Move Over CryptoKitties, Gambling Apps Now Rule the Roost in Blockchain World

Written by:
Guest
Published on:
Aug/10/2018

It turns out that gambling, not buying digital kittens, is one of the most popular applications on the blockchain, Bloomberg News reports Friday.

Sites can make it easier for participants to remain anonymous but are mostly unregulated and some turn out to be scams.

By comparison, the online gambling sector in Costa Rica has matured after 20 years and is mostly self-regulated but considered much safer.  A large chunk of the sector features companies in business between 10 and 20 years now.  Bookmaker.eu begun in 1986 as a call center sports book.

The dangers in the "bitcoin-only" sector are significant with several failures occurring in the past three years. With more exposure comes more stiff jobs, and it is likely to only get worse.

Claim up to $1000 free cash bonus at Bookmaker here

Gambling ICO funding last month was 776 million, compared to just 3 million in May and 47 million in April. 328 million was obtained in March.

From Bloomberg News:

Over a recent 24-hour period, the Fomo3D app attracted more than five times the number of users than CryptoKitties, the game involving breeding cats that famously clogged up the Ethereum network last year. The gambling app, in which contestants try to fleece others via a fictional coin offering, is also lucrative. Players sent more than $40 million on the distributed application since the first version was launched in July, according to the game’s lead designer.

Fomo3D is hardly the only blockchain-based gambling app. Of the top 10 distributed apps by money received, gambling as a category is only second to exchanges, according to DappRadar, which tracks applications that run on blockchain. Gambling-related token sales also continue to gather steam: Dragon Coin and another ICO raised nearly $1 billion, while a total of 21 other projects have garnered another $300 million through initial coin offerings, according to Autonomous Research.

Many of the gambling efforts originate from questionable and anonymous teams, including a former Macau gangster.

- Aaron Goldstein, Gambling911.com

Gambling News

Robust Numbers for NJ Sports Betting in July

The July numbers are in and legalized sports betting has been a huge success so far in New Jersey.

Disney has Just Dumped Another $5 Million Into Anti Gambling Effort

Disney has Just Dumped Another $5 Million Into Anti Gambling Effort

If Disney had its way, there would be no gambling in the Sunshine State.  The Seminoles, on the other hand, want to control most of it, but the voters could have the ultimate say

How a Finnish Millionaire Lost $35M Worth of Bitcoin in a Gambling Scam

Aarni Otava Saarimaa was encouraged to invest in cryptocurrency Dragon Coin

European Gaming (EG) engages in a strategic partnership with SBC

European Gaming Media and Events, the leading media and boutique gaming events organizer in CEE, Baltics and Balkans, is proud to announce SBC (Sport Business Chain)  as its latest strategic partner.

CG Technologies Fined a Third Time and Ordered to Disband Sports Betting Platform

Sports betting technology provider CG Technology (CGT) was fined a third time and settled to pay $250k for a variety of infractions for a variety of infractions that included allowing those from outside the state of Nevada to place wagers in violation of the law.

Syndicate