Chancer pre-sale on fire after a bullish note on its sports betting peer

DraftKings Inc (NASDAQ: DKNG) has already more than doubled this year but a UBS analyst is convinced that it’s not out of room to run just yet.

States are embracing sports betting

On Tuesday, Robyn Farley reiterated her “buy” rating on the sports betting company. Her $30 price target suggests another 20% upside from here.

The analyst expects DraftKings to rally further as new states continue to embrace sports betting. In her research note, she said:

DKNG has seen an acceleration in how quickly they penetrate new states, given the scale they now have, so that suggests they will ramp faster in new states in the future.

It is noteworthy, though, that DraftKings is not the only one that’s been on a tear this year. Flutter Entertainment – its Dublin-headquartered peer is currently up 35% as well suggesting online sports betting and gambling is seeing rapid growth not just in the U.S. but world over.

And that bodes incredibly well for projects like Chancer.

A quick introduction to Chancer

Chancer is a platform built on the Ethereum blockchain that offers exposure to P2P betting.

It employs impartial moderators to supervise custom bet slips that makes it safer for bettors. Added benefits include virtually instant payouts and ability to create your own betting market.

Chancer crowns itself as the world’s first decentralised market making platform for sports and social betting. All in all, it aims at using the blockchain technology to disrupt online betting and make it available to users across the globe.  

More importantly, the platform has a native token of its own that makes it a unique investment opportunity in itself.

What is the $Chancer token?

The BSC0 token is essentially what powers Chancer. Investors can think of the $Chancer token as “shares” that enable them to vote on key affairs related to the company. And then, of course, there’s social betting.  

Owning the $Chancer token is what authorises you to create your own betting market on anything – doesn’t necessarily have to be sports – with your own rules and your own odds. Payouts are made in the said native token as well.

Most importantly, how much a $Chancer token is worth depends, much like any digital asset, on supply and demand. Greater the demand, the higher will be the value of this BSC0 token.

The good news is that its pre-sale, so far, signals strong demand. Chancer was launched on June 13^th, 2023. Still, a total of over 37 million tokens have been sold already, raising more than $375,000. The target is to raise $1.0 million.

Is it worth investing in the Chancer token?

At writing, the Chancer token is priced at $0.01 and be bought using BUSD. Estimates are for it to hit $0.021 by the end of the pre-sale – a more than 100% upside from here.

Note that the native token, following pre-sale, will go live on major crypto exchanges like Coingecko or Uniswap. If it follows peers, including Pepe and Floki, the price of $Chancer could unlock significant upside upon listing on crypto exchanges.

On top of that, the cryptocurrency will likely be a beneficiary of continued growth in sports betting that was worth $84 billion last year and is expected to surpass $90 billion in 2023. Between now and the end of the decade, sports betting is estimated to expand at a CAGR of 10%.

Lastly, crypto assets like Bitcoin and Ethereum have been on a tear after the U.S. Federal Reserve, earlier this month, skipped a rate hike for the first time since March of 2022 (read more) suggesting that we’re now closer to end of the cycle.

Once the central bank returns to cutting rates, it’ll quickly make it less rewarding to hold cash and push investors to the risk-on assets, including cryptocurrencies, contributing to a further rally – and the $Chancer token could benefit from that continued recovery considering that’s basically what it is – a cryptocurrency.

For more details, visit Chancer.com.

The post Chancer pre-sale on fire after a bullish note on its sports betting peer appeared first on Invezz.