Are Gambling Tokens Actually Used Within The Industry?
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Since the introduction of the blockchain, Bitcoin and the innumerable other coins and tokens have significantly revolutionised how we store, spend, and move money. From banking to travel, real estate, and now even casinos, cryptocurrencies have made their mark in almost every facet and industry worldwide. The casino industry is not left out, as a significant portion of all Bitcoin transactions are linked to gambling, with crypto gamblers betting over $3 million daily on games like baccarat, blackjack and online slots.
At first, cryptocurrencies were widely used for making payments, withdrawals, and deposits due to their privacy, security, and self-governing features. However, digital assets are now used for much more than making payments and funding accounts. Nowadays, at online casinos, cryptocurrencies such as Bitcoin and Ethereum are commonly used in placing wagers in place of traditional fiat currencies such as USD and Euro. There are even specially designed cryptocurrencies (known as gambling tokens), gradually replacing native casino tokens.
What’s the deal with gambling tokens?
Given the unprecedented pace of cryptocurrency adoption, the acceptance and integration of digital assets and related technologies are now a requirement for businesses and industries to keep up with user trends and stay competitive.
Cryptocurrencies are a great choice for the gambling and gaming industries because they have lower transaction fees than traditional payment methods. This is especially important for smaller wagers which are common in these industries. With lower fees, players can keep more of their winnings, and operators can offer more competitive odds. Furthermore, gambling tokens, like other cryptocurrencies, leverage blockchain technology which is highly secure and almost impossible to hack, making them an ideal option for online gambling and gaming platforms.
Millions of tokens have been created to date, most with specific selling points or sets of features that attract a particular niche or user segment. Features like play-to-earn, shared ownership, and NFTs with tradeable value outside casinos are quickly catching on, thus opening up several possibilities in the space.
4 of the most popular gambling tokens
The popularity of cryptocurrencies is on a steady rise as more people take advantage of its numerous benefits. As per reports, the value of crypto gambling currencies was around $1 billion in 2021, and gamblinginsider.com predicts it will continue to grow. But just how much of the industry uses gambling tokens? We got to work researching, and below are the top four gambling tokens by market capitalization:
1. FUN Token
Market Capitalization: $42,114,701
24hr Volume: $556,599
Price: $0.004076
FUN token is the leading gambling token with a current market cap of over $44 million and a daily trading volume of over half a million. It was introduced in 2017 as the internal currency of the FunFair decentralized blockchain casino platform. FunFair offers services for creating and licensing online casinos. With FUN tokens, users can place bets, pay fees, and claim rewards, all without relying on traditional financial institutions. The token is widely available on several platforms, including Binance, Huobi, Gate.io, Bittrex, KuCoin, FTX, and EXMO.
It has several benefits, including providing provably fair gaming. This means that players can use cryptographic algorithms to verify the outcomes of each bet, ensuring that the games are both transparent and fair. Funfair’s FUN token also boasts much faster tx processing times than their competitors and a variety of privacy features, including a no-deposit option for managing funds.
2. Decentral Games
Market Capitalization: $11,178,737
24hr Volume: $339,966
Price: $0.01629699
Decentral Games is a blockchain-powered virtual world and decentralized autonomous organization (DAO) that offers immersive gaming and gambling experiences. It operates on Ethereum, utilizing NFTs and smart contracts. Players can enjoy various casino games and own virtual assets within the platform. They can earn cryptocurrency rewards and $DG tokens through play-to-earn mechanisms.
The $DG token is the utility token for in-game transactions and governance. Decentral Games operates as a DAO, allowing community members to participate in decision-making. The integration of NFTs enables true ownership and trading of virtual assets. Decentral Games combines blockchain, NFTs, and a virtual metaverse to create a dynamic gaming ecosystem where players can gamble, earn rewards, own assets, and contribute to the platform’s growth.
3. BEPRO
Market Capitalization: $8,027,625
24hr Volume: $746,023
Price: $0.00082762
BEPRO Network is a blockchain infrastructure designed for gaming and gambling DApps. It provides developers with tools and APIs for easy integration while ensuring transparency and fairness through blockchain technology. The network operates using the BEPRO token, a utility token within the ecosystem.
With a focus on the gambling industry, BEPRO Network enables users to place bets, stake tokens, and participate in governance. The BEPRO token is used for betting, rewards, staking, and network security.
BEPRO Network offers a comprehensive solution for developers and users in the gambling space, providing a secure and transparent environment for gaming DApps. By utilizing the BEPRO token, users can engage in gambling activities while benefiting from the network’s features and incentives.
4. Casino Betting Coin (CBC)
Market Capitalization: $1,657,943
24hr Volume: $71,599
Price: $0.01064
Casino Betting Coin (CBC) — formerly CashBet Coin — is an ERC-20 cryptocurrency designed to supercharge the iGaming industry through blockchain technology. Supported by a team of blockchain and iGaming industry veterans, CBC works closely with major gaming companies to create a real-world utility that benefits both customers and operators. It was recently acquired by social casino Greentube, a division of NOVOMATIC Interactive, and integrated with GameTwist, the company’s flagship brand. With a strong foothold in Europe, CBC has since enjoyed wide acceptance and utility in the European market where GameTwist operates.
As a gambling token, CBC offers secure, transparent, and efficient payment solutions for online casinos and betting platforms. Its integration with Greentube’s social gaming portfolio allows players to use CBC for bets, access exclusive features, receive bonuses, and participate in loyalty programs. The acquisition reinforces CBC’s position as a prominent gambling token, paving the way for future integrations and expanded utility across social gaming products and services.
So are gambling tokens actually used in the industry?
When looking at the market capitalization numbers, trading volumes, and prices of the above gambling tokens, it’s clear that there is a substantial level of activity within the industry. These figures indicate that not only is there a market demand for these tokens, but they are also being actively traded. Softswiss, the leading company in crypto gambling, released a report in 2021 indicating that crypto gambling is continuing to grow in popularity and development. In the first quarter of 2022, the number of bets placed using digital coins more than doubled (a 116.7% increase) compared to the same period in 2021.
Overall, the adoption of gambling tokens signifies a shift towards more secure, transparent, and decentralized forms of gambling. These tokens offer unique benefits such as provable fairness, faster transaction processing times, as well as shared ownership and rewards. The resulting acquisitions, partnerships, and integrations involving these tokens further emphasize their relevance and utilization within the iGaming industry.
* The information in this article and the links provided are for general information purposes only and should not constitute any financial or investment advice. We advise you to do your own research or consult a professional before making financial decisions. Please acknowledge that we are not responsible for any loss caused by any information present on this website.
