GambleFi: Shaping crypto gambling using blockchain technology

Online gambling is one of the most promising sectors for cryptocurrency growth. It kickstarted many gaming platforms for Bitcoin (BTC) users worldwide like Gamdom and investors anticipate even more growth in the future. One of those directions led to Web3.0 and GambleFi is at the forefront of this innovation. 

Key Takeaways

• GambleFi is an initiative to bring gambling projects to Web 3.0.
• It is mostly associated with gambling but it also includes speculative trading.
• Many GambleFi projects are live now including Rollbit (RLB), WINR, and TG.Casino (TGC)
• Despite its robust set of features, GambleFi also faces many challenges that impede its growth.

GambleFi aims to take online gambling to the Web 3.0 space using blockchain technology. It doesn’t seek to change how casinos operate now at the fundamental level but there will be improvements that customers and operators alike will appreciate. Here are the features and services you can expect from GambleFi crypto projects:

What is GambleFi and the vision for its creation?

GambleFi is one of many projects created to gradually transition Web 2.0 services into Web 3.0 specifically focusing on the gambling sector. That includes casinos, sports betting, and virtual sports betting. Many projects are already active on the GambleFi ecosystem each with its tokenomics structure and you can use their services right now to start playing.

GambleFi key features 

The following key features are bound to become the standard when casinos are built on blockchains:

• All crypto deposits and withdrawals can be instantaneous: Running an online casino on the blockchain means it can issue its tokens which you can buy, sell, and use for GambleFi betting on the platform. Many GambleFi projects are made on Ethereum (ETH) where you can use your wallet funds as your betting bankroll. That means you won’t need to deposit or withdraw because you can use your wallet to bet directly. 
• True anonymity for gamblers with no need for KYC: Another benefit you can have instead of using your wallet directly is that there is no need for Know-Your-Customer (KYC). Your wallet address becomes the only part of your identity the casino needs to serve you as a customer. 
• Blockchain transparency means users can check the settings: Web 2.0 casinos secure all games in a private network. Thus, you can’t see detailed statistics besides return to player (RTP) rates and volatility provided by the software providers. Web 3.0 differs because you can now see all the game details. That includes odds, house edge, and dynamic RTP.

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GambleFi digital tokens

Every casino project under GambleFi runs on a blockchain and issues native tokens. These digital assets work similarly to coins you are familiar with in the crypto world, following an original tokenomics system. Many of these have burning mechanisms, governance rights, and revenue-sharing opportunities, giving GambleFi crypto plenty of uses. 

Traders on social media platforms like X (formerly Twitter) and gambling streamers promote GambleFi tokens as one of the most exciting investment opportunities. You can already trade them at swaps and decentralised exchanges at Ethereum and Tron (TRX), ensuring liquidity for holders. The promotions it’s receiving today not only encourage gamblers to try GambleFi casinos but also boost sales for the tokens.

The most popular projects in GambleFi

Crypto gambling officially began in 2014 when the Curacao Gambling Licensing Authority granted a licence to the first Bitcoin gambling website. More brands followed in its footsteps, including Gamdom in 2016. As crypto gambling grew in popularity, the idea for a full blockchain-based casino was proposed and that’s how GambleFi started in 2017. 

However, GambleFi projects didn’t become popular until 2021 when they started learning from Web 2.0 casinos. Some follow popular layouts like that of Gamdom so you’ll often find many familiar blockchain casinos. Hundreds of them have appeared but these three are the most well-known GambleFi projects you can play at right now:

Rollbit (RLB)

The Rollbit Platform launched on Solana (SOL) in 2020 where its native token, Rollbit Coin (RLB) circulated until 1st May 2024. It has since moved to Ethereum with its old Solana-based crypto destroyed but its tokens on the new network thrive with a 94% rally in June 2024. 

Rollbit offers extensive casino experiences, leverage futures trading, and sports betting for gamblers using supported cryptocurrencies. You can also play the Rollbit exclusive lottery to bet and win RLB. 

Rollbit Coin trading is also offered on the website. You can buy and sell the asset on the casino directly using your bankroll wallet. Other services include buy & burn and stakeholding in the Rollbit Platform, giving you an all-in-one GambleFi casino experience. 

WINR

WINR is not a casino but an asset vault providing on-chain liquidity infrastructure in the GambleFi narrative. As a solutions provider, it offers gamblers and gambling protocols seamless and secure transactions without relying on services outside the landscape. Therefore, it significantly keeps the GambleFi narrative active and profitable. 

As an asset vault, WINR holds a diverse portfolio of every supported coin in the GambleFi space. That includes RLB, ETH, and popular stablecoins for gambling like Tether (USDT). Asset vaults allow you to trade and swap digital assets seamlessly and exclusively on-chain. 

TG.Casino ($TGC)

TG.Casino is an officially licenced Telegram-exclusive gambling platform and it is considered a pioneer of anonymous gambling. You can play it on mobile devices as it is available on the iOS and Android operating systems, making it one of the most optimised gaming apps in GambleFi. 

The main native token circulating its platform is the $TGC and it can be traded on swaps or at any exchange accepting ETH. Using this token to place bets on casino games and sports matches, you can get up to 25% cashback. The same promotion isn’t available for other crypto but you can use a diverse portfolio, including BTC. 

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Challenges GambleFi faces today

As with all efforts for innovation, GambleFi faces many challenges hindering its growth. Many of these are also faced by the casino industry altogether but some are from the nature of Web 3.0. Here is a list of those challenges:

Today’s gambling regulatory landscape is shaky for the gambling sector

Regulations around gambling are changing around the world and it’s not always for the best of gamblers’ interest. Most forms of gambling are restricted worldwide with countries like Iran, India, and Japan limiting or restricting access to it for their citizens. Crypto gambling is not affected by the same rules, which is why it’s becoming popular in those countries. 

However, crypto gambling is still not fully regulated. A lack of proper framework exposes it to policy changes that can change over time. Government decisions may one day restrict or limit people’s access to the gambling sector or at least payment methods for it. Crypto gambling tax rules are also subject to major changes and can affect enjoyment.

Expanding game offerings to set itself apart from Web 2.0 casinos

It’s good to bring popular casino games to Web 3.0 as they have travelled across mediums in history. Those include games like poker, baccarat, and roulette which were popular in brick-and-mortar gambling and blew up on the digital medium at online casinos. 

However, these casinos are further developing their services for a new generation of gamblers by introducing new slot game features or games like Crash and Mines. GambleFi projects must step up their services too, to set themselves apart from Web 2.0 casinos. Otherwise, it cannot keep up with Web 2.0’s established platforms like Gamdom. 

Exploring decentralised customer support models

The casino operator provides the quality of customer services no matter the medium, including GambleFi. That means there is currently no blockchain-based implementation for such a service. Many developers are looking for more innovative models using decentralised ledger technology (DLT) but most are still dependent on live chat. The only limit is the lack of email channels for most Web 3.0 casinos because giving your contact information removes anonymity. 

Establishing industry standards for regulatory compliance

Gaining customers’ trust is the main goal for many crypto projects today and that is also true for GambleFi. The current target market is unwilling to switch to Web 3.0 because the landscape has yet to form an industry standard. There needs to be an agreed-upon quality for auditing and verification processes that can inspire customer confidence. GambleFi projects have a long way to go before it becomes a new norm and the same can be said for the rest of Web 3.0.

GambleFi pushes for a new standard of casino gaming in Web 3.0

The push for Web 3.0 may take time for many industries but the GambleFi initiative gives the gambling sector an advantage. Numerous amazing projects exist such as gambling platforms and liquidity services. 

They have attracted gamblers worldwide and hype that can make tokens in blockchain gaming is circulating social media. It has the potential to trend soon, giving all related tokens an exciting bullish foresight for investors. Stay tuned for more details about GambleFi betting to keep up with its robust tokenomics ecosystem.

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