GambleFi Portfolio | Openbet Dividend Delay...
It was another regular Dividend week with SBET, BFG, & Rollbit NFT's giving reliable Dividends while OPENBET remains a highly stressful investment as it has the worst payout structure while the project hasn't yet proven that it actually can be trusted.
Openbetai.io (OPENBET)
My experience so far with Openbet has been one of both high hopes along with fear of getting Scammed / Rugpulled as there are so many mixed signals of this being a project that will do well over time given the market cap while at the same time, there are some red flags.
When I discovered this project early on, it looked like one with a lot of promise as the people behind it surely knew how to play the crypto game. The narrative to become the go-to crypto casino on the Arbitrum chain is a good one as there are many people actually using it and the site they have (even though it's just a skin of OwlDao which they rely on to run it) is very user-friendly with plenty of offers, a good Bookmaker & even pvp Poker which I have enjoyed playing. The entire "AI" part of the bookmaker I always saw as just of a marketing gimmick in order to get the attention of potential investors and openbetai on it's own doesn't sould bad as a casino name.
As for the token, from what I know there was a 35% of the tokens pre-sale and most that money was put in a locked liquidity pool along with 24.5% more of the tokens with a 5% buy&Sell tax which increases the pool and encourages longer-term holds. As the token opened with a low market cap, it attracted a lot of crypto folks who are looking to profit from these by getting in early since not that much is needed to push up the price in an attempt to play the game of getting out soon enough.
This sure worked as there was a lot of buzz early with proper social media marketing and community building (Twitter / Telegram / Discord). With plenty of buyers wanting to get in and not much needed to push the price up, there was an initial pump to 0.14$ which at the 10M maximum coins still only was 1.4 Million Dollars. This however was followed by everyone getting out and many that bought with an eye on making short-term profit ending up selling at a loss. This kind of makes sense as none of the buyers actually seems to be interested in the long-term mostly chasing short-term profit (at least that how I'm reading into it). So the number of holder slowly but surely went down from 1043 to 922 which seems to be a spot where all the paper hands are out.
When it comes to the project itself, the idea is that they now have a Casino which they fully rely upon by owldao. (many other projects like Betero do exactly the same) with an eye to make an 2nd on-chain casino from their own. The revenue they are receiving from Owldao is distributed to tokenholders once a month without the need to stake based on a snapshot that they take at a random time. While I'm not a fan of a snapshot being taken by the team while everyone else is in the dark on how much profit actually was made or when the snapshot takes place, I get this is an easy way of going about it for now. The monthly payout also is also just way too long as for other projects it's either daily or weekly which is much better. Again there, I can see as the generated earnings still are quite low it's impossible to do it weekly let alone daily.
There was a promise that 100% of the revenue was going to be paid out to tokenholders (3M Vested coins & liquidity pool not included) for as long as the 2nd casino was not available. After that it would drop to the 50% as stated in the whitepaper with 70% of the 2nd casino profit going to tokenholders. There are also plans of having NFT's I assume similar to rollbit which get 10% of the revenue and will act as an incentive to gamble which I very much like.
So I would say all the basics are there for a good project with a low market cap and high potential to grow as a site like Rollbit for example easily makes 20k+ every ~16 hours which equals just 20% of their profit not even including the sportsbook. I also really liked their way of onboarding giving out USDO airdrops to other arbitrum project holders can be used to gamble in the casino allowing new players to try it out with a chance to actually turn it into 100 USDT in case they managed to roll it over 50x. Since this is nearly impossible to do and also takes a lot of time I see it as a cheap way to onboard new players. All this made me willing to take the gamble of cost-average buying while keeping track along the way.
Howerver, after the initial hype and the first correct payout where 15098$ revenue was made (at least this was claimed as there is no way to check) things started to go downhill. Even though at that time based on the price the returns looked really solid especially since it was just the start, more tokens were being sold. This followed by a 2nd month where it was semi-announced that they were ahead of the volume and profit of the previous month yet dividends turned out to be a lot lower. There also was some delay compared to the first month but eventually, they came through with the claim that some late big winners reduced the profit a lot
In the 2nd month there turned out to be a claimed revenue of 5717.64$ while the price had fallen to 0.037$. They no longer made an image showing the profit along with the daily betting volume and new monthly signups though. There was an integration allowing players to use the Arbitrum chain to deposit but gradually the news updates became fewer and fewer. Also nothing was mentioned anymore about the NFTs and the 2nd casino which from what I recall should have been there by now.
The 3rd month followed by a message that the casino ended with a loss and that there were no payouts for the month.
There was no info on how much loss was made and when asking the dev claimed it was just -300$ but at this point in time I'm rather reluctant to believe this. The price had fallen to 0.018$ at that point which equaled just a 180k market cap fully diluted which tempted me to get more as there were not enough indications to fully get screwed since the liquidity pool is locked and the site was likely to remain operational.
So the only thing to do was to wait yet another month hoping for the casino to be profitable and another dividend payout. There is a claim that there was some profit even though it wasn't shared how much but it is delayed as they are yet to receive it from the casino host or so they claim.
In the meantime, there hasn't been anyone buying or selling the token for the last 10+ days which made the token go to and untracked status on Coinmarketcap.
I guess I will wait another week to hopefully see the revenue share come through but the general trend on this project is one where my distrust keeps growing and growing while at the same time still keeping up the hopium as there are enough things about it that are still good.
| Date | Hold | Total Invested | Current Value | Tot Dividends | % recovered | Total |
|---|---|---|---|---|---|---|
| 24/04/2023 | 201k | 15669$ | 9400$ | 54.5$ | 0.35% | -6215$ |
| 02/05/2023 | 201k | 15669$ | 8975$ | 54.5$ | 0.35% | -6640$ |
| 09/05/2023 | 259k | 18145$ | 9865$ | 54.5$ | 0.21% | -8280$ |
| 16/05/2023 | 273k | 18675$ | 9363$ | 530.98$ | 2.84% | -8781$ |
| 23/05/2023 | 300k | 19727$ | 10177$ | 530.98$ | 2.69% | -9019$ |
| 30/05/2023 | 300k | 19727$ | 9337$ | 530.98$ | 2.69% | -9859$ |
| 06/06/2023 | 300k | 19727$ | 8533$ | 530.98$ | 2.69% | -10663$ |
| 13/06/2023 | 300k | 19727$ | 7798$ | 530.98$ | 2.69% | -11398$ |
| 20/06/2023 | 423k | 22606$ | 7255$ | 530.98$ | 2.35% | -14820$ |
| 27/06/2023 | 423k | 22606$ | 8078$ | 530.98$ | 2.35% | -13997$ |
| 04/07/2023 | 423k | 22606$ | 7830$ | 530.98$ | 2.35% | -14245$ |
| 11/07/2023 | 423k | 22606$ | 8090$ | 530.98$ | 2.35% | -13985$ |
| 18/07/2023 | 423k | 22606$ | 8154$ | 530.98$ | 2.35% | -13921$ |
I really hope I'm not getting screwed on this one even though I always have been aware of the risk and am fine with it. I'll see next week where it goes. The main goal is to at least recover the initial investment and if things would turn around and price would increase, I would partially sell in order to get there as soon as possible.
Sportbet.one (SBET)
SBET continues to be reliable now for over 186 weeks and things seems to be very stable right now in anticipation for the new football season to start which might see an increase in the number of users a bit. lot
Rollbit.com (RLB) & Rollbot/Sportsbot NFTs
From what I can tell, the 'dumb money' has found Rollbit with multiple youtube influences now mentioning that they bought after the pump. I continue to value the price based on the actual lottery and revenue which hasn't changed yet. So basically it became a lot more expensive and risky as the returns aren't actually higher because of the token pump. So far all I'm concerned, this will turn into a pump & dump with the price retracing back unless earnings really start increasing a lot. I might take profit on my NFTs especially my Sportsbot if the price would go a lot higher.
Betfury.io (BFG)
BFG also has been really stable and had a slight increase last week so from what it looks like the gambling hasn't lowered since the BFG mining rewards ended
APY Based on Current Price and Dividends from the last 7 days
All these numbers are based on prices of Monday
| Project | APY |
|---|---|
| Betfury.io (BFG) | +31.05% APY |
| Sportbet.one (SBET) | +42.02% APY |
| Rollbit.com (RLB) | +26.46% APY |
| Openbetai.io (OPENBET) | +0% APY |
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
Openbet remains the big question mark now and I really need it in order to get my weekly earnings above 200$ again from my portfolio that includes 5M SBET | 500k BFG | 3411$ worth of Rollbot NFTs | 423k OPENBET and I have been generating passive earnings this way now for over 175 weeks!. 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 as they allow anonymous betting with no KYC or personal restrictions...
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