Sports Gambling Platform Stakes Raises $5.3 Million

Web3 alters how users interact with gambling platforms, creating new digital methods to generate the same excitement, only in a new environment. As NFTs become an integral part of our digital landscape, platforms such as Stakes have redesigned betting mechanics and put emphasis on the social gambling aspect.

stakes casino NFT
stakes casino NFT

Social gambling entering the spotlight

Stakes, the new sports betting platform which blends the excitement of sports betting with new Web3 technologies, has raised $5.3 billion in new funding round.

The investment round was led by Digital Currency Group (DCG), FBG Capital, and CMS Holdings and also marks an important milestone in Stakes’s development. In January 2022, the company graduated from the IAC incubator.

Excitement for Stakes grows bigger as investors have chosen to fund a platform with a new approach to sports betting. Stakes has successfully integrated NFT rewards as “proof-of-flex” since minting over 8,000 NFTs and rewarding 2,500 for their predictions.

Stakes’ free-to-play approach allows every user to make wagers and bet against their friend. However, the social component of the platform is what makes Stakes different. Players can use the in-app feed to predict sporting outcomes by competing against their friends, other sports fans, and even influencers.

NFTs play an essential role in reforming fandom and network participation. For example, on Stakes, winners and high-caliber sports scoring “prophets” can use NFTs to mark a remarkable “I called it” moment.

The new investment series is intended to help Stakes restructure how sports fans interact with Web3 technologies. In addition, Stakes is tapping into a new market segment by simply NFTs affordances to make sports betting and score predictions way more entertaining.

By combining sports and community and providing new digital means of showing recognition as proof-of-flex and community knowledge, Stakes is umping the anty on how fandom can be included in the latest technological shift from Web 2.0 to Web3.

The lure of NFT gambling

NFTs have become highly volatile assets simply because excitement and market hype is a passing trend within the industry, turning NFTs into speculative purchases. NFT holders have always been categorized into NFT buyers and flippers, where the latter use gambling-like strategies to generate profit.- although that’s not always possible.

Although NFTs as a technology provides value to the digital landscape, they’ve gained a reputation as gambling tools. As a result, it won’t be long until existing NFT collections will be used as collateral on gambling platforms.

Vlad Hategan
Written by Vlad Hategan verified symbol NFT Gaming Specialist
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Vlad is a cryptocurrency expert and social media specialist. With a focus on cryptocurrency culture and how network variables affect cryptocurrency interactions, Vlad has learned the industry's complexities. He is committed to sharing his knowledge in various crypto sectors with anyone interested and is always looking for the next big narrative! Vlad is always interested and keen to be on top of every new blockchain development.

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Reviewed and Fact Checked by Kevin O'Brien , Web3 & DeFi Writer