirus pandemic. When a majority of traditional sports had to suspend their seasons due to COVID-19, the esports industry carried on without delay—which led to many fans of traditional sports also turning their attention to esports.

When the group began discussing the potential obstacles the esports gambling industry faces, one topic that came up was the evaluation of the truthfulness of a game-creators database and data-feed—especially when it comes to placing bets on the game being played. At the moment, the data generated lives in the game-creators servers, and the company that enables betting on the game must rely on and trust the game-creator to provide truthful data and feed it to them in real-time.

However, the work that Kling and his team at FYX gaming are doing aims to solve that problem by leveraging the Bitcoin SV (BSV) blockchain which eliminates the need for a trusted third party or good faith.

Kling talked about the value in building games on the blockchain and why a shared database of truth—aka the blockchain—eliminates a lot of the concerns individuals have when it comes to data integrity and data accuracy. When there is a ledger that records every single event that happens in-game, it creates a much safer and transparent environment, which is beneficial for the industry as a whole. It allows big money to enter the space with the guarantee that the data they are seeing, betting on, or backing is not fraudulent.

Kling also talks about why blockchain and digital currency can bridge a lot of the gaps that exist when it comes to monetizing independent developers, small gaming studios, and placing wagers on video games.

If you happened to miss day one of the Esports Insider Digital Spring Event, you can watch the full stream below; the “Letting It Ride on Esports – How Gambling on Esports Is Evolving” panel begins at around the 7-hour, 45-minute mark.

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