Since their inception, cryptocurrencies and digital assets in general have provided exciting benefits to many different sectors, bringing advantages like transparency and transaction speed to several industries, from finance to healthcare. As crypto grows, the perks enjoyed by these sectors have spread to several other industries, including gambling and iGaming. In Q1 2022, players placed 6 billion crypto bets, a 100% increase from the 3 billion recorded in 2021. The total number of bets in Q1 2022 accounted for about 36% of worldwide gambling bets.
Online crypto casinos provide several benefits to users, including privacy, global accessibility via borderless transactions, and increased security. Transaction costs are also lower, especially for cross-border payments. Furthermore, crypto helps these casinos promote financial inclusion since players can sign up and gamble without worrying about traditional banking systems.
As the industry evolves to accommodate crypto gambling, several different crypto coins are meeting the teeming demand from crypto gamblers. While many crypto casinos already accept some of the world’s largest cryptocurrencies, like those in this list of bitcoin sites updated for November, some platforms create and launch their own tokens designed with features that cater to the project’s specific offers. The following are some crypto gambling tokens to watch out for as 2023 draws to an end.
Rollbit Coin (RLB)
Rollbit is the 67th largest cryptocurrency by market capitalization, according to CoinGecko. It is the native token of Rollbit, a crypto casino built on the Ethereum blockchain. Players can use the Rollbit Coin to play casino games, bet on sports, buy NFTs, and engage in leveraged crypto trading.
Trading at $0.23 as of writing time, RLB has gained nearly 2% in the last 24 hours and 6.8% over 7 days. It has a 24-hour trading volume of $10.65 million and a market cap of $771.2 million. Data shows that the coin started the year at $0.0022, indicating a year-to-date (YTD) gain of more than 10,300%. Outside of crypto gambling, the Rollbit Coin is one of the biggest success stories in the crypto market in 2023. In September, Rollbit inked a partnership with SSC Napoli, one of the largest football clubs in Italy. The partnership seeks to help SSC Napoli improve fan engagement and community interactions. In the same month, Rollbit hit $38 million in betting revenues.
Rollbit has an interesting method of controlling inflation and keeping its circulating supply healthy. The casino recently announced a “buy and burn” scheme, which involves purchasing and burning RLB tokens based on revenue. The scheme sees Rollbit buying RLB on the open market and taking them out of circulation by sending them to an address not controlled by any entity.
Rollbit also has a section for leveraged crypto futures trading. Users can trade several major cryptocurrencies like Bitcoin (BTC), XRP, and Ether (ETH), enjoying up to 1,000x leverage. This is a lot larger than many platforms offer, including Coinbase Pro’s 5x leverage, Kraken’s 50x, and Binance’s 125x.
All of these features point to a positive forecast for RLB, with a high likelihood that the coin will maintain its position as one of the world’s largest crypto gambling tokens. Although RLB does not support fiat withdrawals, other features, including the several thousand gaming options and the low entry barrier, are bound to expand the platform’s community.
FUNToken (FUN and XFUN)
The FUNToken project was created to offer users quick solutions to problems in the iGaming industry. The project is building a global gaming industry with a presence in more than 100 countries by offering transparency, seamless integration, and provably fair gaming.
The FUNToken platform runs a dual-asset deflationary ecosystem, which features two tokens, including the FUNToken (FUN) and XFUN. FUN is the main crypto token on the platform, while XFUN functions as a utility token on the Polygon chain. Players use XFUN to play a wide range of games, enjoying cheaper transaction costs and faster speeds on Polygon. Interestingly, players can use the XFUN wallet to swap 1:1 between the XFUN and FUN tokens via the XFUN bridge. This works by escrowing FUN on the Ethereum mainnet and minting a corresponding amount of XFUN on Polygon.
The process of swapping XFUN back to FUN involves burning XFUN and releasing the funds earlier escrowed on the Ethereum mainnet. XFUN can also be swapped against other assets, including BTC, ETH, USDT, BNB, DAI, and USDC.
The FUNToken platform offers developers an XFUN API that third-party decentralized applications (dApps) can use to integrate products into the ecosystem. This allows FunToken to cater to users and developers across multiple blockchains to ensure cross-chain compatibility. The platform’s use cases and features have attracted more than 350,000 community members who use FUN tokens.
FUNToken tackles inflation by enforcing a policy that spends 50% of the platform’s in-house revenue on token burning. FUN tokens are available on many centralized and decentralized exchanges, including Uniswap V3 (Ethereum), Gate.io, and Binance. The FUN/USDT pair is the most active on Binance and is one of the easiest ways for users to purchase the coin. However, the XFUN token is exclusive to the XFUN wallet and not listed on exchange platforms.
The crypto gambling realm is evolving as the underlying sector grows. While there are many crypto gambling tokens to watch out for in 2024, the tokens operated by the Rollbit (RLB) and the FUNToken platforms (FUN and XFUN) are two of the most promising.
Both tokens contribute heavily to the online gambling sector, bringing the perks of crypto integration to casino gaming. Rollbit adds several benefits to users, including high leverage, NFT support, and partnerships. In addition, the RLB platform’s futures provide access to major cryptocurrencies, all with a low barrier of entry. On the other hand, the FUN token project offers transparency, speed, and provably fair gaming to revolutionize online gambling via the Ethereum and Polygon networks. Players should keep an eye on these tokens as they gradually improve online gambling via blockchain technology.
Frequently Asked Questions (FAQs)
What is Crypto Gambling?
Crypto gambling refers to using cryptocurrencies like Bitcoin, Ether, FUN, and RLB to place bets on online casinos. Several iGaming platforms allow users to deposit supported digital assets directly and use these assets to place wagers on casino games or sports bets. Crypto gambling affords players several advantages, including low transaction fees, fast transactions, and increased privacy.
How Do I Get Started With Crypto Gambling?
Intending players may begin by identifying platforms trusted for their security and diverse gaming options. Users should then determine what cryptocurrencies they support and create digital wallets to purchase and hold these assets to place bets on casino games.
Are Crypto Gambling Tokens Secure for Online Transactions?
Gambling tokens enjoy the same level of security as most other tokens that leverage blockchain technology. Firstly, the immutable nature of the blockchain ensures that transactions are tamper-proof, maintaining the integrity and accuracy of data recorded on the network. In addition, the decentralized nature of these tokens increases their security, as no single entity can control the network. Furthermore, users enjoy unmatched privacy and keep their transaction details away from prying eyes and centralized government control.
Are Crypto Gambling Tokens Available on Major Cryptocurrency Exchanges?
Users can buy and sell most crypto gambling tokens on major centralized and decentralized crypto exchanges. For centralized exchanges, popular options like Coinbase, Kraken, and Binance have these tokens available for purchase or sale. There are also decentralized options like Uniswap, PancakeSwap, dYdX, and Curve.
Users should note that buying specific tokens using fiat may not be possible. In these cases, players must rely on trading pairs available on the preferred exchange. Also, some tokens, like the XFUN governance token, are not available on public exchange platforms.
Is Crypto Gambling Legal?
The legality of crypto gambling varies between countries and regions. There is no global crypto gambling law that all countries must adopt or are required to satisfy. Therefore, interested gamblers must research laws in their respective locations to determine rules surrounding iGaming. In some regions, the only laws are tax-related, requiring players to pay specific percentages of their gambling winnings. For other jurisdictions, the law expressly prohibits online gambling. Additionally, there are regions that require players physically within the geographical borders to only visit and gamble at platforms licensed by the region’s official gambling regulator.
How Do I Know If A Crypto Gambling Platform Is Fair?
Players can assess crypto gambling platforms by checking online reviews of existing customers. Users can also ensure that the platform is licensed by an official regulatory body and find out if it has a history of safe practices and performances. In addition, players may search for platforms that apply provably fair algorithms to easily verify fairness and transparency in each game.