Chancer token sale surges on as sports betting stocks soars

June 23, 2023 03:15 PM AEST | By Invezz

Chancer token sale surges on as sports betting stocks soars — Image source: Invezz

Sports betting stocks are doing well

One way to predict a sector’s growth is to look at the performance of their stocks. A closer look shows that many betting stocks have done well in the past few months. Flutter Entertainment, the parent company of Fanduel, PokeStars, Sportsbet, and Sisal, has seen its stock surge to the highest level since September 2021. It has soared by more than 113% from the lowest level in 2022.

Similarly, in the UK, shares of DraftKings have done well as they more than doubled from their lowest level in 2022. They have soared by more than 141% and are now hovering at their highest level since January 2022.

The same situation is happening for other brands. Shares of companies like MGM Resorts and Penn National have all bounced back in the past few months. Only Entain stock has lagged the market this year as its stock has dropped by more than 21% from the highest level this year. Entain is the parent company of companies like Ladbrokes, Coral And Sportingbet among others.

Investors are optimistic about the betting industry because of the sizable market and its substantial growth. For example, the sports betting market, which was valued at over $83.65 billion in 2022, is expected to hit $91.43 billion by 2023 and $182 by 2030. This means that the industry will have a CAGR of about 10%.

Chancer presale token sale

This also explains why demand for $CHANCER token is rising. The token sale has managed to raise over $328k since Monday last week. This means that it has raised over a third of its $1 million target. The developers have sold over 32.8 million tokens.

For starters, according to its white paper, Chancer is building a platform for both sports and social betting. People will be able to access sports markets in its platforms and place wagers on them. At the same time, it will introduce the concept of social betting, where any $CHANCER token holder will create markets. For example, they can create a market for local parliament elections.

Decentralisation of the betting market

The most important part for Chancer’s platform is that it will evolve to become a fully decentralized blockchain project. Unlike the companies mentioned above, Chancer will be decentralized, meaning that the community will make the decisions. Also, token holders will take part sharing the profits generated in the industry.

Decentralisation has been used well in industries like finance and NFTs. Some of the most important platforms that use decentralised autonomous organisations (DAO) are Uniswap and PancakeSwap. Decentralisation will make it possible for token holders to vote for key events and upgrades in the ecosystem.

Like I have written before, you should do your research before you invest in a token sale to avoid significant risks. At the same time, you should only invest a small portion of your funds in these token presales.

The post Chancer token sale surges on as sports betting stocks soars appeared first on Invezz.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.