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
I switched to a report every 2 months which is a lot harder to time and I have been running late on it. I did spot some new projects during that time and actually invested in one of them quite heavily as I see some potential value
I found Openbetai.io pretty randomly when watching a youtube video that had a site open where new projects where listed. I did get sold of it for multiple reasons. The devs seem to understand the crypto space and the hype needed to launch getting initial token holders. The platform itself is very similar to in that it uses the same casino and sportsbook interface and odds with the main difference that their token is on the Arbitrum blockchain. They have a nice way of getting new players to sign up in that they airdrop 100 USDO to holders of other tokens on the Arbitrum chain who for free can test out the site with the opportunity to earn 100 USDT in case they manage to roll it over 50 times.
From what I understand, they did a pre-same and launched the token with a high % of the supply locked in a liquidity pool so it can't get rugged. This attracted a lot of people who keep an eye out for these new projects to profit on playing the 'last-to-hold-the-bag' game. This made it pump initially but as more got out as they aren't interested in the long run, the price continues to slowly but surely get cheaper again. They do give out a dividend share each month which is the main factor that has got me interested (See GambleFi Portfolio Update). In the 1st month there was a total site revenue after costs of 15098$ which at that time represented an APY of 40%
In the 2nd month there were many new players and overall more volume with the earnings reported to be more than the month before 6 days before the end of the month. Some late lucky winners however got the profit distribution of the 2nd month down to just 7498$ which based on the heavily dropped price represents 75% APY.
My reasoning on this platform is that it seems to be run by a team that has good intentions even though there is very little actual transparancy and that the valuation based on the potential is crazy cheap. Just as a reference, 20% of the profit of just the Rollbit casino every 16 hours or so is way more compared to 100% of the openbet.ai profit of an entire month while tey are a very similar user experience. Openbet also has active Poker Tables (See Poker Room Review
I did start tp accumulate after the first dip around 0.09$ up to 0.13$ and after that gradually increasing my purchases down to 0.037$ (there is a 5% buy & Sell tax so you always start with a 10% worse pretty much also calculating selling). right now I almost own 3% of the supply at an average buy price of 0.0664$ so I'm down quite a bit. I do understand the risk but at the same time I'm not shying away from jumping into a coin if I see a clear edge. The current market cap is below 250k dollar on a project that gets a high security score. If there are intentions to scam, they easily should be able to get the market cap to a couple of million by faking high dividends to pump the price. My aim is to get to a point where I recovered at least a large part of my investment to lower my overall exposure. I do use the platform and like what they bring along with the plans that they have to launch some on chain casino games (75% of those profits will go to Openbet holders) and they also plan to have NFTs similar to Rollbit.
The coming months for sure will be interesting and I'm looking forward how it all will play out and if they can manage to grow along the way.
Betu which I briefly covered in the December Report () seems to have gone bankrupt (Rugpulled?) with the token going from 0.03$ with a 3 Million Market Cap to 0.00024$ and a 26k market cap with the site also having gone down. Reports when looking on Google say that it is due to high cost of running and the failure to raise more capital. My conclusion after initially looking into it was:
"There is not enough there to really get me as a potential customer let alone an investor in their coin. Overall conclusion = in its current form not for me but I'm also not fully disregarding it."
which has their RLB token on the Solana blockchain continues to do quite well with lots of users and overall betting volume. As 20% of the profit is paid out in a lottery every 100 Bitcoin Blocks which can be entered by paying a RLB Fee (50% goes to NFT holders & 50% gets burned) the token is deflationary and the 3.268 Billion coins in circulation last time around by now have gone down to 2.236 Billion which equals 1.4% of the supply. This mechanic over time should make the price of RLB go up in they maintain or increase their current traffic on the site.
Same story for Wagerr.com/sportsbook as everyone is still waiting for the v5 release. In the meantime, there is 1 big account who is running a bot taking advantage of the slow adjustment of the odds which results in a mathematical edge over the platform and extra inflation which makes the price continue to drop. So this platform remains a gamble on when the big update is released and how well it will work. If everything goes well, with more and faster odds adjustments this should results in a big increase in the price but there is no guarantee whatsoever. Fact remains that Wagerr remains operational and this is the 2nd bear market that they are surviving.
WINR seems to be another new project that is getting picked up by Crypto Bros who are looking to get into new projects to potentially make profit on the Pump for it to dump again. I have yet to look deeper into it and will try to do that somewhere next month. From what I understand, they want to provide and infrastructure for gambling sites with shared liquidity and also some kind of revenue share to WINR holders who lock or participate. All info can be found on winr.games
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 !
Crypto & Blockchain-Based Bookies and Exchanges that I'm personally using as they allow anonymous betting with no KYC or personal restrictions...
Play2Earn Games I'm Currently Playing...
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