JuicyBet, a Web3 startup, announced the launch of its GambleFi platform. This platform combines finance technology and gambling via blockchain to create unique opportunities and experiences for users. The company strives to revolutionize the principles of the online betting industry and the interaction between platforms and users in this market.

What is GambleFi?

GambleFi uses blockchain technology to ensure the fairness and transparency of games and betting outcomes and for players to get their share of the platform’s earnings and participate in its governance and day-to-day by holding its tokens.

How JuicyBet works

JuicyBet fully utilizes blockchain technology to establish a new ecosystem that has never been seen in the gambling industry. It is centered around user participation and transparency while providing gambling thrills and quality entertainment.

All game records on the platform are kept in a public blockchain, while a set of smart contracts automates gaming outcomes and payouts and provides for the platform governance via the DAO model. This reduces fraud risks and operational costs, making JuicyBet a more efficient platform.

However, the platform’s main feature is the unprecedented level of user engagement via the platform’s native tokens.

• First, the tokens provide access to betting.
• Second, token holders get their share of the platform’s profit.
• Third, token holders can vote on key decisions on the platform’s development in JuicyBet DAO.
• And finally, DAO participants can also perform the role of oracles for bets and earn rewards.

In other words, JuicyBet doesn’t try to be just another gambling platform. It establishes a new ecosystem where users are in control of the platform and bets and are the beneficiaries of the platform.

In addition, JuicyBet offers additional earning opportunities, such as Double Farming and staking for token holders.

JuicyBet has already been noticed by users and investors – the platform’s 3-month turnover has exceeded $1,5 million, according to on-chain data available via Dune, and multiple centralized exchanges and launchpads have listed it.

Esports betting is still grappling with a perception problem amongst operators. Despite the leaps and bounds in product development made by suppliers – particularly in the last two years – esports hasn’t shaken off the image built in the late 2010s.

Our good friend, Oliver Niner, Head of Sales at PandaScore, has been kind to share the below article with us.

There’s scepticism around esports betting’s value, how well it can actually perform and what’s needed to make it appeal to bettors. A big part of that comes down to perception, which shapes the research and development (R&D) choices made by each operator.

Self-fulfilling prophecy?

Operators who have put the research and development (R&D) resources into esports are seeing excellent growth, while others are still treating it like part of a long tail. The lack of a uniform approach to esports often translates into hesitancy to be bullish and invest in esports.

Whereas in the United States, post-PASPA sports betting has exploded and operators are seeking to capture as much territory and market share as possible because in most cases, you switch the lights on and the money comes in. It’s, of course, good business sense to take opportunities like this – you can apply the same templates used elsewhere on an incredibly lucrative market.

This kind of approach has been attempted for esports and hasn’t found the same success. Granted, the legislation for betting on esports has been somewhat slower than that of sports betting and iGaming.

However, bullish operators have acknowledged the fact that esports hasn’t found the same success in regulated states and asked what can be done differently, while for others, esports has been thrown into the too-hard basket or relegated to the bargain bucket.

For the latter, the fate of the esports vertical becomes a self-fulfilling prophecy – especially if an operator already using a budget esports product that throttles its very growth.

It takes two to tango

When esports is discussed in broader betting circles, you’ll often hear different versions of the same talking point: the problem with esports is no one is doing it well, it doesn’t innovate.

This argument is a case of the pot calling the kettle black. Esports is a driver of innovation, and it is sportsbook R&D that is holding it back.

Multiple suppliers on the market are investing significant resources into R&D, and bullish operators are leveraging these product innovations to acquire new customers and create engagements made for the internet age.

There are understandable reasons why sports betting doesn’t innovate. It’s largely because operators focus on acquisition, entering new territories and spending money on data rights. But the actual R&D on sportsbook products is left lacking, with ever-increasing cost-per-acquisition (CPA) numbers a clear symptom of this.

It means that if an operator does decide to use or acquire an esports specialist supplier but does little to cater its product and attempts to just lay the sports betting template over the top, of course performance will be throttled.

It’s like putting a Ferrari engine in a Prius – no offence to Toyota or Prius owners.

The same problem exists on the platform supplier front. Platforms are understandably focused on compliance and getting customers live, not necessarily improving models or their products.

Even the idea that if you just acquire an innovative company the problem is solved or you have found the solution, doesn’t hold water. In many cases, the company is acquired and plenty of noise is made about it, but there’s little organisational investment in R&D afterwards.

It’s not just in esports

These problems extend to customer acquisition and marketing for most emerging markets, not just esports. There’s a rush to use the same old playbook in newer sectors because it’s easy.

The fantasy vs. house sector in the US is already experiencing an acquisition arms race. As analyst Dustin Gouker points out, deposit match bonuses for new users on fantasy vs house products have jumped from $100 to as high as $500 in some places.

This is the same race that played out in sports betting and despite the costs, there’s little effort from most operators to try something different. There’s less work when you just put the same acquisition template on an emerging sector and call it a day. This seems to be an accepted practice in the industry, for better or for worse.

Esports betting success requires ongoing dialogue

Rather than attempting to wedge esports into hegemonic sportsbook approaches, sportsbooks need to take a completely unique approach.

The fact is the betting sector has barely scratched the surface – communities of esports fans are still dormant. Canadian operator Rivalry has built a successful, esports-first business by embracing the ever-changing internet culture that esports inhabits. French esports organisation Karmine Corp recently sold out a 30,000-person stadium for an event with no prize money up for grabs.

Innovative products developed on the supplier side like microbetting and betbuilders are only half of the equation.

Maximising esports revenues requires institutional investment, ongoing R&D and collaboration between suppliers and operators to create products and experiences. This includes having staff on the operator side that can drive and push the product further, and crucially, rethinking current sportsbook strategies and practices.

Building experiences for betting’s greatest emerging market – one that caters to your future core audience – takes investment, innovation and a willingness to experiment. If the industry wants to make the most of the Millennial and Gen Z audience that will become its primary customers, investment into R&D and close collaboration between suppliers and operators is needed. Many hands makes light work.

Fast Track, the leading provider of player engagement solutions to the online gaming industry, is proud to announce its latest partnership with Playstar Casino, a leading online casino licensed and operating exclusively in the Garden State of New Jersey.

Playstar Casino is renowned for its relentless focus and passion for providing the best player experiences in the market. Understanding this need as core to future success, Playstar sought a partner capable of delivering unparalleled solutions to enhance player engagement through AI-powered customer journeys and build 1:1 experiences at scale for each player and found Fast Track.

Using advanced AI, machine learning and real-time data insights, Fast Track provides the ideal solution to streamline operations and amplify player engagement, enabling Playstar to execute its strategy at scale and increase productivity.

Jon Bowden, Chief Marketing Officer of Playstar Casino, expressed his confidence in their choice, stating, “At Playstar, the player experience is paramount. Fast Track was the obvious choice for us due to their commitment to supporting our growth goals. We’re keen to automate the bulk of our strategy and work with the most advanced technology for personalization and modeling.

Jean-Luc Ferrière, Managing Director Americas at Fast Track, echoed this sentiment, remarking, “It’s always exciting for us to partner with an operator so dedicated to offering an unparalleled player experience. The team is very keen to start collaborating with Playstar to help them achieve and exceed their business objectives.”

The partnership between Fast Track and Playstar Casino marks an exciting chapter for both organizations as they work together to elevate player experiences and drive sustainable growth in the US online gaming market.