What happens when you combine two emerging markets? What if they both have huge upsides and massive potential for growth and profit? At Underdog Chance, we’re wagering on the future with the world’s first sports betting NFT.
We think that the popularity of NFTs and sports gambling will only increase in the coming years. At the same time, we know that they each have a bit of a learning curve.
So, let’s explore these trendy topics and see the potential in combining sports betting and NFTs into an exclusive offering here at Underdog Chance. We’re looking forward to building our community, making the world a better place, and having fun. We want you to be a part of it!
Here’s how it all comes together in our new NFT collection.
How Does Sports Betting Work?
Legal sports betting is not new. But, there’s been a huge surge in its popularity, thanks to widespread legalization efforts, even in states that traditionally took a dim view of wagering on sports.
Now, instead of being the domain of backroom bookies and shadowy networks, casual fans and serious gamblers can place real wagers against trusted sportsbooks.
First, in-house sports handicappers set the lines at online sportsbooks. There are dozens of competitors vying for your business, so you can even shop for favorable lines, as each oddsmaker may see things differently.
Typically, there are fairly large welcome bonuses and offers that entice you to make your first wagers and keep coming back for more. We can even help you find the best online sportsbooks.
Finally, it’s up to you what type of bet you make, or what kind of sports bettor you want to be, but here are some of the statistics, that you you might want to know.
Sports Betting and Gambling Industry Overview
- The current size of the global gambling market is almost 59 billion U.S. dollars
- Forecast to be valued at more than 92.9 billion U.S. dollars in 2023
- Globally gambling yield is over $400 billion
- 50% of adults in the USA have placed a wager on the outcome of sports events at least once in their lifetime
Sources: Statista.com, Earthweb.com
What’s a Sports Betting NFT?
Non-Fungible Tokens (NFTs) represent a whole new world of ownership in the digital realm. It might sound very complicated or techy, but it’s not. Think of a famous piece of artwork, like the Mona Lisa. You might own a print of it, but someone else has a claim on the original.
That same principle applies to digital ownership as well. In the blockchain world, owning an NFT means others can view something, download it, or maybe even print it. But the owner of the NFT controls it and is the only one who can monetize it.
Recognizing that sports betting is another form of online commerce, it’s not very surprising that it lends itself to the use of blockchain and cryptocurrency. After all, the gambling industry places a premium on anonymity and transparency of transactions, so the ironclad privacy and security of blockchain technology and crypto-based betting have significant appeal.
Bitcoin bookmakers allow bettors to wager anonymously, largely free of the restrictions and requirements of traditional banking. That’s obviously appealing to both the consumer and the sportsbooks.
For users, it means no lengthy submissions of personal details and no sharing of bank account details. For sportsbooks, exposure to clients who might be reticent to share any personal details represents an increasing reach. It’s a win-win.
Plus, by further taking advantage of blockchain technology and the community-building aspects of cryptocurrency, marketplaces, and tokens, sports betting NFTs are a whole new ballgame.
The First Sports Betting NFT Collection
Our NFT collection is the first of its kind. This sports betting collection allows users to own and control one of 5,000 individual pieces of digital art, our sports handicappers. Each is a unique image, so it’s up to you to figure out which one will bring you the most luck!
They each have twelve individual traits to help you make your choice. For example, if you like the plucky hockey player with a missing tooth, go for it. Or, maybe you prefer to see dollar signs with Handicapper #138. The choice is yours, but always bet cautiously!
Once you hold an NFT, you’ll own an unreplicable piece of digital artwork. You’ll gain access to exclusive offers on our site, special deals, and a private betting chat group where you can converse with other holders. You’ll even receive special access to insider information and the betting masterclasses we offer.
And, since community-building and charity are part of what makes NFTs so appealing, we will donate half of our NFT sales to charity. The rest of the money will go back into the project to help us make it bigger and better. And, if you want to trade your sports handicapper, it’s easy on the secondary market at Opensea.
Our ultimate goal is to connect these two exciting marketplaces, bridging the world of NFTs and sports betting, making our community bigger and more accessible for more people. If you want to learn more about how our collection works, check out our FAQ.
Community Growth: Sports Betting and NFT
The digitization of sports and the things surrounding them is apparent. For example, where cash was once king at the arena concession stand, digital payment is now the only currency they will take for a hot dog or a soda. Now, there are some sports arenas where you can even order your snacks and refreshments online through apps and websites like ArenaEats!
The cryptocurrency phenomenon is entirely digital. And for many, it represents a future economy that is completely different from the traditional institutions and currency trading of paper money.
We see sports gambling as almost a natural progression from fantasy leagues and online tournament brackets. Sports betting and handicapping seem like the perfect avenue to build an NFT that brings the gambling community together and also taps into the inherent enthusiasm for wagering on sporting events.
It’s also important to realize that digital technology is bringing fans closer together and closer to their sports than ever before. NFTs are a way to take an even greater stake in these two growing communities. Getting in on the ground floor is probably a smart bet because who knows how high the dollars will get when these two worlds mesh together.
Sports betting is hot. Legal gambling has taken what was once a small niche industry for hardcore gamblers and turned it into a massive business that caters to casual fans and bettors. Simultaneously, the explosion of NFTs and the advantages of blockchain technology seem a natural fit that combines exceptionally well with the world of sports betting.
If you want to understand how these two markets come together to create unprecedented opportunities, come check us out!