GambleFi Portfolio | Openbet Out & SX In !
Lots of things going on last week as I got a lot more information about what has been going on with Openbet while SX which is a project I had my eye on for a while added their 'real yield' fee sharing with tokenholders.
Openbetai.io (OPENBET)
I started to take a loss on my OPENBET avoiding the risk to lose everything as things don't really look good right now. So the project rebranded from OFFSIDE to OPENBET during the AI hype with the intention to become the go-to casino on the Arbitrum Chain. With intentions to build their own on-chain casino, they started out using OwlDao as a 3rd party casino solution. Apparently, the deal there is that OWL provides the casino (which is a skin of their own casino) and the payments + payouts while OPENBET who pretty much provides marketing and users gets 40% of the generated profit as some kind of affiliate program. However, when openbet fails to reach profit, they need to pay 1000$+ those months to OWL.
Things started off good as Arbitrum got a lot of hype early on which basically gave Openbet free users and revenue. This was 15700$ in the first month and everything looked to be on track. That entire amount was paid to tokenholders, The month after things cooled down with much lower dividends and Arbitrum as a chain also dropped in users. This combined with bad variance makes it so that there currently is no profit which means it's costing them and they get demotivated by the fact that there are no longer free users purely due to hype for Arbitrum.
So it's been 3 months with no dividends and horrible communication about what exactly is going on. This makes the entireproject look like a scam which makes holders sell and the price to drop making it look even worse. Right now, nobody knows if they just gave up or if they will continue going and if a 2nd casino with NFT will actually release at some point.
I clealy got too greedy on the potential given the low market cap and knew the risks but it still hurts to get screwed like this. The team has shown that it's impossible to trust them so I also started to sell a part of my position to at least get something out of it. I will keep some in case it still bounces back somehow. Until new dividends get paid, I will remove OPENBET from my gambling dapp list just booking a huge loss on it with a valuable lesson learned.
| Date | Hold | Total Invested | Current Value | Tot Dividends | % recovered | Total |
|---|---|---|---|---|---|---|
| 24/04/2023 | 201k | 15669$ | 9400$ | 54.5$ | 0.35% | -6215$ |
| 23/05/2023 | 300k | 19727$ | 10177$ | 530.98$ | 2.69% | -9019$ |
| 27/06/2023 | 423k | 22606$ | 8078$ | 530.98$ | 2.35% | -13997$ |
| 25/07/2023 | 423k | 22606$ | 7835$ | 530.98$ | 2.35% | -14240$ |
| 22/08/2023 | 300k | 21073$ | 3553$ | 530.98$ | 2.52% | -16989$ |
The liquidity pool is still there as it's locked until somewhere next year but there have been no buyers whatsoever. Just the fact that devs aren't buying coins pretty much says it all and at this point I don't see anything to bring some optimism.
Sx.Bet (SX)
So SX is a project I have had my eye on for a long time but my main issue was that it's not a product that I would use since it's an exchange and I also never really liked the market cap and the low circulating Supply. However, the team looks really solid and reliable and they continued building and improving things along the way. I first reviewed it 2 years ago (Link) buying 100 SX for 40$ (0.4$ Price) basically just to test it out. Over a Year ago, I increased that to 1000 SX getting 900 extra at a price of 0.20$ with an eye to get more data (Link). I however removed it a while after as it was really hard to properly track while the returns purely came from Inflation at that time.
I did just keep that 1000 SX stakes which grew to 1110 because of the staking rewards. I however always kept an eye out and last week they started rolling out fee sharing to validators and stakers which made me accumulate some more getting an initial bag to track everything again since the platform continued to improve.
This is what the rollout looks like:
So they have their own SX chain which makes it insanely cheap to transact while the security of the network is taken from Polygon. It's quite confusing though with SX, Staked SX, bridging and swapping. Anyone who is a bit used to crypto can figure it out. Right now I'm up to 14k SX and aim to get that to 25k as a base long-term position which should give passive earnings.
My main issue remains the valuation and the low Circulating token supply. right now 102 Million out of 1 Billion is in circulation and 70k SX is given out each week as bet-mining.
Basic Conservative Calculation
The weekly winnings on the exchange last week were around 800k and I assume the average fee that is taken on that is around 1% since the main market maker likely has the max discount. That equals 8000$ in revenue weekly. if 80% of the circulating supply would be staked (now only 28% is staked). 1000 SX Staked (currently 86$) in that case at the current fee share would generate 0.001% of the weekly fees (after 20% validator tax) which equals 0.08$. This adds up to +4.84% APY. However, I would say it is unlikely for 80% of coins in circulation to be staked and the overall winning have the potential to go way way higher. Already this week after 1.5 days they are at 220k meaning they should end well above 1 Million on the week.
Given all that I see the price as quite fair and maybe a bit too high still as there is a lot of inflation to come. It also is one of those tokens that can get into a positive spiral of price going up = more incentive to bet as rewards are higher = increase in Volume = increase in Fee Share = Price goes up = ...
Off course this also works the other way aroud.
I will see how it goes and track all the data along the way. If anything, I do like the team behind the project who have shown over the years that they are serious and I also like the decentralized factors.
Owl.Games (OWL)
This was my 2nd full week collecting dividends from OWL which ended at 20.80$ for having 400k staked and a +50% APY based on what it costs to get them staked. However, they did get delisted on MEXC and there is still some heavy censorship going on in their Discord & Telegram. This makes me extra cautious and even though I want to buy some more, I'm not doing it for that reason.
They did adress the delisting in Telegram and they claim that the team delisted it from MEXC with no further comment on it which makes no sense.
Last week I got this message on MEXC and now the trading pair is gone there.
The great thing however is that Owl with just 1 liquidity pair vs BUSD along with the dividends to back up the value is disconnected from the crypto volatility and the price held up despite the entire market crashing last week.
The thing that got me banned on their discord is me asking about a delisting message I was getting on MEXC. First that question was deleted and when asking again plus why the question was deleted I just got kicked from their discord.
So yeah, it's impossible now to take this project seriously and will keep my investment low.
| Date | Hold | Total Invested | Current Value | Tot Dividends | % recovered | Total |
|---|---|---|---|---|---|---|
| 08/08/2023 | 395k | 1954$ | 1850$ | 21.9$ | 1.12% | -82.1$ |
| 15/08/2023 | 400k | 2084$ | 1867$ | 45.9$ | 2.20% | -171.1$ |
| 22/08/2023 | 400k | 2084$ | 1911$ | 66.7$ | 3.20% | -106.3$ |
I will continue to track things going forward.
Rollbit.com (RLB) & Rollbot/Sportsbot NFTs
Rollbit right now with the new system seems at the current price of RLB seems to be buring around 0.25% each week which provides a massive support for the RLB Price. a total of 1.37 Million Dollard worth of RLB was burned last week. A lot less is now put in the Lottery (only 41k) but the jackpot continues to go up now above 400k and growing.
Sportbet.one (SBET)
The Reliability is really strong with SBET and also this one is fully disconnected from the crypto space making it a great hedge against crashes. Goo dividends again this week but also at the same time no real growth in user base. Despite the falling crypto prices, dividends were a bit higher this week compared to last.
Betfury.io (BFG)
BFG is much more connected to the wider crypto space and both the price and the dividends dropped a bit from 50$ last week to 43$ now for holding 500k BFG.
APY Based on Current Price and Dividends from the last 7 days
All these numbers are based on prices of Monday
| Project | APY |
|---|---|
| Sportbet.one (SBET) | +38.48% APY |
| Betfury.io (BFG) | +30.56% APY |
| Rollbit.com (RLB) | +25.72% APY |
| Owl.Games (OWL) | +50.02% APY |
| Sx.Bet (SX) | Soon |
Note: Token prices going up or down have a major influence on the actual returns going forward either amplifying them if they go up or destroying them when the price would dip. These are my personal numbers and RLB varies based on the trait of the Rollbot NFTs you own.
Personal Gambling Dapp Portfolio
Som more changes this week and again above 200$ in dividends. After Removing OPENBET, the portfolio right now has 5M SBET | 500k BFG | ~5660$ worth of Rollbot NFTs | 400k OWL | 14k SX. I'm still looking to diversify with other good gambling dapps that pay the losses or fees from the gambler to those holding a token. Anyone that has tips on this, please leave a comment below...
Crypto & Blockchain-Based Bookies and Exchanges that I'm personally using with some allowing anonymous betting with no KYC or personal restrictions...
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