The beta version of Hotheads.io is now live, after what Edgeless said was “months of work”. The move is clearly designed to tap into the social gaming market, worth an estimated $5.6 billion in 2018, according to Statista.
While the US has been opening up to real money online gaming in recent months – particularly with the repeal of a federal ban on sports betting passed by the country’s supreme court in May – there are still significant regulatory hurdles in the market.
With this in mind, Edgeless has launched Hotheads.io as a parallel project to the Edgeless Casino, stressing that the latter will continue to take priority.
“Up until now, certain markets were closed for us, as gambling is strictly regulated there,” Edgeless co-founder Tomas Draksas said.
“While we are exploring licensing possibilities, currently we cannot offer our gambling product to the US. This is why we have decided to jump into this market with social gaming. Furthermore, social gaming is growing rapidly worldwide and we see considerable growth opportunities.”
Hotheads.io offers a range of social games where players can compete for ranking. It operates on Edgeless’ smart contract system in much that same way as the Edgeless Casino.
An initial two games – Save the Rocket and Flying Sausage – are now live, with more titles promised in the coming months.
Users will need Edgeless tokens to power activities on the new platform, providing extra utility for the token, the company said. It added that plans to enter the sports betting sector have been delayed as the company focuses on Hotheads.io and Edgeless Casino.
“Our mission is to create a global, revenue-generating company. With more than seven thousand registered users and 70 million EDG tokens wagered on our platform, we have proven that our business model is successful,” said Draksas.
“We have 400,000 EDG tokens balancing on the ‘smart-contract’; this means the company is continuously growing day after day. We are one of a few blockchain projects that have a working product which generates revenue, and we know best how to keep it up.”
EDG was trading at $0.174676 for a total market cap of $16.7 million at time of writing.