iGaming is an explosively fast-growing market, showing impressive momentum across almost every continent. With a total estimated value expected to exceed the $100 billion milestone in 2024 according to Statista report, the industry is expected to nearly double to $320 billion by 2031, according to market research conducted by Data Bridge.
The rising interest in the iGaming niche is fueled by several key factors outlined in recent reports. These include the overall growth of the global sports/esports industries, the legalization of sports betting, and rapid adoption in emerging markets. Another significant driver of sports betting adoption is the continuous development of the betting product itself.
This evolution involves the implementation of new user-acquisition strategies, such as advanced integration with media and streaming platforms, along with an ongoing search for new market opportunities. One such growth point has emerged at the intersection of Web3 and sports, giving rise to the ‘GambleFi’ niche. First mentioned in 2021, a year when NFTs and Metaverses were generating significant hype and attracting millions of crypto adopters, the GambleFi area has significantly evolved since then.
How DeFi Is Redefining the Nature of Betting Apps
As GambleFi sits at the intersection of two booming markets—decentralized finance (DeFi) and sports betting—its success is hardly surprising. By combining the traditional betting experience with DeFi advantages, such as enhanced privacy and fund security, GambleFi has effectively created a form of anonymous gaming and betting. This allows users worldwide to access sports betting platforms without undergoing KYC requirements or revealing their identities.
In addition to enabling no KYC betting, crypto friendly bookies offer a safer and more transparent betting experience, even compared to the top Web2 betting apps. This advantage stems from the decentralized nature of GambleFi products, which prevents platform owners from interfering with the betting process, withholding client payouts, and similar actions.
In short, GambleFi aims to offer the same variety of betting lines and options as the best online platforms and traditional bookies, with added flexibility and enhanced security. For instance, Dexsport.io — a trustworthy platform recognized as the very first project in the GambleFi space that helped establish the niche—is one of the best examples of how traditional betting practices can be seamlessly combined with cutting-edge technology.
For example, with crypto-friendly platforms like Dexsport, clients’ personal information is never revealed, as the sign-up process takes only a matter of minutes. Those wondering is Dexsport safe will be glad to know that the platform doesn’t collect any personal data, such as names, IDs, or phone numbers. All that’s needed to get started is a quick sign-up via email or a secure connection to any popular DeFi wallet, including MetaMask and Trust Wallet.
Just like traditional Web2 sportsbook platforms, Web3 alternatives offer a wide range of bonuses and numerous iGaming options, including lines and live betting for sports, esports, and even seamless integration with Turbo Games, as seen on Dexsport. What sets Web3 apart from the typical Web2 experience is the variety of deposit options available to clients of the best crypto betting sites, supporting almost every popular token and memecoin.
Another standout feature of platforms like these is their global accessibility, made possible by the nature of decentralized finance. Experienced bettors may know that even the best betting apps often restrict access for users in certain regions. However, with DeFi sports platforms, this is no longer an issue, as everyone worldwide has an equal opportunity to access and use their features.
Unlocking the Potential of Web3 Gaming
Speaking of the Web3 aspect and how blockchain technology further empowers DeFi products, several key factors stand out. First, blockchain-powered websites represent a major leap forward in terms of transparency and trust compared to traditional betting platforms. Beyond the aforementioned payout process that ensures withdrawals are never withheld, additional algorithms are also implemented to protect clients’ interests on DeFi platforms.
One of these is Provably Fair technology — a blockchain-based algorithm that acts as a trust pact between the user and the platform. In simple terms, this technology ensures that game outcomes are never predetermined, eliminating the platform’s ability to influence results. While many platforms highly value their reputations, it’s always reassuring to have technology in place that guarantees fair play.
A wide variety of deposit options is another advantage typical of Web3 services. This factor is especially valuable given that betting enthusiasts can be found in nearly every token community, prompting crypto friendly bookies to continuously expand their list of deposit and withdrawal options. A positive example is Dexsport.io, which has made impressive strides in this area by recently adding several new tokens, including Notcoin and Base-native tokens, bringing its total supported assets to over 40. The Dexsport team stays closely attuned to crypto market trends and community needs, consistently expanding their lineup of supported options.
Finally, there’s the crucial issue of trust, which often arises when reviewing GambleFi platforms. The best approach here is thorough personal research that considers multiple security aspects. Fortunately, the blockchain ecosystem includes companies dedicated to identifying security vulnerabilities and conducting smart contract audits. We recommend choosing platforms that partner with blockchain security industry leaders. For example, when asking, ‘Is Dexsport legit?’ it’s worth noting that Dexsport collaborates with reputable security auditors like Pessimistic, CertiK, and others to regularly assess its smart contracts. This commitment to transparency and secure protocols is key to building user trust while setting high industry standards.
