I try to stay up to date with all the latest news and developments from Blockchain Projects that offer Sports Betting making a report each month with my personal experience and insights on how this space is evolving.
Market Overview
There was a lot of volatility in the crypto market this past month with pretty much all prices crashing. Things continue to develop when it comes down to Sports Betting on the blockchain with a very promising project being released by the Augur team using a model I suggested many months ago as a proper solution for Prediction markets (See Post)
Monthly Updates:
There were some issues with the https://wagerr.com/sportsbook wallet last in April but this was fully fixed and everything is up and running again with the funds being in place. The trend of coins being burned due to Sports Bettors being unable to beat the wagerr odds that are on offer also reversed with now over 10 Million extra coins being minted. They also changed things on the exporer.wagerr.com website showing the YTD total mint/burn with an option to see the full stats. The amount of WGR that was bet keeps increasing but the dollar amount was slightly lower due to the price decrease.
There was an announcement that Fun Token partnered up with virtue.poker who will start using their wallet. It remains quite confusing with Funfair & The Fun Token but it should become more clear over time. They are still on course to complete their entire roadmap with Sports Betting being a big part of it using the BETR technology using the 2nd layer Ethereum solution to make gas costs near free. A token burn program is also planned.
I finally got around getting some funds on MATIC to test out platforms like sportx. I was mostly interested in the SX token which provides potential passive income but so far the platform has not managed to impress me. The fees are really high 4% while you are required to provide additional information linking your polygon wallet with a signed message and METAMASK somehow needs to be connected to the ethereum network while it runs on Polygon which brings enough confusion for me to just skip it all for now. The total market cap of SX is also ridiculously high at 400 Million+ on the total supply with coins being mined players and those that stake. Also, the requirements to get lower fees are extremely expensive. Just to get 4% fees down to 2% it would require 400k $ worth of SX tokens (1M SX) to be locked.
The Wink.org website has been under DDOS attack and was down most of the month which caused the dividends to crash. Things seem to be restored now but the Sportsbook still is not back online having some funds locked up there I can't access. The price chart also saw a major pump & dump pattern and I'm glad I took some profit along the way.
Augur came with a new product focussed on Sports Betting called Augur Turbo (IPFS Link) and I believe this model could become the future of the entire Sports Betting industry. It basically is Uniswap for Betting where everyone can act as the bookmaker providing liquidity on both sides receiving a 1.5% Fee for providing this liquidity at the risk of more bettors being on the winning side causing them to lose part of their capital (or winning a lot more when more bettors are on the losing side). I have been testing it out these past days as some of the ones providing liquidity don't seem to have a clue what they are doing offering odds that are way too high.
It all still is and looks very confusing and there are a lot of improvements that still can be made to make it a much more seamless experience. I do plan to make a more detailed report on this platform in the coming weeks. The REP token also plays no part in this project as oracles directly come from Chainlink.
Blitzpredict was one of the ultra low cap projects (similar to Betterbetting which did well on the merging with FUN) that I have a soft spot for as something I would use. They have flipped around their objectives these past years but now seem to be back rebranded as BlitzPick www.blitzpick.com aiming to bring Sports betting tipping onto the blockchain. So from here on out, I will have a closer eye on this project again.
sportbet.one remains the most complete 'decentralized' crypto betting platform and I really enjoy using it at the right times (Read when odds are good enough on a certain bet). They further decentralized partnering up with ptokens allowing players to bet in pBTC and pLTC directly from their own wallet. The funds transfer from BTC to pBTC in my wallet was also done without issues. Their SBET token is one I have continued to accumulate as the total market cap based on the working platform they have and the dividends that are being paid is still quite low.
That's about it for this month. Let me know if there is anything major I missed last month or if there are some more promising projects I have yet to take a look at. Thanks!
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