The online gambling industry generated a revenue of $64 billion last year and it's expected to grow even more in the future. What if a decent share of that money was deployed into crypto projects? I'm a generally curious person, so I looked for the current "state of the art" of decentralized gambling, or GambleFi as people like to call it to make it seem more dignitous.
I've explored some projects with different characteristics:
- Dexsport Web3 Betting: a really complete dApp with sports betting and casino games. It requires creating an account and depositing funds into the platform, you can do that with a simple wallet, without KYC. Funds can be deposited and withdrawn using many chains (including Ethereum, Avalanche, Arbitrum, BNB chain, Linea) and a lot of different tokens so that you don't have friction between you and gambling addiction. DESU is the governance token, that gives you access to bonuses to further guide you on the degen road.
- Rollbit: the biggest GambleFi project so far. What surprised me the most was looking at their current revenues: $39 million in the last 30 days, coming from sports betting, casino games and high-leverage trading. Part of the platform's profits are used to buy back and burn the RLB token, as an attempt to reward holders for their contribution. You can create an account with a wallet or with an email address. What it's not clear to me is whether there's a geographic restriction for users, it appears people in certain countries are not allowed to have an account.
- Goal3 XYZ: the newest of these projects and the first I've tried out. It's deployed on zkSync ERA network and it's still in beta. I've honestly tried it out just to generate some activities on zk network, hoping to see an airdrop in the future. It's the only one that allows you to bet directly from your wallet, without having to deposit funds into the dApp and that's a big plus in my opinion. Trust is a big issue for traditional betting platforms: you have to believe that the money you deposit in your account is "safely" custody. Betting directly from a crypto wallet solves this but there are fees to pay, on Goal3 you have to pay a fee of 0,5$ for every bet inferior to 20$, for example.
I know what you're thinking... "buying crypto is already a gamble per se". I agree, so I don't recommend anyone to spend a lot of time and money on these platforms, because you can easily develop a form of gambling addiction (trust me, I'm a psychologist). I admit that curiosity killed the cat in my case and I ended up losing more money than the amount I won, but hey, at least I explored a sector I didn't know much about and I learned something.
Crypto is an amazing technology, unfortunately, it can be used to develop something that's probably evil like betting. Do you have experience with similar projects?
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