In 2022, the sports betting market will reach the level of 96.84 billion US dollars, according to data from the Business Research Company. This is an increase of 30.5% compared to 2021, which can be considered significant.
Twitter user Asif Khan on Thursday (19) noted that in the decentralized finance (DeFi) environment, sports betting could be the next bullish narrative. The data he has collected shows that some of these platforms are already gaining public attention.
Asif Khan points out that narratives, such as the case tokens related to liquid staking protocols and decentralized derivatives, emerge through a process. It usually starts with a trigger, which could be an activity, adoption, or some technical innovation. “So the cryptocurrency community on Twitter comes together and the narrative is formed,” he adds.
The first platform that the user addressed is Polymarket. It is possible to bet on the most bizarre aspects, notes Asif Khan, from elections to popular culture. Data from the platform shows that since its inception, whales have moved amounts in the millions, generating hundreds of thousands of dollars in profits.
Another platform mentioned in the post is SX Bet. The average daily transfer volume is between US$4 million and US$5 million. Although it seems a low number when compared to other businesses in the crypto market, Asif Khan points out that the numbers are high compared to other market protocols.
Three other platforms are addressed in the Twitter user’s thread. He points out the importance of the growing number of adopters on decentralized betting platforms. In addition to generating the potential opportunities in native tokens for these platforms, the increase in adoption is also favoring Polygon, since most of the applications listed by Asif Khan are built on the network.
“I’m looking at existing credentials. The data phase is set, degenerates deprived of narrative are just waiting for someone to light the fuse. It is always better to predict than to react,” concludes Asif Khan.