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FUN Token Is Moving 250,000 Users to Polygon With Layer-2 Token
Who doesn’t like success stories?
In 2021, one of the biggest success stories in crypto has been that of FUN Token, an ERC-20 token with an incredible vision – bringing decentralized online gambling to the mainstream.
Not long ago, this vision was in danger as rising Ethereum gas fees made on-chain transactions untenable for FUN Token. Along came FreeBitco.in with a unique use case and acquired the token in February.
FUN Token hasn’t looked back since…
FUN Token’s Journey in 2021
FreeBitco.in, the seventh-largest online casino in the world, harnessed FUN Token for its Premium Membership program, moving its use case completely off-chain. Through this project, FUN Token gained exposure to over 46 million users.
Subsequently, FreeBitco.in acquired the token and built a new team around the token, helmed by the vastly experienced Adriaan Brink, formerly of the BETR Foundation. A comprehensive roadmap was laid out.
In a matter of months, FUN Token gained over 170,000 new users, tripling its user base and doing it all off-chain. Noticing its rising popularity, Binance organized a couple of successful trading competitions and added FUN to its Locked Savings program.
And now, FUN Token is taking a massive step towards realizing its ambition with its biggest project yet…
FUN Token Is Moving to the Polygon Network
While an off-chain use case is a clever workaround, achieving true decentralization in online gambling is only possible through on-chain activity.
One of the biggest issues facing online gaming is related to operator escrow. When a user places a bet, their funds are moved into escrow until the outcomes are determined. Simultaneously, operators have to ensure sufficient funds are available to settle these bets. By moving operations to a blockchain, these logistical drawbacks are eradicated.
FUN Token sought to solve these issues using the Ethereum blockchain, however, there was a problem.
“FUN suffered tremendously with the rising price and latency of Ethereum transactions, so our first major tech release will be to deal with this issue,” said Adriaan, CEO of FUN Token. “In the next 2 months, we will release a new Layer-2 token on the Polygon network to leverage its high performance and low transaction fees.”
This token will be pegged 1:1 with FUN Token and over 250,000 users will be brought on to the Polygon network. New tokens will be issued in exchange for escrowing FUN Tokens, effectively taking a massive amount of FUN out of circulation and acting as a strategic burn tactic.
In the coming weeks, a full-fledged, truly decentralized casino for the L2 Token will be launched, taking FUN Token closer to its vision of making online gambling transparent, fast, and secure for everyone.
Moving in the Right Direction
The online gambling industry is fraught with unfair practices, long cashout times, and security risks. FUN Token has dedicated itself to bringing decentralization to the industry through carefully planned developments, and a token ecosystem based on a Layer-2 blockchain is definitely a step in the right direction.
FUN Token also plans to utilize 50% of its gaming profits to burn tokens strategically, showing its commitment to making its goal a reality. There’s a long way to go, however, the start couldn’t have been stronger than this.
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GamCare releases Annual Report following record breaking year of support on the National Gambling Helpline
GamCare’s National Gambling Helpline received a record 55,228 calls and online chats from people experiencing gambling harm in 2023-24 – a 25% increase from the previous year – according to the charity’s Annual Report.
In a year marked by uncertainty over the future shape and structure of the gambling harms treatment sector following the previous government’s white paper on gambling reform, the charity continued to prioritise those at-risk of, or currently experiencing, gambling harm.
Of all calls and online chats that were responded to on GamCare’s Helpline in 2023/24, 41,070 (74%) were classed as supportive interventions. This includes supporting people with initial guidance and advice as well as delivering a seamless entry point into structured treatment services, with individuals completing treatment reporting a significant reduction in gambling-related distress and financial harm.
In March 2024, the Office for Health Improvement and Disparities published an assessment of the gambling treatment system, highlighting that 57% of individuals engaging in treatment were referred by the National Gambling Helpline. This underscores the Helpline’s critical role in connecting people to the support they need. Over 9,100 free treatment sessions were delivered in the year to April 2024, with an average of just 2.1 days’ wait from point of referral.
GamCare’s targeted programmes aimed at young people, women, and the criminal justice system provided training on how to spot the signs of harms and where to signpost into support for 10,344 professionals, and education for 53,324 young people, children and parents. The Women’s Programme, in partnership with organisations such as Refuge, trained 3,813 professionals to recognise and address gambling-related harm among women.
Margot Daly, Executive Chair of GamCare’s Board, says: “Throughout a challenging year and with heightened demand for our services, GamCare’s staff have got on with the job of preventing harm where possible and treating harm where necessary. While we expect important changes in the gambling harms landscape, we have been determined not to let this uncertainty affect our relentless focus on the people who really matter – those at-risk of or currently experiencing gambling harms.
“I would like to thank and pay tribute to our frontline staff who provide 24/7 support for all those at risk or in distress. I also want to thank GamCare’s senior executive team who have steered GamCare through a period of sustained change, and to my fellow trustees for their guidance, unwavering support and the time each has dedicated to ensuring that the charity stays on course and on mission.
“As we look ahead to how the future of the gambling harms sector is shaped, we are committed to working proactively with the NHS and other partners and commissioners to ensure that people are continually able to receive the right support at the right time.”
The post GamCare releases Annual Report following record breaking year of support on the National Gambling Helpline appeared first on European Gaming Industry News.
Kambi Group plc (“Kambi”) has during the period 18 December to 23 December 2024 (the “Buyback Period”) repurchased a total of 40,000 ordinary B shares (ISIN: MT0000780107) as part of the share buyback programme, within the mandate approved at the Extraordinary General Meeting on 20 June 2024 (the “Programme”).
The objective of the Programme is to achieve added value for Kambi´s shareholders and to give the Board increased flexibility with Kambi´s capital structure by reducing the capital. The Programme is being carried out in accordance with the Maltese Companies Act, EU Market Abuse Regulation No 596/2014 (“MAR”) and other applicable rules.
During the Buyback Period, Kambi repurchased a total of 40,000 ordinary B shares at a volume-weighted average price of 99.13 SEK. From the beginning of the Programme, which started on 6 November, until and including 23 December 2024, Kambi has repurchased a total of 344,000 ordinary B shares at a volume-weighted average price of 104.94 SEK per share.
During the Buyback Period, Kambi has repurchased shares as follows:
| Date | Aggregated daily volume (number of ordinary B shares) |
Weighted average share price per day (SEK) |
Total daily transaction value (SEK) |
| 18 December 2024 | 10,000 | 100.00 | 999,967 |
| 19 December 2024 | 10,000 | 99.39 | 993,929 |
| 20 December 2024 | 10,000 | 98.86 | 988,588 |
| 23 December 2024 | 10,000 | 98.26 | 982,562 |
All acquisitions have been carried out on Nasdaq First North Growth Market in Stockholm by Carnegie Investment Bank AB on behalf of Kambi. Following the acquisitions and as of 23 December 2024, Kambi’s holding of its own shares amounted to 344,000 and the total number of issued shares in Kambi is 29,903,619 ordinary B shares. Under the Programme Kambi is authorised to repurchase a maximum of 3,127,830 ordinary B shares, up to a maximum amount of €12.0 million.
A full breakdown of all transactions carried out during the Buyback Period is attached to this announcement.
Information on the Programme is available on Kambi’s website, https://www.kambi.com/investors/share-information/
The post Kambi Group plc repurchase of shares during 18 December – 23 December 2024 appeared first on European Gaming Industry News.
North American Expansion Kicks Off Through Strategic Partnership with Moozi
Golden Matrix Group’s game development division, Expanse Studios, has officially entered the U.S. sweepstakes market, marking a significant milestone in its North American growth strategy. This move is powered by a strategic content partnership with Moozi, one of the most dynamic sweepstakes social casino platforms in the region.
With Moozi now featuring over 50 of Expanse Studios’ top-performing games—including immersive slots, crash games, and table games—this partnership positions GMGI to capture a share of the $5.6 billion U.S. sweepstakes market, projected to more than double to $11 billion by 2025 (Eilers).
Damjan Stamenkovic, CEO of Expanse Studios, commented:
“This partnership signifies our formal entry into the U.S. market, showcasing the innovation and player-first experiences that define Expanse Studios. Collaborating with Moozi enables us to deliver advanced gaming content to a growing audience in North America, a key region for our global growth.”
James Anderson, Moozi’s CCO, added:
“Expanse Studios has set a high bar for engaging and innovative gaming experiences. Their addition to our platform elevates Moozi’s offerings and strengthens our mission to lead the U.S. sweepstakes social casino space.”
This launch underscores Expanse Studios’ commitment to innovation and its long-term growth trajectory in regulated markets. By entering the North American sweepstakes market, Expanse Studios takes a bold step in expanding its footprint while delivering cutting-edge gaming experiences.
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