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Sports betting revenue is soaring as Chancer sale nears $1.4M

  • Sports betting and gambling companies published strong financial results.

  • Chancer token has raised almost $1.4 million in the past few weeks.

Sports betting and gambling revenue jumped in the first half of the year as demand for the services rose. Recently released financial results by companies like Penn National, Entain, and Flutter Entertainment. At the same time, Chancer, an upcoming betting platform that uses the blockchain technology, has raised almost $1.4 million in the past few weeks.

Betting revenue is soaring

Publicly-traded companies in the sports betting and gambling companies have published strong financial results in the past few weeks. Flutter Entertainment, the parent company of Fanduel, PokerStars, Paddy Power, Sisal, and Betfair, said that its revenue jumped by 42% in the first half of the year. It made over 4.8 billion in revenue as the number of users soared by 28%. In his statement, the head of Flutter said:

“We acquired over two million new players in the period, cemented our leadership position in sports and grew our share in iGaming to 23%. The US business was profitable in the first half with FanDuel generating over $100m in EBITDA.”

Similarly, Entain had a strong performance, offset by a huge fine in Turkey. Its revenue jumped by 19% in the first half of the year. Most of this growth came from the United States, where the company owns several brands. Its gaming revenue rose by 22%.

DraftKings, one of the leading players in the industry also recorded strong results as the company nears profitability. Its revenue jumped to over $874 million in Q2 and EBITDA coming in a positive territory.  

Other companies in the sector like Penn National, 888 Holdings, and Churchill Downs have all reported strong financial results. As a result, most of these stocks have jumped by more than 20% this year. Entain has underperformed because of the company’s legal issues.

Chancer is set to thrive

All these numbers mean that Chancer is set to thrive when its product launches later this year. For starters, Chancer is a company that is building a unique beting platform where people from around the world can participate.

Its global nature is enabled by the company’s use of blockchain technology. $CHANCER, its crypto token, will help to facilitate payments in its ecosystem. Also, holders will be able to create their market, live stream them, and then make money when people place bets on them. 

Also, $CHANCER holders will take part in the network’s governance, where they will be able to vote on key issues. As owners of the platform, they will receive a share of the profits that the network generates. All these features are different from traditional companies that are managed centrally. You can buy the Chancer token here.

While Chancer token has more room to grow, investors should always do their own research before investing.

The post Sports betting revenue is soaring as Chancer sale nears $1.4M appeared first on CoinJournal.

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Regulated buy-and-sell arm of Binance, Binance Connect, shutting down

  • Biswap already announced turning off Binance Connect on their website at 01:00 PM UTC, August 15, 2023.
  • Binance made the difficult decision after its provider closed the supporting card payments service.
  • Binance has been facing quite some regulatory challenges lately.

In a surprise announcement on August 15, Binance has through a representative confirmed that it will be closing its licensed buy-and-sell cryptocurrency arm on August 16. The company’s representative said:

“At Binance, we periodically review our products and services to ensure that our resources continue to be focused on core efforts that align with our long-term strategy. In the last six years, Binance has grown from being an exchange to a global blockchain ecosystem with multiple business lines. We consistently adapt and modify our business approach in response to changing market and user needs.”

The same has also been confirmed by BNB Chain decentralized exchange Biswap through a tweet stating that the exchange has disabled Bnance Connect.

The announcement comes right on the heels of Binance US filing to limit the US SEC from overstepping its investigation boundaries according to an earlier agreement. Binance and its subsidiaries have been facing increased regulatory handles, especially in the US where it is being accused of offering unregistered securities alongside its rival Coinbase.

The post Regulated buy-and-sell arm of Binance, Binance Connect, shutting down appeared first on CoinJournal.

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Binance delisting news plunges SRM, SNM and YFII tokens

  • The Binance news saw all three altcoins nosedive double-digits.
  • Serum (SRM) was down 29%, Sonm (SNM) shed 58% and DFI.money (YFII) declined by 16% in 24 hours.
  • Trading on all pairs for the tokens will end on August 22, 2023.

Serum (SRM), Sonm (SNM) and DFI.money (YFII) are among the biggest losers in the crypto market today. As of writing, SRM, SNM and YFII have all plummeted double-digits.

Binance to delist SRM, SNM and YFII

Binance announced on Tuesday that it will “delist and cease trading on all trading pairs” for Serum, DFI.Money and Sonm from its platform on August 22. The exchange noted in a notice to customers that the delisting is part of its period review of every listed digital asset.

“When a coin or token no longer meets this standard, or the industry changes, we conduct a more in-depth review and potentially delist it. We believe this best protects all our users,” the exchange said in a general announcement.

Although Binance did not specify the reasons for removing support for each of the altcoin, it did cite certain metrics considered during the periodic reviews. These include team commitment, development activity, trading volume and liquidity and network safety with regard to attacks.

Market reaction plunges affected altcoins

According to data from CoinGecko, Sonm has seen the most declines in its 24-hour performance as it traded 58% down around 9.45 am ET. The token was changing hands for around $0.105392.

Serum has nosedived 29% in the same period to just above $0.05 to see its 7-day returns reach -35% and over 50% in the past 30 days. Serum, a project linked to FTX and Alameda Research, is down 99.6% from its all-time high above $13 hit in September 2021.

Elsewhere, DFI.money, which is a yield farming aggregator forked from yearn.finance, was down 16% in the past 24 hours to trade around $605. YFII has declined by more than 24% in the past month and traded at a level that’s more than 93% down from its ATH of $9,251 reached in September 2020.

Declines for the three altcoins come as most of the top 20 assets by market cap continued to trade flat, with Bitcoin constrained below $30k and Ethereum unable to breach $1,900. 

The post Binance delisting news plunges SRM, SNM and YFII tokens appeared first on CoinJournal.

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ApeCoin, Oasis Network, Injective prepare for token unlocks

  • ApeCoin will unlock tokens worth over $31.4 million this week.

  • Oasis Network will also unlock tokens worth over $8 million.

  • Injective will also release more tokens this week.

Some of the most popular cryptocurrencies are having their token unlock events this week. The Sandbox unlocked millions of tokens, leading to a major dilution among holders. This dilution, helped push the SAND token to the lowest level since June.

According to TokenUnlocks, ApeCoin, Oasis Network, and Injective will flood the market with additional tokens this week. ApeCoin, the native token by Bored Ape Yacht Club (BAYC), will release additional 15.6 million tokens on Wednesday. 

These tokens represent about 4.3% of the total circulating supply and will be worth $31.5 million. Most of them will go to Treasury followed by Yuga Labs, Yuga Labs founder, and launch contributors. The last ApeCoin token unlock will happen in June 26th.

ApeCoin’s token unlock will come at difficult for the ecosystem as demand for BAYC prices retreat. Its price has plunged by over 68% from the highest level this year.

Oasis Network, a smart chain platform, will unlock additional ROSE tokens worth over $8 million. Its last token sale happened in May 18th when the developers unlocked 199.50 million tokens. These tokens will go to partners and reserve, core contributors, and the community. The last token unlock will happen in February 2031.

The last major token unlock will be Injective, the DeFi-focused blockchain backed by Mark Cuban. Injective will release tokens worth over $20 million on Sunday, with most of them going to the ecosystem developers. Injective’s final vesting will happen in April 2024.

In most cases, token unlocks tend to be bearish for cryptocurrencies since they lead to more dilution. They are often seen as the reversal of share buybacks in the corporate sector.

How to buy ApeCoin

Nexo

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The post ApeCoin, Oasis Network, Injective prepare for token unlocks appeared first on CoinJournal.

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Logan Paul faces backlash after $1M bet proposal

  • Logan Paul will face Dillon Danis in a bocxing match on October 14.
  • Paul, a social media personality and WWE star, is willing to bet $1 million he will win. The bet has attracted widespread criticism.
  • Meanwhile, decentralised betting platform Chancer has raised over $1.3 million in presale.

YouTuber and WWE personality Logan Paul is buzzing for his next event – a boxing bout against Brazilian Dillon Danis. The match is set for October 14 in Manchester, England. Paul, whose YouTube fame has catapulted him into lucrative deals in combat sports, is confident he will beat Danis and is willing to bet $1 million on it.

The bet proposal has been heavily criticised across crypto – we tell you why and explain why legit bets such as Logan Paul’s could find a home on a new blockchain-based betting platform called Chancer.

Logan Paul’s $1 million bet – what’s the criticism?

28-year old Logan Paul has had some high-profile matchups, including an exhibition bout against Floyd Mayweather. His appearances on WWE have also been great shows. 

Now he’s hyping up his upcoming boxing match against Dania, a 29-year old jiu-jitsu black belt holder and trainee of former UFC champion Conor McGregor.

Paul is confident he will beat the Brazilian and has proposed a $1 million bet with McGregor. 

The move has been heavily criticised across the crypto community, with many criticising the social media personality for considering such a bet when he hasn’t followed through with a promise to reimburse victims of his CryptoZoo (ZOO) project.

CryptoZoo launched in 2021, promising a cryptocurrency game powered by the ZOO token and NFTs. The project rallied (read more here) as NFTs exploded onto the scene during the bull market. However it has largely failed to live up to projections and Paul said earlier this year that he’d make it right with the affected investors.

That hasn’t happened yet and the latest events where he’s willing to bet $1 million on a match’s outcome has left many unamused. Shouldn’t he be using that money to refund CryptoZoo NFT buyers? Danis himself had a go at Paul via a post on X (fka Twitter).

While Logan Paul comes under fire for his crypto “scam”, the one thing that one can take from his bet proposal is that betting is here to stay. And so is crypto and, likely, the new betting project Chancer.

What’s unique about Chancer?

The gambling and betting sector is one major global industry, currently projected to grow double figures annually for the next ten years. Traditional bookmakers will no doubt see this growth. But investors are taking note of a potential game-changer for the whole industry – Chancer?

Chancer is an online betting platform built on blockchain and offering a revolutionary model that could transform betting for millions of people. This is because unlike centralised betting companies, Chancer will allow users to create their own bets on thousands of events, from mainstream sports, esports, and entertainment and so on.

On Chancer, users can set their own odds and play by their own rules, including live streaming bets to invite others from across the globe to join. The peer-to-peer platform could therefore grow into the leading decentralised social betting platform in the world.

Learn more about how Chancer works here.

Global investors flock to Chancer, over 31 million tokens sold in weeks

Chancer is looking to disrupt an $80 billion global gambling industry with its new blockchain-based betting platform. Investors have taken note of the potential for the project’s revolutionary offering and are aggressively allocating funds to help bring it to the market.

That sentiment is what’s likely behind the huge interest in the native $CHANCER token, whose presale has been one of the few highlights of an otherwise dull summer for crypto. So far, investors have scooped more than 31 million $CHANCER tokens, helping to raise over $1.3 million.

The presale currently has $CHANCER tokens priced at $0.011 and investors can buy with ETH, BNB, USDT and BUSD.

The post Logan Paul faces backlash after $1M bet proposal appeared first on CoinJournal.