Place Your Bet: A Glimpse at the Crypto Betting Industry

Sports betting has the greatest market share in the worldwide betting sector at the moment. It is among the world’s fastest-growing marketplaces, with the potential to expand even further.

As reported by Zion Market Research, the worldwide sports betting market was worth 104.31 BN. in 2017 and is predicted to reach 155.49 BN. dollars by 2024, with an 8.83% CAGR from 2018 – to 2024. In 2024, it is expected to reach 87.75 billion USD. Online sports betting now accounts for the bulk of the total betting market, thanks to the growth of digital connectivity.

There are two types of crypto betting available online:

• Centralized Platforms: Platforms that are professionally managed and not reliant on blockchain technology are known as centralized platforms. They may accept cryptocurrency as a means of payment or offer cryptocurrency payments.
• Decentralized Platforms: The open-source platforms that take advantage of the features of decentralized blockchain technology.

Examining Existing Blockchain-Based Betting Projects:

Many projects are using blockchain technology to tackle difficulties in the betting sector. This section discusses the overall potential of 5 projects. Let’s move to know about them.

Bethereum:

This is an open-source betting platform for esports, sports, and gaming available online. It is based on Ethereum and uses the Bether native token. Bether will be utilized for platform transactions as well as awards and commission payments to third-party partners and developers. Moreover, externally developed Apps can be integrated into Bethereum.

Decent.bet:

Anyone can establish a market bet, a game, or a casino room on Decent. bet, an open-source blockchain gaming platform. It covers things like slot machines, market predictions, esports, and sportsbooks, among other things.

Because the network is based on VeChain, it currently has a faster transaction speed over Ethereum. They keep their community members up to date regularly.  Because their coin is only available on two tiny exchanges, it is not widely traded.

meVu:

MeVu, like Funsunite, is based on Ethereum and uses the MVU native token. Players can gamble on anything on the platform. For betting, participants utilize and receive Ether. Participants that function as oracles must stake the MVU token to gain ETH. If a player refers or invites a friend to the platform, they will receive referral bonuses.  The MVU cryptocurrency is available on various exchanges.

Peerplays:

Peerplays is a gaming and betting platform based on the Graphene blockchain. It has its own native cryptocurrency, PPY, registered on IDAX and Livecoin but has limited liquidity. The platform’s consensus technique is delegated proof of stake (dPoS), which allows it to operate at high speed. The project is established with the help of PBSA (Peerplays Blockchain Standards Association).

Funsunite:

Participants must go through the know your customer procedure (KYC) before wagering on Funsunite, a sports betting structure developed for regulatory compliance.

Participants can choose any ERC20 token to wager on the Funsunite platform, which intends to accommodate numerous tokens. Funsunite’s native cryptocurrency, FUN, is similarly built on Ethereum. When publishing the results of events, FUN tokens must be staked.