$1 billion in TRON cryptocurrency gambled in Q1 2019

More than $1 billion worth of the TRON cryptocurrency was gambled during the first three months of the year, according to research conducted by CryptoGamblingNews.com.

The surge in betting volumes in the cryptocurrency has come on the back of the launch of tens of decentralised casinos that use the TRON blockchain.

These casinos utilise smart contracts, automating the entire user journey from the wallet to the gameplay, in a way that guarantees the integrity of the games and the user’s funds.

Many of the most popular TRON casinos also automatically redistribute a share of casino revenues to users, based upon how much they have played.

TRON-based casinos have processed wagers of more than $80m in the last seven days, with the most successful, TRONbet.io, reporting volumes of 1.5 billion TRX ($43.5m) over the period, according to data from DappRadar.

Meanwhile CoinDesk reported data from Dapp Review, showing that TRON-based decentralised applications (DApps) generated Q1 2019 turnover of $1.6 billion from more than 432,000 users, adding that 64 percent of DApps on the TRON blockchain are gambling related.

TRON was founded in 2017 but moved to its own blockchain in June 2018, and enjoys a particularly strong following in China. The cryptocurrency has a total market capitalisation of around $1.9 billion.

A spokesperson for CryptoGamblingNews.com said: “The appetite for TRON-based gaming has grown exponentially in a very short space of time. It is remarkable to see decentralised casinos generating turnovers that can compete with far more established, fiat currency competitors.

“However, we are still in the very early stages of TRON development. The casinos that have launched so far offer a relatively limited range of games. If the user experience can be improved, I would expect these volumes to increase by several multiples.”