The Phoenix Group Ltd. has announced the future launch of its social gaming site, FaceOff, which allows players to make peer-to-peer social challenges and win cash prizes based on the outcome of skill-based contests. In December, consumers will be able to challenge friends in head-to-head match-ups featuring their NFL, MLB, NHL, NBA, WNBA and MLS teams; the top UFC, Boxing and PGA players; and e-sports competitions.
In addition, the company announced the creation of iCash, a new Ethereum-based token, and its upcoming Token Generation Event (TGE) which is due in December 2017. The tokens sold at the TGE will fuel the development of a blockchain-based version of FaceOff, which is expected to improve the security, scalability, and availability of the platform; reduce transaction times and fees; immutably record all transactions to prevent fraud; and better protect the privacy of its users.
According to a UN conference, the global sports betting market is worth up to $3 trillion, the vast majority of which is generated by illegal gambling, resulting in significant lost revenue for online gambling businesses. Similarly, e-sports wagering is expected to double over the next three years, growing from nearly $700 million in 2017 to nearly $1.5 billion by 2020 – much of which is unregulated.
FaceOff CEO, Rich Roberts remarked: “We believe there is a tremendous, untapped global market opportunity to provide a platform that allows for peer-to-peer sports and e-sports challenges. FaceOff is going to bring together communities of people who are passionate about their favourite sports or e-sports teams and players, with those who enjoy the social aspect of challenging friends and strangers in head-to-head competitions, and those who enjoy playing skill-based games to win cash prizes. Combined with the safety and security of cryptocurrencies and the blockchain, we envision FaceOff will become a top destination for sports fans and gamers alike.”
Will McDonough, co-founder of The Phoenix Group – the owners of FaceOff and iCash, stated: “FaceOff will be the first legal, IP-backed social gaming platform, enabling players to directly challenge others in predicting the outcome of any live event. Our experienced team and solid intellectual property bring a new level of capabilities to the emerging blockchain-based wagering market, as it continues to grow as a trusted platform for transactions and smart contracts.”