From: thepipeline_xyz
RareBetSports is introducing a new approach to Daily Fantasy Sports (DFS) built on the Monad blockchain, aiming to onboard the next billion crypto users through sports [03:15:16]. The company has been developing in stealth, creating excitement and momentum before its public rollout [01:13:21].
Introducing RareBetSports and RareLink
RareBetSports is an ecosystem that aims to release several games and products within the sports and crypto vertical [07:38:00]. Its first product is RareLink, a Daily Fantasy Sports (DFS) game [00:58:00] [07:50:00].
Daily Fantasy Sports (DFS) differs from traditional sports betting in that it focuses on player statistics and their performance rather than the overall game outcome [02:16:00]. Users predict whether a player’s given line will be higher or lower [02:22:00]. This model has gained popularity in the US with companies like PrizePicks [02:30:00] and is considered easier to onboard less savvy bettors [02:47:00]. It leverages the modern sports landscape where players, such as LeBron James and Patrick Mahomes, are the stars rather than just teams [02:53:00].
RareBetSports is built around a legal carve-out in the US that differentiates DFS from traditional sports gambling [03:30:00]. Unlike many existing Web3 sportsbooks that are white-labeled and not proprietary, RareBetSports emphasizes building its own proprietary technology with a Web3-first approach [03:56:00].
Advantages of Blockchain and Crypto Integration
The decision to build on blockchain, specifically Monad, offers several advantages for sports betting:
- Community Focus: Web2 platforms often lack a community-focused approach. RareBetSports integrates community into its DNA, allowing it to reward various communities on its platform and within the product itself [05:52:00]. This includes providing utility to tokens and NFT communities that might be struggling to drive revenue [06:17:00].
- Proprietary Innovation: Being built with Web3 first enables the team to easily release new features and evolve with the crypto narrative [07:15:00].
- Seamless Onboarding: Compared to Web2, onboarding users in Web3 can be more seamless, especially when working with account abstraction companies and partners [08:50:00].
- Leveraging Monad’s Performance: Monad’s capabilities, such as 10,000 transactions per second and sub-cent gas fees in an EVM environment, are crucial [12:04:00]. These technical advantages allow RareBetSports to operate without burdening users with high gas fees or long wait times for settlements, essential for a consumer-facing app [12:43:00].
- Access to User Base and Fundraising: Monad provides a hungry user base interested in fun and engaging applications [09:41:00]. Being a consumer app on Monad has also been beneficial for fundraising, gaining exposure from those who missed earlier Monad funding rounds [13:05:00].
- New Betting Opportunities: Blockchain opens up opportunities for betting on on-chain gaming and blockchain gaming, which Web2 companies cannot touch [15:32:00]. There’s also significant interest in Esports betting, with data feeds already available for games like League of Legends and CS2 [16:15:00]. The recent inclusion of Esports as an official Olympic sport further highlights its growing attention [17:01:00].
Innovations in User Experience
RareBetSports is highly focused on creating a seamless and enjoyable user experience, especially for those new to crypto:
- Hiding the Blockchain: Inspired by NBA Top Shot on Flow, the goal is to hide the underlying blockchain from users [19:32:00]. Users should perceive it simply as a fun, consumer-facing app without realizing they are interacting with a blockchain [04:32:00] [21:52:00].
- Account Abstraction: For Web2 users, RareBetSports plans to use account abstraction tools, allowing logins via platforms like Twitter and Facebook, simplifying the onboarding process significantly [19:13:13] [20:13:00].
- Minimized “Time to Fun”: A key focus is to drastically reduce the time it takes for a user to go from downloading the app to having a fun experience, unlike traditional crypto onboarding that can involve many complex steps [28:34:00].
- Swiping UI: The mobile user interface employs a swiping approach, reminiscent of dating apps like Tinder [25:28:00] [30:01:00]. This allows users to place a wager with a single swipe, rather than multiple clicks, enhancing ease of use [25:31:00]. This proprietary design allows them to innovate on the user experience and adapt as needed [30:23:00].
Strategic Market Fit and Future Outlook
Sports betting and daily fantasy sports have a proven market fit in Web2, and the industry is rapidly evolving [05:03:00] [14:14:00]. Sports provide year-round entertainment and opportunities for platforms like RareBetSports [14:25:00]. Gambling also demonstrates “bear resistance,” meaning people continue to engage even during market downturns [14:36:00].
The team’s mission is to onboard new crypto users through sports [03:15:00]. They plan to use free-to-play games available on app stores as a funnel to introduce US users to their Web3 community and convert them into crypto users [21:20:00].
Community Engagement and Strategy
The RareBetSports team comprises crypto natives with extensive experience in prediction markets, DeFi, and NFTs [24:11:00] [25:55:00]. Their firsthand experience as crypto users, including trying various games and understanding what works and what doesn’t, directly shaped their product vision [24:45:00]. Their background also includes working in Launchpads, incubating and launching various token projects, providing insights into successful and unsuccessful strategies [27:44:00].
A core philosophy for RareBetSports is to reintroduce the “fun” aspect into crypto, believing that enjoyment and community are as important as monetary gains [06:48:00].
Getting Involved
The Monad community and broader crypto community can get involved by seeking early access beta program codes, which will be distributed through Discord, Twitter, and various influencers [22:53:00]. RareBetSports’ website, rbet.sports, is the primary source for updates and links [32:59:00].
Final Alpha
“Don’t forget to have fun in what we’re building and what you’re doing here in crypto.” [34:01:00] - Zachie, CEO of RareBetSports “We’re RareBetSports, we’re putting the D in Daily Fantasy Sports.” [34:41:00] - Crypto Carp, COO of RareBetSports