It is hard to see gifcoin.io as a Sports Betting Blockchain Project as they are basically just making a coin to get money in return of some of the profits from their high juice bookmaker Vitalbet.
Their whitepaper talks about 'their story' which pretty much comes down to "we are only interested in making money at the cost of others". They started out in the affiliate market trying to make money and noticed their gambling affiliates made them the most which made them come up with the plan to start their own bookmaker since 'bookmaker make a shit load of money'. So they started VitalBet.com, one of the many bookmakers who charge very high juice aimed at smaller player who are almost guaranteed to lose over time. Now they are jumping on the ICO money train and doing one themselves without any real new decentralised technology behind it all. They just promise to pay out part of the profit from their bookmaker funded by the money that was donated.
| Bookmaker | Match | 1 | x | 2 |
|---|---|---|---|---|
| Vitalbet | Crystal Palace vs Tottenham | 6.682 | 4.51 | 1.450 |
| Nitrogensports | Crystal Palace vs Tottenham | 7.481 | 4.88 | 1.455 |
| Sportmarket Pro | Crystal Palace vs Tottenham | 8.034 | 4.88 | 1.472 |
| Vitalbet | Man United vs Chelsea | 2.400 | 3.19 | 3.040 |
| Nitrogensports | Man United vs Chelsea | 2.366 | 3.27 | 3.381 |
| Sportmarket Pro | Man United vs Chelsea | 2.426 | 3.27 | 3.400 |
The Name Of the Project
The project is called gifcoin which stands for "Gambling Investment Fund". every time a name of a project itself allready implies some kind of value it's usually a desperate attempt to try to sell you something. Actions always speak louder than words, when it is the other way around that's a big red flag for me.Focus Only on Money
A good investment usually comes from a team who are mainly focussed on solving a problem first, knowing they will do good financially if they manage to pull it off. This team has it in reverse as the focus is only on the money side without bringing anything inovative. Their entire model allready crumbles down compared to the more fair bookmakers and will cruble down even more once there are real blockchain projects that aim to imporve on current market leaders.
(The ones I look to try out myself are on top)
| Project | Type | Website |
|---|---|---|
| Wagerr | Sports Betting | wagerr.com |
| Bookie | Sports Betting Exchange | bookie.exchange |
| (^Peerplays) | (^Bookie Platform) | Peerplays |
| Blitzpredict | Betting Broker | blitzpredict.io |
| Augur | Prediction Markets | augur.net |
| Gnosis | Prediction Markets | gnosis.pm |
| Stox | Prediction Markets | stox.com |
| decent.bet | Sports Betting - Casino | decent.bet |
| Fansunite | Sports Betting | fansunite.io |
| Betrium | Sports Betting | betrium.co |
| Xwin Cryptobet | Sports Betting & Casino | xwin.io |
| Betterbetting | Sports Betting Exchange | Betterbetting.org |
| Gifcoin | ICO Book Profit Share | gifcoin.io |
| Hero | esports Betting | herocoin.io |
| Gimli | esports Betting | gimli.io |
| Unicoingold | esports Betting | unikoingold.com |
| Goal Bonanza *** | Correct Score Lottery | goalbonanza.com |
| Betmaster *** | Sports Betting | betmaster.io |
| *** Scam Alert |
Previous Reviews
Feel free to let me know if there are project I missed out on!
This is the essential purpose of any real business. Identify a need and then find a way, or a better way, to meet it. Otherwise, as you say, it's just a way to accumulate money at the expense of those whom have it.
Great review of this company. It appears that most of these outfits are of very little real value in regards to sports bettors.
Indeed, blockchain has such a practical use for sports betting that it's easy for many to start a project and cash in on the ICO without really offering anything of value for real sports bettors. I still believe there will be one or more that do succeed and become huge somehow. I want to get in on those early on :)
nice post, you got upvoted and followed..
thanks for sharing
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Nice post costanza! I agree that first teams should be looking to solve a problem using DLT. It's funny I am in a similar situation as you in that I have been researching different gambling blockchain platforms, because I believe blockchain will revolutionize the industry. WGR and PPY are good ones. I'd love to get your thoughts on my first blog https://steemit.com/blockchain/@suit5/why-sports-gambling-is-about-to-change-forever-part-1