- BitMEX has launched a Prediction Markets product that allows traders to bet on events such as the outcome of FTX bankruptcy filings and the criminal case of Sam Bankman-Fried.
- The product offers speculative contracts that will be marked to the Last Price.
- Chancer, by contrast, is a blockchain-based prediction market platform expected to disrupt the $80 billion gambling industry.
Cryptocurrency exchange BitMEX has unveiled a new prediction product for its users, enabling the global community to wager on real-world events through the platform. What are BitMEX’s Prediction Markets and how do they differ from Chancer’s offering, a development anticipated to transform the $80 billion gambling sector?
What are BitMEX Prediction Markets?
Prediction Markets is a new crypto-derivatives product from BitMEX that lets traders take positions forecasting the outcomes of specified real-world events. While contracts may eventually cover nearly any topic, industry, or event, BitMEX will be the party that lists markets and determines which outcomes traders can bet on at any given time.
Bet on events like a spot Bitcoin ETF approval or SBF’s prison fate
For its initial contracts, the crypto exchange is offering account holders the chance to profit from predictions on three topics: FTX bankruptcy filings, approval of a spot Bitcoin ETF, and the legal fate of former FTX CEO Sam Bankman-Fried.
Additional markets will be added soon, giving users not only trading opportunities but also potential hedging instruments. According to a BitMEX blog post, the first three prediction markets launched on September 13.
These speculative contracts are marked to Last Price and carry no leverage. Margin and settlement will be denominated in Tether (USDT).
What is Chancer?
BitMEX’s new offering joins a growing field of prediction market solutions, but it differs significantly from Chancer in how markets are created and operated.
Put simply, Chancer is a decentralized betting platform powered by the $CHANCER token where anyone can create wagers on any event. There is no centralized bookmaker: bets can cover a wide range of topics—from global sports and elections to community events or whether Bitcoin finishes the year above or below a given price.
Chancer’s social betting model, which includes features like market sharing and live streaming, aims to transform an $80 billion gambling industry. The platform’s expansion, together with anticipated crypto adoption, could position the blockchain-based service as a leading force in peer-to-peer (P2P) wagering.
According to Chancer’s roadmap, this shift will begin to take shape once the platform goes live in the first quarter of 2024. Until then, $CHANCER holders have access to passive earnings opportunities, including staking.
Why buy $CHANCER now?
As the crypto market grows more institutionalized, everyday use cases are also expanding, increasing the potential for broader adoption.
Removing centralized bookmakers’ control and empowering individual users to create markets, set odds, and receive payouts gives Chancer a strategic advantage when targeting a market expected to expand significantly over the next decade.
This context is what makes the $CHANCER presale price of $0.011 appear attractive—an inexpensive entry point relative to possible future value. Investors looking for new crypto opportunities may allocate a portion of their capital to the project. Milestones such as mainnet launch, listings on major crypto exchanges, and favorable industry trends could make this a reasonable long-term speculative bet on a blockchain-based platform.
Currently, investors can participate in the presale and buy $CHANCER using ETH, BNB, USDT, and BUSD. The project has raised nearly $2 million to date.
Interested in $CHANCER? Visit the official Chancer presale page for details on how to purchase.