The CryptoGamblingNews.com team takes a look at August’s trading, trends and takeaways from for the crypto gambling sector.
Decentralised gambling worth $200m
Decentralised applications – or DApps – that use blockchain technology to offer casino and sports betting are worth a combined $200m, according to an analysis of the latest trading from CryptoGamblingNews.com.
The uptick across the crypto space this summer – which has seen Bitcoin more than double in price since hitting a year-long low in march – has been mirrored across those cryptocurrencies focused on gambling.
But the sector still has a long way to go to recover to its January 2018 highs, when the combined market cap of gambling-focused cryptocurrencies exceeded $2bn.
No margin for error
The battle to offer best price may have subsided over recent years, as sportsbooks turn their attention to differentiating on product and marketing. But crypto-focused sports betting operators are making a conscious effort to scoop up users searching for value.
One such crypto sportsbook, Cloudbet, recently announced plans to migrate its ‘zero-margin’ campaign to the US Open, following a successful roll out during last season’s Premier League. It is betting that its zero juice offer will prove a strong acquisition tool throughout the action at Flushing Meadows.
Cloudbet told Crypto Corner that cost-saving blockchain technology is helping it cut payment processing fees and chargebacks to such an extent it can now consistently beat fiat competitors on price.
A matter of trust
TrustTracker, the blockchain-based tool launched in July and designed to help solve the issue of player trust in online casinos, is being embraced by users.
Its first partner, 321cryptocasino, reports around 10,000 TrustTracker transactions per day. These transactions have helped make the CasinoCoin blockchain, which powers TrustTracker, one of the 20 most active blockchains in the world. Additional integrations of TrustTracker with other casinos could see it rise further up the list.
Southampton lands Sportsbet.io sponsorship
Following last season’s front-of-shirt sponsorship with Watford, crypto-led sportsbook operator Sportsbet.io has landed another major Premier League deal.
The brand, operated by the Coingaming Group, will be the main sponsor of Southampton FC next season. Coingaming Group CEO Tim Heath said Sportsbet.io “shares the club’s desire to disrupt its industry and increase its global reach.”
Losing its edge?
It appears to be game over for Edgeless, the decentralised, Ethereum-based casino which at one point held a market capitalisation of $250m.
Despite a slick UI and the launch of a range of games, the platform has stopped updating its blog and Twitter feed, while its market capitalisation has dropped to just $1m.
The Edgeless team had previously spoken about the challenges of onboarding new players to a blockchain-based casino; the lack of activity from its team over the last few months suggests Edgeless was ultimately fighting a losing battle.