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Should you invest in Chancer after Cramer’s bullish view on DraftKings?

By:
on Aug 10, 2023
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  • Analysts are also turning increasingly positive on DraftKings.
  • What it may mean for other betting platforms like Chancer.
  • $CHANCER token is currently going for $0.011 in the pre-sale.

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DraftKings Inc (NASDAQ: DKNG) posted a surprise profit for its fiscal second quarter last week as U.S. states continued to legalise online betting. Its shares still lost more than 15% in recent days.

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Cramer shares his view on DraftKings

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But Jim Cramer does not agree with the sell-off. He’s convinced that DraftKings is positioned for further growth ahead as the NFL season kicks off next month.

CEO Jason Robbins is delivering. You want to be in it for football season, I’ll tell you that much.

Note that the Nasdaq-listed company has also raised its sales guidance for the full year that now sits some $220 million above the consensus.

More importantly, at least three firms (Wells Fargo, JPMorgan, Truist) bumped up their respective views on DraftKings after its quarterly update suggesting analysts see continued strength in online betting in the coming months.

That’s perhaps why ESPN also partnered with Penn Entertainment this week to launch a sportsbook (read more) – and it’s conceivable that the rising demand for gambling will not be restricted to these big and notable names.

Up-and-coming platforms like Chancer.com may benefit just as much.

Chancer sits right at the heart of online betting

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Chancer is a blockchain-based platform that aims at revolutionising online betting.

The project puts together live streaming and social betting for its users to not just have the most exciting but also a relatively safer experience with gambling. It’s powered by a namesake native token that you can use to create bets or participate in them.

The to-be fully decentralised network wants to capitalise on the $90 billion betting and digital gaming market that is projected to expand at a CAGR of 10% moving forward.  

What’s even more interesting is that the supply and demand dynamics actually tend to determine the price tag on the $CHANCER token – which means you can see it essentially as a potential investment.

At writing, the BSC0 token is going for $0.011 in the pre-sale.

NFL could boost demand for the Chancer token

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As evident, greater demand could translate to price appreciate for the $CHANCER token.

That’s where the upcoming football season steps in. Typically, NFL leads to an uptick in wagering which may invite more users to Chancer.com this year to create and participate in online bets – for which they’ll need the platform’s native token.

Put together, the National Football League could boost demand for $CHANCER that may serve as a catalyst for a price increase.

Even without the football season, though, the BSC0 token has raised more than $1.2 million so far which paints a rather rosy picture of the demand it’s already seeing.

Another near-term positive for the $CHANCER token could be it going live on crypto exchanges – something that is scheduled to happen once the ongoing pre-sale is over.

Spot Bitcoin ETF may be a tailwind for $CHANCER

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Remember that $CHANCER, at its core, is a cryptocurrency which means the native token could benefit from the crypto-related tailwinds and as the ecosystem grows more broadly.

According to Statista, crypto will be a $38 billion market by the end of this year and will expand aggressively in the coming years to hit about $65 billion in 2027. That signals an over 70% growth in four years.

Year-to-date, the crypto market has performed remarkably well already as evidenced in an 80% rally in Bitcoin. But there are still factors that could catalyse its next leg up in the near-term.

For instance, investors are awaiting regulatory approval for a Spot Bitcoin ETF that Cathie Wood – the Chief Executive of Ark Investment Management recently said the SEC could greenlit a bunch of at once.

Including Ark and BlackRock, seven other asset managers have filed with the U.S. regulator for such an exchange-traded fund. The crypto market may also benefit once the central bank confirms that it’s done raising rates.

All in all, as the crypto space continues to recover, Chancer as a component of it may strengthen as well. For details on how to invest in the $CHANCER token, visit the project website here.

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