Blockchain Bets Hopes to Fuel Crypto Bull Run in Crypto Gambling

March 20, 2024 11:22 am Comments

One thing that prevents people from investing in cryptocurrency outside of Bitcoin is its utility, but crypto gambling is attempting to defy this narrative.

As online betting on sports has hit massive all-time highs due to influencers constantly pushing gambling among young adults and sports fans, betting with cryptocurrency has become more relevant than ever.

One of the leading cryptocurrencies that are leading the charge in GambleFi is Blockchain Bets.

Blockchain Bets is a cryptocurrency with a decentralized sports betting and online casino platform.

According to Coingecko, the coin is currently selling at $0.0022 and has a market cap closing in on $20,000,000.

Per Block Works:

Sports betting is the consumer application for crypto that everyone has been waiting for, and which can benefit greatly from decentralization. If there’s anything I’ve learned in my years in the crypto industry, it’s that crypto’s ultimate use case is disintermediating markets by offering peer-to-peer, decentralized solutions.

Bitcoin disintermediates the market for fiat and savings technology, offering an alternative to US dollars. Smart contract platforms like Ethereum disintermediate trust by allowing the creation of trustless, permissionless, peer-to-peer applications.

But beyond these two coins, other parts of crypto have emerged that remove the middleman even from within crypto: Uniswap offers token swapping that reduces a reliance on centralized exchanges; Render Network offers decentralized access to GPU compute power; and money markets like Aave and Compound offer access to capital and permissionless loans rather than having to go through banks.

And sports betting is a middleman-heavy, rapidly growing industry that would particularly benefit from crypto’s ability to cut that middleman away.

In 2022, sports betting revenue eclipsed $7.5 billion while increasing 75% YoY — this growth is more than all other streams of gaming revenue combined (slots, table games, iGaming etc.). Mobile has also reduced many barriers to entry and is far more convenient for deposits –– 70% of all wagers are placed online. Combine that with a 10.3% compound annual growth rate (CAGR) and 46% of American adults having placed at least one sports wager in the past year, and you have an incredibly fast-growing market to disrupt.

In recent months, the coin has seen more holders after Neo Tokoyo founder Alex Becker revealed that he is an advisor to the project.

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