Sports betting and gambling revenue jumped in the first half of the year as demand for the services rose. Recently released financial results by companies like Penn National, Entain, and Flutter Entertainment. At the same time, Chancer, an upcoming betting platform that uses the blockchain technology, has raised almost $1.4 million in the past few weeks.
Betting revenue is soaring
Publicly-traded companies in the sports betting and gambling companies have published strong financial results in the past few weeks. Flutter Entertainment, the parent company of Fanduel, PokerStars, Paddy Power, Sisal, and Betfair, said that its revenue jumped by 42% in the first half of the year. It made over 4.8 billion in revenue as the number of users soared by 28%. In his statement, the head of Flutter said:
“We acquired over two million new players in the period, cemented our leadership position in sports and grew our share in iGaming to 23%. The US business was profitable in the first half with FanDuel generating over $100m in EBITDA.”
Similarly, Entain had a strong performance, offset by a huge fine in Turkey. Its revenue jumped by 19% in the first half of the year. Most of this growth came from the United States, where the company owns several brands. Its gaming revenue rose by 22%.
DraftKings, one of the leading players in the industry also recorded strong results as the company nears profitability. Its revenue jumped to over $874 million in Q2 and EBITDA coming in a positive territory.
Other companies in the sector like Penn National, 888 Holdings, and Churchill Downs have all reported strong financial results. As a result, most of these stocks have jumped by more than 20% this year. Entain has underperformed because of the company’s legal issues.
Chancer is set to thrive
All these numbers mean that Chancer is set to thrive when its product launches later this year. For starters, Chancer is a company that is building a unique beting platform where people from around the world can participate.
Its global nature is enabled by the company’s use of blockchain technology. $CHANCER, its crypto token, will help to facilitate payments in its ecosystem. Also, holders will be able to create their market, live stream them, and then make money when people place bets on them.
Also, $CHANCER holders will take part in the network’s governance, where they will be able to vote on key issues. As owners of the platform, they will receive a share of the profits that the network generates. All these features are different from traditional companies that are managed centrally. You can buy the Chancer token here.
While Chancer token has more room to grow, investors should always do their own research before investing.