Welcome! I fell down the Web3 rabbit hole and wanted to share my learnings and thoughts. I love connecting so follow @CryptoJeter on Twitter
AustinMueshi- The Lourve of NFT Marketplaces
Thank you for reading this piece. If you LOVE this article, you can send a tip to Cryptojeter.eth (my ETH address)! Follow me on Twitter @CryptoJeter and retweet this post! Feel free to shoot me a DM as I love meeting new folks! https://twitter.com/CryptoJeter/status/1525568964625059841?s=20&t=Zx0Ie92PQrJVnfm8CuyQMg Thank you for the support! ***Views are my own*** Art is an asset that has gained more mainstream appreciation. Not too long ago, Jay-Z was referencing the asset as a way to creat...
AustinWeb3 - The Gateway to Black Wealth Through Culture and Innovation
Thank you for reading this piece. If you LOVE this article, you can send a tip to Cryptojeter.eth (my ETH address)! Follow me on Twitter @CryptoJeter and retweet this post! Feel free to shoot me a DM as I love meeting new folks! https://twitter.com/CryptoJeter/status/1497669225367883789?s=20&t=Zx0Ie92PQrJVnfm8CuyQMg Thank you for the support! ***Views are my own*** In the spirit of Black History Month, I would be remiss not to mention the contributions that the Black community has made to dri...
AustinMueshi- The Lourve of NFT Marketplaces
Thank you for reading this piece. If you LOVE this article, you can send a tip to Cryptojeter.eth (my ETH address)! Follow me on Twitter @CryptoJeter and retweet this post! Feel free to shoot me a DM as I love meeting new folks! https://twitter.com/CryptoJeter/status/1525568964625059841?s=20&t=Zx0Ie92PQrJVnfm8CuyQMg Thank you for the support! ***Views are my own*** Art is an asset that has gained more mainstream appreciation. Not too long ago, Jay-Z was referencing the asset as a way to creat...
AustinWeb3 - The Gateway to Black Wealth Through Culture and Innovation
Thank you for reading this piece. If you LOVE this article, you can send a tip to Cryptojeter.eth (my ETH address)! Follow me on Twitter @CryptoJeter and retweet this post! Feel free to shoot me a DM as I love meeting new folks! https://twitter.com/CryptoJeter/status/1497669225367883789?s=20&t=Zx0Ie92PQrJVnfm8CuyQMg Thank you for the support! ***Views are my own*** In the spirit of Black History Month, I would be remiss not to mention the contributions that the Black community has made to dri...
Welcome! I fell down the Web3 rabbit hole and wanted to share my learnings and thoughts. I love connecting so follow @CryptoJeter on Twitter
Subscribe to Austin
Subscribe to Austin
<100 subscribers
<100 subscribers
Share Dialog
Share Dialog
Thank you for reading this piece. If you LOVE this article, you can send a tip to Cryptojeter.eth (my ETH address)! Follow me on Twitter @CryptoJeter and retweet this post! Feel free to shoot me a DM as I love meeting new folks!
https://twitter.com/CryptoJeter/status/1512168602497081345?s=20&t=Zx0Ie92PQrJVnfm8CuyQMg
Thank you for the support!
***Views are my own***
Pete Rose, one of the greatest baseball players to ever play, has four thousand hits. He is not in the hall of fame. Why? Because he was betting on baseball games while he was a player. Previously, there was a stigma surrounding sports gambling and it could only be done in certain geographies like Las Vegas. However, in 2018, the US Supreme Court struck down the federal ban on sports betting. According to Front Office Sports, the sports betting industry reached over 52.7 billion dollars in wagers in 2021 in the United States alone. Globally, the sports betting industry is projected to be worth over 230 billion dollars by 2027 according to Digital Journal. With the growing popularity of sports betting, it only makes sense that there would be a crypto native product targeting this emerging industry. This project is called BetDEX and it is founded by former FanDuel execs Nigel Eccles, Varun Sudhakar, and Stuart Tonner.
BetDEX is a decentralized betting protocol that is built on the Solana blockchain. The company asserts that the sports betting industry has offered subpar products with minimal innovation at higher prices. Additionally, the traditional sportsbook industry products hold player funds which pose risk to their users.
Since the protocol is built on Solana, BetDEX touts transaction speeds of over 50,000 transactions per second which makes the protocol capable of handling the demands of a global audience. Additionally, BetDEX’s cost per transaction is lower than the competition as the average transaction costs less than a penny. Moreover, the transactions are conducted with block times as fast as 400 milliseconds. However, one thing that the incumbents are unable to do is providing the infrastructure for other entities to build applications. The ability of BetDEX to offer high speeds and low transaction costs while eliminating counterparty risk makes BetDEX a disrupter in the sports betting industry. Although BetDEX has the above advantages, it will be difficult to sway users of apps like DraftKings and FanDuel to shift to BetDEX if there is not a major improvement in the user experience.
Some of the most noteworthy investors in the crypto industry support the project. These names include Paradigm, Solana Ventures, FTX, Multicoin Capital, Hack VC, Lightspeed Venture Partners, Sino Global Capital, and Everblue Management invested 21 million dollars for the seed round. Sam Bankman Fried, the world's youngest billionaire, shared his excitement about supporting the BetDEX team when he said,
“We are thrilled to be backing a team with deep industry expertise to transform the sports betting experience. It is mind-boggling that more sports wagering does not occur on exchanges - we firmly believe in giving consumers the ability and control to set their own price and are excited to partner with BetDEX to bring this vision to fruition.”
BetDEX appears to be a first-mover in the United States crypto betting marketplace but this concept is not as nascent in Asian countries. This proof of concept should add confidence to investors and users interested in sports wagering using crypto. Therefore, while the crypto betting landscape matures in the United States, BetDEX will target consumers in European and Asian countries. Although Wyoming is currently the only United States state with clear legalization of crypto sports betting, the user appetite will grow, which should prompt clear legalization in other states.
Keeping the fact that the product is expected to launch by H1 of this year, a few
questions come to mind:
Are there any partnerships that BetDEX will need to solidify with sports leagues to penetrate the sports betting market?
How will BetDEX build its business development organization to grow the number of projects that build dApps on top of the protocol?
How will BetDEX focus on disrupting the user experience of incumbent sportsbooks?
https://twitter.com/CryptoJeter/status/1512168602497081345?s=20&t=Zx0Ie92PQrJVnfm8CuyQMg
Thank you for reading this piece. If you LOVE this article, you can send a tip to Cryptojeter.eth (my ETH address)! Follow me on Twitter @CryptoJeter and retweet this post! Feel free to shoot me a DM as I love meeting new folks!
Thank you for the support!
***Views are my own***
Sources:
https://frontofficesports.com/us-sports-betting-doubled-in-2021-surpassing-52b/
https://www.yahoo.com/video/solana-based-sports-betting-protocol-223712339.html
Thank you for reading this piece. Follow me on Twitter @CryptoJeter. Feel free to shoot me a DM as I love meeting new folks! Views are my own!
Thank you for reading this piece. If you LOVE this article, you can send a tip to Cryptojeter.eth (my ETH address)! Follow me on Twitter @CryptoJeter and retweet this post! Feel free to shoot me a DM as I love meeting new folks!
https://twitter.com/CryptoJeter/status/1512168602497081345?s=20&t=Zx0Ie92PQrJVnfm8CuyQMg
Thank you for the support!
***Views are my own***
Pete Rose, one of the greatest baseball players to ever play, has four thousand hits. He is not in the hall of fame. Why? Because he was betting on baseball games while he was a player. Previously, there was a stigma surrounding sports gambling and it could only be done in certain geographies like Las Vegas. However, in 2018, the US Supreme Court struck down the federal ban on sports betting. According to Front Office Sports, the sports betting industry reached over 52.7 billion dollars in wagers in 2021 in the United States alone. Globally, the sports betting industry is projected to be worth over 230 billion dollars by 2027 according to Digital Journal. With the growing popularity of sports betting, it only makes sense that there would be a crypto native product targeting this emerging industry. This project is called BetDEX and it is founded by former FanDuel execs Nigel Eccles, Varun Sudhakar, and Stuart Tonner.
BetDEX is a decentralized betting protocol that is built on the Solana blockchain. The company asserts that the sports betting industry has offered subpar products with minimal innovation at higher prices. Additionally, the traditional sportsbook industry products hold player funds which pose risk to their users.
Since the protocol is built on Solana, BetDEX touts transaction speeds of over 50,000 transactions per second which makes the protocol capable of handling the demands of a global audience. Additionally, BetDEX’s cost per transaction is lower than the competition as the average transaction costs less than a penny. Moreover, the transactions are conducted with block times as fast as 400 milliseconds. However, one thing that the incumbents are unable to do is providing the infrastructure for other entities to build applications. The ability of BetDEX to offer high speeds and low transaction costs while eliminating counterparty risk makes BetDEX a disrupter in the sports betting industry. Although BetDEX has the above advantages, it will be difficult to sway users of apps like DraftKings and FanDuel to shift to BetDEX if there is not a major improvement in the user experience.
Some of the most noteworthy investors in the crypto industry support the project. These names include Paradigm, Solana Ventures, FTX, Multicoin Capital, Hack VC, Lightspeed Venture Partners, Sino Global Capital, and Everblue Management invested 21 million dollars for the seed round. Sam Bankman Fried, the world's youngest billionaire, shared his excitement about supporting the BetDEX team when he said,
“We are thrilled to be backing a team with deep industry expertise to transform the sports betting experience. It is mind-boggling that more sports wagering does not occur on exchanges - we firmly believe in giving consumers the ability and control to set their own price and are excited to partner with BetDEX to bring this vision to fruition.”
BetDEX appears to be a first-mover in the United States crypto betting marketplace but this concept is not as nascent in Asian countries. This proof of concept should add confidence to investors and users interested in sports wagering using crypto. Therefore, while the crypto betting landscape matures in the United States, BetDEX will target consumers in European and Asian countries. Although Wyoming is currently the only United States state with clear legalization of crypto sports betting, the user appetite will grow, which should prompt clear legalization in other states.
Keeping the fact that the product is expected to launch by H1 of this year, a few
questions come to mind:
Are there any partnerships that BetDEX will need to solidify with sports leagues to penetrate the sports betting market?
How will BetDEX build its business development organization to grow the number of projects that build dApps on top of the protocol?
How will BetDEX focus on disrupting the user experience of incumbent sportsbooks?
https://twitter.com/CryptoJeter/status/1512168602497081345?s=20&t=Zx0Ie92PQrJVnfm8CuyQMg
Thank you for reading this piece. If you LOVE this article, you can send a tip to Cryptojeter.eth (my ETH address)! Follow me on Twitter @CryptoJeter and retweet this post! Feel free to shoot me a DM as I love meeting new folks!
Thank you for the support!
***Views are my own***
Sources:
https://frontofficesports.com/us-sports-betting-doubled-in-2021-surpassing-52b/
https://www.yahoo.com/video/solana-based-sports-betting-protocol-223712339.html
Thank you for reading this piece. Follow me on Twitter @CryptoJeter. Feel free to shoot me a DM as I love meeting new folks! Views are my own!
No activity yet