Can HEROcoin make money from Betting and Gaming?
I think the HEROcoin (PLAY) is an ERC20 token for betting that they disguise as a gaming token.
The website describes HEROcoin as a token that contains a “smart contract allow decentralized peer-to-peer online betting in any field.” I suppose the idea behind HEROcoin is to make everybody his or her own bookie by allowing anybody to place and take bets on anything through HERO’s platform.
HEROcoin’s designers claim any organization could integrate PLAY into its platform to allow betting. The hope is that HEROcoin’s smart contract can automatically make payouts in its trustless ecosystem.
Can HEROcoin change The House Always Wins?
I think HEROcoin is a gambling solution with its website by breaking the traditional “the house always wins” or House Edge paradigm. Instead, they design HEROcoin to eliminate the house by having an Ethereum contract smart contract make payments.
A smart contract is a self-executing contract. They make the contract self-executing by writing into the code of the blockchain. For instance, they write the HEROcoin smart contract into the Ethereum blockchain they build the HEROcoin from.
The difference between the Ethereum (ETH) blockchain and the Bitcoin (BTC) blockchain is that Ethereum is programmable. Consequently, they can build smart contracts into ERC20 Ethereum-based cryptocurrencies.
An interesting way to think of a smart contract is as a digital robot that can perform a task. When you build a smart contract into an ERC20 or EOS (EOS) cryptocurrency that token will carry out a function. For example, the smart contracts in stablecoins such as Tether (USDT) make payments in fiat currencies, usually the US Dollar.
The first uses mentioned for HEROcoin are for gaming and e-sports. However, I think they could easily adapt HEROcoin to sports betting.
Greentube buys HEROcoin
Notably gambling technology company GreenTube has acquired HEROcoin. Greentube provides software and digital solutions to the casino entertainment sector.
Greentube’s portfolio of products and services includes slots, video bingo games, video poker, table games, server-based gaming, and social casino gaming. Greentube provides the gaming solutions through its NOVOMATIC Interactive division.
Hence, a gambling company now owns HEROcoin. GreenTube claims to be a full-service provider in the online and mobile gaming sectors.
So yes, HEROcoin is a gambling solution. Moreover, a gambling company, GreenTube, owns HEROcoin.
What Future does HEROcoin have?
In theory, HEROcoin could have a bright future because of the sports betting sector.
The global sports betting market grew to $203 billion in 2020, Statista estimates. Moreover, Statista estimates there were over 31,000 sports betting worldwide in 2020.
Similarly, US sports betting will generate $2.5 billion in revenues in 2021, Statista projects. Moreover, US sports betting revenues could grow to $8 billion by 2025.
There are serious risks to blockchain sports betting. For instance, I think some government will try to ban blockchain betting and gambling.
I believe all it will take is a few scare stories about how the online casino destroyed my life to generate anti-gambling hysteria. Similarly, governments could try to ban blockchain sports betting int order to ensure they receive tax revenues from bets.
Thus, HEROcoin could face hostile political and regulatory environments that could destroy it.
Is HEROcoin a good cryptocurrency?
Mr. Market has little faith in HEROcoin (PLAY). CoinMarketCap estimates Mr. Market paid 4.8₵ on 2 April 2021.
CoinMarketCap estimates HEROcoin had a Market Capitalization of $11.892 million, a Fully-Diluted Market Cap of $11.906 million, and a 24-Hour Market Volume of $1.292 million on 2 April 2021. They based those numbers on a Circulating Supply of 248.226 million PLAY.
However, HEROcoin was one of the top trending cryptocurrencies on CoinMarketCap on 30 March 2021. Thus, there is high market interest in HEROcoin. Conversely, CoinMarketCap ranked HEROcoin as the 959th largest cryptocurrency on 2 April 2021.
I think HEROcoin is a cryptocurrency speculators need to watch because it offers a product for which there could be a real demand. However, I believe the current value of HEROcoin is theoretical, but the Greentube acquisition proves there is a demand for its service. HEROcoin shows that the future of gambling could be on the blockchain.