Mobile-facing online gaming turnkey operator and platform provider, CashBet, has announced the signing of a deal that will see its CashBet Coin crypto-currency utilized by the coming virtual lottery at CryptoMillionsLotto.
According to an official Thursday press release published by European Gaming Media and Events, CashBet explained that CryptoMillionsLotto is due to premiere later this summer and present players from around the world with the chance to win prizes that are to be comparable with those currently offered by state-run lotteries in the United States and Europe.
CashBet, which raised some $38 million earlier this month after completing an initial coin offering for its CashBet Coin virtual currency, declared that CryptoMillionsLotto is to be based on the AfroMillionsLotto service that operates in excess of 30 lotteries for charities and sports clubs in Africa while hoping to attract a wider audience via the adoption of a crypto-currency option.
“We are delighted to add CryptoMillionsLotto to our growing ecosystem of gaming partners around the world,” read a statement from Mike Reaves, Chief Executive Officer for CashBet. “As a fully licensed business, CryptoMillionsLotto will allow CashBet Coin holders to play lottery games with the chance to win life-changing real-money prizes.”
CashBet was established in 2012 and further detailed that CryptoMillionsLotto is to allow participants to wager using CashBet Coin tokens on lottery draws from Germany with all jackpots fully insured by a Financial Conduct Authority-regulated insurance broker.
“We are excited to name CashBet Coin as the exclusive token to be accepted on the CryptoMillionsLotto platform,” read a statement from Sulim Malook, a director for CryptoMillionsLotto operator RSN Entertainment Limited. “We see the validity its token offers globally and we know it will complement what we are doing with CryptoMillionsLotto.”