SiGMA’s star moves of the week

The future of crypto sports betting is looking bright with the increasing adoption of cryptocurrency in online wagering. The advantages of using cryptocurrency for sports wagers are being recognized by more and more bettors, leading to a surge in the popularity of

Blockchain capabilities promise a revolutionized user experience, with smart contracts automating payouts while eliminating intermediaries, thus further reducing transaction fees. This, coupled with the rise of esports betting opportunities, is expected to cater to a new audience that is projected to grow exponentially over time.

There are several success stories related to crypto sports betting that highlight the impact of cryptocurrency adoption in this industry. Crypto-enabled platforms are certainly gaining traction in sports betting. One such example is the Web3 Betting Platform, which has led the revolution in the adoption of cryptocurrencies in sports betting. It offers a seamless, decentralized betting experience, replacing the traditional systems of sportsbooks. The platform has experienced a staggering 30 percent year-over-year growth in 2024.

Another platform, CHIPS.GG, has successfully incorporated real stories from their community to explore the dynamic world where cryptocurrency meets sports betting. They offer unique betting options and bonuses, making them increasingly attractive to bettors.

In addition, major betting platforms around the world, such as BetOnline, Bovada, and MyBookie, have started accepting like Bitcoin. This significant shift towards cryptocurrency is a testament to its growing influence in the sports betting industry.

These platforms offer a comprehensive online betting solution, with a diverse range of betting options and superior user experiences. They are also leveraging the benefits of blockchain technology, such as data permanency and transparency throughout the entire betting process.

Using cryptocurrency in sports betting comes with potential risks and challenges.

Volatility Risk: Cryptocurrency prices fluctuate frequently, sometimes wildly. The dollar value of bets and winnings could change drastically and unpredictably.

Decentralization Tradeoffs: The decentralized nature of cryptocurrencies means no central authority governs transactions or the storage of assets1. This can lead to issues with dispute resolution and accountability.

Fraud/Security Concerns: While blockchain technology ensures secure, transparent, and tamper-proof record-keeping, the unregulated environment has allowed various frauds. It’s crucial to conduct thorough research and choose reputable platforms.

Unclear Legality: The legal status of cryptocurrency varies by country, and regulatory changes can significantly impact market stability. It’s important to understand the legal implications of using cryptocurrency for sports betting in your jurisdiction.

Steep learning curve: Although cryptocurrencies and blockchain technology is revolutionizing the sports betting industry at a remarkable speed, understanding how to use cryptocurrency can be complex. Platforms enabled by cryptocurrency will certainly influence the future of online sports betting worldwide.

The benefits of utilizing cryptocurrency in sports betting, together with the potential of blockchain technology, make this an exciting era to participate in this rapidly changing market.

DraftKings and FanDuel have emerged as frontrunners in New Jersey, contributing to the state’s second-highest monthly revenue ever. The revenue figures for New Jersey’s online casinos reveal an impressive total of $187.9 million, falling just short of March’s record-breaking $197.2 million.

This figure, while being the second-highest, also marks an 18.2 percent increase year-over-year. In the first four months alone, New Jersey has amassed over three-quarters of a billion dollars, totalling $750.7 million. This is a significant 21.2 percent increase compared to the previous year, which saw a total revenue of $1.92 billion. The state is currently on track to exceed $2.2 billion in revenue this year, surpassing the single-year record of $1.92 billion set in 2023 and the previous record of $1.66 billion in 2022.

In terms of taxation, the state has collected nearly $113 million, with $28.3 million accrued in April alone. The tax rates in New Jersey vary depending on the type of gaming venue, with retail casinos taxed at 8 percent, online sports betting at 13 percent, retail sports betting at 8%, and online casino play at 15 percent.

Examining the top licencees, Golden Nugget Atlantic City leads the pack with over $53 million in revenue. However, Caesars Interactive was the only licensee that failed to meet the $1 million mark.

DraftKings led with $39,238,978, closely followed by FanDuel with $39,063,216. Together, DraftKings and FanDuel accounted for nearly 42 percent of the state’s revenue, outperforming the combined total of the next seven online casinos. Five other online casinos, including BetMGM, Borgata, and Caesars Palace, reported revenues in the eight digits. On the other end of the spectrum, Unibet, which is withdrawing from the United States, reported a loss of more than $6,000, while Jackpot City, a newer online casino, reported just over $25,000 in revenue.

The tax structure for online gambling in New Jersey is quite straightforward and is designed to ensure fair and regulated gambling activities. Here are the key points:

Tax on Winnings: All gambling winnings, including those from online sources, are considered taxable income. Therefore, you are required to report these winnings to the Internal Revenue Service when you file your tax returns.

Tax Rates: The tax rates vary depending on the type of gaming venue:

✅ Retail casinos are taxed at 8 percent

✅ Online sports betting is taxed at 13 percent

✅ Retail sports betting is taxed at 8 percent.

✅ Online casino play is taxed at 15 percent.

Thresholds for IRS Notification: The IRS is not notified unless you win an amount that exceeds certain prescribed thresholds. These thresholds vary depending on the form of gambling that generated the win.

State Tax Withholding: For federal taxes, NJ sportsbooks are required to withhold 28 percent of the winnings if you win $5,000 or more. On the state level, if you win more than $10,000 in a single jackpot, the payer will withhold 3 percent to comply with state laws.

Income Tax Brackets: On the state level, there are seven income tax brackets, ranging from 1.4 percent for the lowest income earners up to 10.75 percent for those at the top of the scale.

Group Gambling Winnings: If a group of people pool their resources for gambling, the paying entity will submit Form 5754 to the IRS when they are filing the W-2G. The IRS will then know that multiple people will be responsible for individual portions of the income.

Penalties for Non-Payment: If you fail to pay taxes on your gambling winnings in NJ, the Internal Revenue Service will apply a Failure to Pay penalty. For each month that you are delinquent, they will increase the amount that you owe by .05 percent. However, the accumulated penalty maxes out at 25 percent..

Gamingtec, a provider of iGaming solutions, is marking its debut in the market. Speaking with SiGMA News during the ASEAN Gaming Summit, Andrei Beu, Commercial Director of Gamingtec, shared insights into the company’s first event in Asia. "This is our first event in Asia, [and we are] aiming to establish a presence and introduce our brand," Beu stated.  

Gamingtec is a global company offering white label and turnkey solution, focusing on customization and partnership.  

Beu told SiGMA News that the move into Asia presents both challenges and opportunities for Gamingtec.  

"We see ourselves as a global company without boundaries. We are here to establish a foothold and penetrate the Asian market," Beu noted. He highlighted the company's live operations in Japan and the complexities of navigating its highly regulated environment. "Japan has great potential, but compliance with government regulations is crucial for success," he said. 

Discussing the regulatory environment in the , Beu was optimistic. "The Philippine iGaming scene is very welcoming, with high availability for licences. We hold a PAGCOR licence, and the regulatory process was straightforward compared to Europe or the US," he commented.  

Beu emphasised that Gamingtec is prepared to comply with any regulatory changes, ensuring a stable and conducive environment for their partners. 

Looking ahead, Beu expressed confidence in the growth of the iGaming industry in Asia.  

"The market is growing steadily and consistently. Like Latin America, where regulation spurred immense growth, Asia is poised for significant development," he observed. Beu foresees more markets becoming regulated and attracting investment, creating a vibrant iGaming ecosystem in Southeast Asia. 

"Expect to see more of Gamingtec in Southeast Asia. We aim to be perceived as a successful provider and partner," Beu concluded. 

As the dust settles on the 2023/24 Premier League season, leading online gaming company finds itself in an unusual position. While Manchester City celebrated lifting the Premier League trophy for the fourth consecutive time, bet365 was left to count the cost of a season that ended in a way few could have predicted.

The Day the Punters Won” The final day of the season saw all the favourites win their matches, a scenario that led to bet365 announcing it had experienced a “shockingly bad” end to the season. Steve Freeth, ’s PR man, described the day as one where punters signed off in style with a full house of favourites winning. The 10-fold paid 103/1 at kick-off, with nine teams paying out early thanks to bet365’s 2 Goals Ahead Payout. Adding to the company’s woes was the Acca Boost of 35% for all correct 10-folds, resulting in the biggest payout of the campaign. The company was given a glimmer of hope when VAR checked Kai Havertz’s late winner, but the German’s 89th-minute goal stood, sealing a miserable final day for bet365 but a joyous one for its customers.

However, the weekend wasn’t entirely successful for punters. Saturday saw heavy favourite Tyson Fury suffer defeat at the hands of Ukrainian Oleksandr Usyk in an Undisputed World Heavyweight title fight in Riyadh, Saudi Arabia. This result led to the majority of UK bettors tearing up their bets, handing bet365 a much-needed win. Despite the football results, Freeth noted that the company had a brilliant result in Riyadh with Tyson Fury being edged out on points by Oleksandr Usyk. However, any profit from this event was quickly swallowed up by the football results on Sunday.

As the season ends, bet365 is already looking ahead to the next one. The company has released early odds for the 2024/25 Premier League, with Manchester City a shade of odds-on at 10/11 to win a fifth consecutive title. Arsenal are priced at 9/4, with Liverpool at 8/1. But before that, there’s the small matter of the Euros to contend with. As this season has shown, in the world of sports betting, anything can happen.