Blok Sports to Empower Betting Between Friends through Blockchain
Former SVP at FOX Network Groups has detailed his Blok Sports blockchain-based sports betting project that will offer to make up for the shortcomings of traditional sportsbooks.
Mitchell Chun Sees Blok Sports as Better Future of Betting
Blok Sports founder and CEO Mitchell Chun has vast experience in the world of sports and now sports betting. A former SVP for Fox Networks Group himself, Chun’s Blok Sports solution promises to add more excitement to the betting landscape in the United States.
His app, which will allow friends to bet on sports against each other, is running on blockchain technology, a high-value but still underappreciated piece of tech in the United States and beyond.
In a recent conversation with LA Business Journal, Chun explained how his experience at the helm of a media sports group has helped him shape the type of betting experience he wants to see baked into Blok Sports.
In development since 2019, the platform is still a work in progress. It’s touted as a “wager-making solution” where friends get to bet against each other. Chun is banking on the underpinning blockchain which should add more transparency to ensure fairness.
Introducing the Building Blocks to Make It All Work
Next for Blok Sports is a token-based betting system, although it will come only after a F2P game for NCAA March Madness has been put in place. Chun sees the platform as a place people can make bets, amass points and win various prizes, outlining the availability of a social and a competitive experience.
Blok Sports successfully finalized a seed funding round, adding $1.3 million to its coffers which will allow it to scale up its offer and bring more hands-on deck. While not entirely clear who the investors were, Chun explained that they represented some important media and sports parties.
Blok Sports already faces a sizable competition out there, but Chun believes his product will stand its ground and provide a safer payment processing system and platform for consumers who are interested in casual sports betting, as well as betting in a more competitive form.
“There are a lot of risks associated with a traditional sportsbook,” Chun argued in front of the media outlet. Yet, he seems convinced that Blok Sports can solve those and more.
Mike made his mark on the industry at a young age as a consultant to companies that would grow to become regulators. Now he dedicates his weekdays to his new project a the lead editor of GamblingNews.com, aiming to educate the masses on the latest developments in the gambling circuit.
