The ICO demonstrates the platform’s desire to accelerate its reach in the esports industry over the next several months, as it seeks to expand into Europe and the US. The company also plans to offer a betting exchange, pool betting and head to head skill-based competitions in the future.
Skrilla is a joint venture between Brisbane-based Puntaa and Sydney-headquartered GAMURS. It’s looking to establish a North American footprint in the first quarter of 2018.
Puntaa was founded in 2014 and developed the first licensed peer-to-peer social betting platform. Meanwhile, GAMURS is considered a premier esports media company, a standing corroborated by the 3.5 million monthly active users of Dot Esports, its leading offering.
Each company’s respective disciplines and experience enabled them to lend critical expertise to Skrilla’s creation.
Token sale is pivotal growth step
The two firms’ desire to “connect esports fans through competition, social and betting” drove the development of the platform. The company is launching a token sale of its proprietary cryptocurrency, the Skrilla Token (SKR), that starts in November.
SKR is built upon the Ethereum blockchain, and will initially be utilized alongside traditional currency within the fantasy esports platform.
However, an eventual transition to what the company describes as a “decentralized, licensed and peer-to-peer betting platform on the blockchain” will render SKR as the sole unit of exchange that players will utilize for entering contests, placing bets and collecting winnings on the site.
The development and implementation of a cryptocurrency is considered essential to Skrilla’s global aspirations. Unencumbered by geographical limitations, SKR will enable daily fantasy esports enthusiasts worldwide to participate in contests with players from virtually anywhere in the world.
Naturally, the ability to leverage such an expansive player pool would be beneficial to Skrilla in a multitude of ways.
Wide variety of contest options, traditional format
The platform offers a typical daily fantasy sports format wherein players compose a roster that consists of professional esports player that each have an assigned salary value.
Users’ lineups accumulate fantasy points as the players they’ve selected compete in their game. Prize pools are shared among the top finishers in accordance to the individual contests’ payout structure.
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Lucrative overseas markets in crosshairs
With growth in both viewership and revenue expected in esports in the coming years, the esports segment boasts some of the most impressive potential of any entertainment product.
Skrilla sees the lucrative North American market — one in which fantasy sports centered around worldwide brands such as the NBA and NFL thrive — as fertile ground for rapid growth of its daily fantasy esports platform.
The company hopes it can succeed where others failed. After an initial boom, daily fantasy esports saw contraction. That came in the wake of regulatory and legal concern, mainly in the US.
The pioneers in the space — Vulcun and AlphaDraft — are no longer around. Vulcun stopped real-money contests before pivoting away from fantasy entirely. AlphaDraft was purchased by DFS operator FanDuel before shutting down in 2016.
DraftKings and some other US-facing companies do offer fantasy esports, as well.
Of course, Skrilla has more than daily fantasy in its plans, but that’s what the platform is offering, for now.