TokenWars

What TokenWars does

TokenWars operates a consumer-facing online gambling and betting platform marketed under the Haywin brand, targeting individual users in Vietnam. The platform aggregates multiple game categories into a single account and wallet, including traditional and modern card games (Baccarat, Poker, Mậu Binh, Bài Cào), online lottery, slot games, fish-shooting games, online sports betting, live dealer casino, and culturally specific Vietnamese games such as Tài Xỉu (with MD5 hash verification) and Bầu Cua. Access is product-led and self-serve through a browser-based platform, a dedicated iOS app, and an Android APK, with customer support and engagement delivered through Telegram and Zalo. Deposits and withdrawals are processed through an automated API and integrated with Momo e-wallet QR-code payments alongside traditional banking channels.

The technology stack is conventional iGaming infrastructure rather than a differentiated platform: SSL encryption (variously cited as 128-bit and 256-bit across sources), RNG-based game fairness, MD5 hash verification for specific dice games, 4K livestreaming for live dealer tables, and automated API-based transaction processing. Independent fairness verification is provided by Gaming Associates. Operating legitimacy is asserted through three offshore gaming licenses: Curacao eGaming (registration 145522, October 2019), PAGCOR (certificate, June 2020), and Isle of Man Gambling Supervision Commission (99822/IOM, mid-2021). None of these jurisdictions license activity within Vietnam itself, where unlicensed online gambling is restricted, so the platform operates in a grey-market posture relative to its primary user base.

Revenue is generated entirely through the house edge built into game odds, with a stated average return-to-player (RTP) of approximately 97% implying a roughly 3% gross take rate on wagering volume. There are no subscription tiers or fixed pricing; the model is pure transactional. The company is privately held, reports no institutional investors or parent entity, lists a stated headcount of 7, and discloses no revenue, GMV, or wagering handle figures. Marketing is concentrated in Vietnamese-language SEO content (strategy guides for Baccarat, Bầu Cua, Mậu Binh, Bài Cào) plus organic social on Telegram and Zalo. The data set shows no AI/ML capabilities, no public funding rounds, no M&A, and no management team disclosures.

Name

TokenWars

Legal name

Haywin

Website

https://tokenwars.io

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

TokenWars, operating as Haywin, is a Vietnam-focused online gambling platform offering card games, slots, sports betting, lottery, live casino, and traditional Vietnamese games via web, iOS, and Android under offshore licenses from Curacao, PAGCOR, and Isle of Man.

Ownership category

akta.pro rank

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Marketing or Sales, Operations, Personnel, Infrastructure

Revenue model

1. Gambling Transaction Fees / House Edge: Platform generates revenue through house edge built into game odds, with average RTP of 97% indicating the platform retains approximately 3% of wagers over time. Additional revenue from various betting products including sports betting, casino games, and lottery.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

TokenWars (doing business as HAYWIN) operates an online gambling and betting platform targeting Vietnamese consumers. The platform offers a multi-category gaming ecosystem including card games (Bài Cào, Mậu Binh, Poker, Baccarat), online lottery, slot games, fish shooting games, online sports betting, and live dealer casino games. Users access the platform via web browser or dedicated iOS/Android apps, fund accounts, and wager real money with payouts processed automatically.

Product overview

HAYWIN is a multi-category online gaming and betting platform operating as a unified product ecosystem. The platform comprises several core product categories including card games (Game Bài Đổi Thưởng), online lottery (Xổ Số Online), slot games (Nổ Hũ), fish shooting (Bắn Cá), online sports betting (Thể Thao Trực Tuyến), live casino, and traditional games like Tài Xỉu and Bầu Cua. The platform is accessible via web browser and dedicated mobile apps for iOS and Android, offering integrated payment processing and 24/7 customer support.

Differentiator

Problem solved

Functional benefit

Products and services

• HAYWIN - Card Games (Game Bài Đổi Thưởng) Card game platform offering traditional and modern games including Bài Cào, Mậu Binh, Poker, and Baccarat with real-money betting and reward redemption, targeted at adult Vietnamese consumers.
• HAYWIN - Online Lottery (Xổ Số Online) Online lottery platform offering betting on draws from various regional lottery providers with transparent results and fast prize payouts, for Vietnamese lottery players seeking digital access.
• HAYWIN - Slot Games (Nổ Hũ Đổi Thưởng) Slot game platform with hundreds of themes from classic to modern, featuring progressive jackpot prizes accumulated over time, targeted at casual Vietnamese online casino players.
• HAYWIN - Fish Shooting Game (Bắn Cá Săn Thưởng) Fish shooting game set in underwater environments where players use weapons to hunt sea creatures and earn coins, for Vietnamese players seeking arcade-style betting entertainment.
• HAYWIN - Online Sports Betting (Thể Thao Trực Tuyến) Online sports betting platform covering major football leagues worldwide with live streaming and diverse betting options, targeted at Vietnamese sports betting enthusiasts.
• HAYWIN - Live Casino (Venus Casino) Live dealer casino featuring real-time gaming with professional dealers for an authentic casino experience, targeted at Vietnamese players seeking immersive table game play.
• HAYWIN - Tài Xỉu MD5 Dice-based betting game using MD5 hash technology to verify result transparency and fairness, for Vietnamese players seeking provably fair dice gambling.
• HAYWIN - Bầu Cua Traditional Vietnamese dice-cup game with online digital version featuring the Subtraction-6 algorithm for result calculation, targeted at Vietnamese players seeking culturally familiar gambling.

Quantifiable outcome

• 97% average RTP (Return to Player) rate
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Four partnerships are on record, tiered core.

• Isle of Man Gambling Supervision CommissioncoreOthers · 1 January 2021Licensing authority providing permit number 99822/IOM issued in mid-2021 for the entire platform, ensuring compliance with international gaming standards.
• PAGCOR (Philippine Amusement and Gaming Corporation)coreOthers · 15 June 2020International gaming regulatory body providing official licensing for the platform. Certificate issued in Manila on June 15, 2020, establishing legal framework for gaming operations.
• Curacao eGamingcoreOthers · 10 October 2019Registration code 145522 issued October 10, 2019, providing international gaming license coverage for the platform's operations.
• Gaming AssociatescoreOthersIndependent gaming verification and supervision organization that verifies platform operations and ensures fair gaming practices.

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Direct peers

• Dafabet: Dafabet is a long-established Asian-facing online betting and casino brand serving Vietnam, Thailand, and India. It competes directly on sports betting, live dealer casino, and slots.
• Fun88: Fun88 is an Asia-rooted online betting platform offering sportsbook, casino, and slots with a strong Vietnamese user base. It is a direct competitor on product breadth and Vietnamese-language acquisition.
• VN88: VN88 is a Vietnam-targeted online sportsbook and casino brand with localized payment rails and Vietnamese-language acquisition. It is a near-clone competitor on geography, product, and brand positioning.
• M88 (Mansion88): Mansion88/M88 is a major Asian-facing online sportsbook and casino brand with deep penetration in Vietnam and Southeast Asia. It overlaps directly with Haywin on sports betting, live casino, and slots, and targets the same Vietnamese customer base.
• 188Bet: 188Bet is an Asia-focused sportsbook and casino operator with established Vietnamese market presence. Overlap with Haywin spans sports, casino, and slot verticals and similar GTM channels.
• W88: W88 is an Asia-focused online gambling and sports betting platform offering casino, sports, slots, and lottery to Vietnamese and other Southeast Asian users. It competes head-to-head with Haywin on the same product mix, GTM channels, and target geography.
• HappyLuke: HappyLuke is an Asia-focused online casino and slots platform with significant Vietnamese user acquisition. It overlaps with Haywin's casino, slots, and live dealer offerings.
• 12Bet: 12Bet is an Asian-market online betting and casino operator with Vietnamese user traffic. It competes on the same sportsbook + casino + slots combination as Haywin.
• BK8: BK8 is a Southeast Asia-focused online gambling operator covering sports betting, live casino, slots, and lottery. It targets the same Vietnamese demographic with a comparable multi-vertical product suite.

Broad incumbents

• 1xBet: 1xBet is a large global online betting operator with significant Vietnamese user acquisition. While broader in geographic scope, its product suite (sports, casino, slots, lottery) directly overlaps with Haywin's offering.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/tokenwars

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TokenWars