Crypto gambling altcoins have been among the hottest of an already hot crypto market over the last few weeks.
FunFair’s $FUN token has increased roughly 10x in a short space of time. Wink.org’s $WIN token has broken out, surging over the $150m market cap. And Atari’s new casino token, $ATRI, has also performed strongly, currently with a market cap of more than $60m.
The sector as a whole is now worth more than $500m, with $20m being traded daily.
Among the low-to-mid cap gambling-focused altcoins are a number of gems well positioned to reach $100m market caps.
One we particularly like the look of is Casino Betting Coin, which has enjoyed a steady increase in volumes over the last few weeks and enjoys some strong fundamentals.
Backing by a major industry player
The most interesting element with Casino Betting Coin is the scale of its backers. An announcement last year confirmed that one of the casino industry’s biggest companies, Greentube Novomatic, had acquired a majority of the CBC treasury. (CashBet Coin rebranded to Casino Betting Coin last year.)
A quick look at Etherscan shows what is likely the Greentube Novomatic CBC wallet, with 200 million CBC in it. The total supply of CBC is around 400m coins, although only around 150m are in circulation.
That Greentube Novomatic are Casino Betting Coin’s biggest hodler is a big deal. This company is a giant of the casino industry. Their website gives some insight into their scale: 22,000 employees, subsidiaries in 50 countries, and 2019 annual revenues of 2.6 billion euros.
Not many low-cap alts (CBC’s market cap at time of writing is around $10m, although it has been steadily increasing for a few weeks) count multi-billion euro conglomerates among their hodlers.
So, who is using CBC?
This is where things get interesting. It was recently announced that CBC could be used to make purchases at one of the world’s biggest social casinos, gametwist.com.
Gametwist.com is operated by a Greentube Novomatic subsidiary called Funstage. It attracts 1 million active monthly players according to its website – a huge potential audience for CBC.
Gametwist appears to be heavily incentivising its users to use CBC at the site; the site currently offers a 750% bonus to those who pick it as a payment method.
Interestingly, Gametwist appears to also offer a fiat on-ramp for CBC payments via industry-leaders MoonPay. This makes it extremely simple for the one million monthly users to select CBC, even if they are not particularly savvy.
Crypto gambling is booming
It is no secret that crypto gambling is booming right now.
This publication predicted as much for some time. The global gambling industry is worth more than $400 billion per year. Crypto and blockchain casinos are grabbing a bigger slice of the pie.
We now see crypto sportsbooks on the shirts of Premier League football clubs, coins such as $FUN pumping 10x in a matter of days, and some of the biggest companies in the casino space making moves.
That Casino Betting Coin already has utility, reach to millions of active players, and is being held by a casino giant in the form of Novomatic makes it a prime candidate among the sector’s low-cap options.
The above is not financial advice. Invest at your own risk.