[Crypto Guide] RoBET: The Sports Betting Crypto

INVESTING - CRYPTOCURRENCY
RoBET, a now defunct cryptocurrency, was intended to create a cryptocurrency-based ecosystem for sports betting. Here's what you need to know.
Updated April 3, 2023
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Investing in cryptocurrency is commonly talked about in today’s world. Several well-established cryptocurrencies have made some people extremely wealthy. Those who gained the most wealth invested in those currencies very early on. These cryptocurrencies have now established themselves and may not provide future returns to match their previous performance.

Instead, you may have decided to start looking into newer cryptocurrencies to find the next Bitcoin (BTC) or Ethereum (ETH) in an attempt to grow your money. While some cryptocurrencies succeed beyond your wildest dreams, others fail and result in people losing their entire monetary investment in them.

You may have come across RoBET in your research. Unfortunately, RoBET is now a defunct cryptocurrency. But there are still some things we can learn from it.

In this article

RoBET basics

Name RoBET
Ticker symbol ROBET
Year established 2018
Blockchain Ethereum
Total circulating supply Roughly 800,000
What it’s best for... Now defunct, but was intended for sports betting

What is RoBET?

The idea behind RoBET was developed from 2013 to 2017. The plan included building a smart-contract, decentralized, blockchain-based ecosystem to create a unique sports betting experience. Users could sign up and create their own sportsbooks to accept bets from other users to earn crypto coins.

The team that developed and founded RoBET included:

  • Edoardo Narduzzi: CEO and founder
  • Alessandro Lentini: CTO and co-founder
  • Gianfranco Allocca: Sports publisher and co-founder
  • Marco Querini: Blockchain specialist
  • Daniele Bianchi: Cryptocurrencies expert
  • Mike Hollings: Investments consultant

The first part of its initial coin offering occurred in the first half of 2018. This phase raised 4,524 ether, the transactional crypto token of the Ethereum blockchain. As of Jan. 25, 2022, just one ether is worth around $2,413. RoBET’s website was updated in 2020 to highlight the future launch of its sports betting platform.

Unfortunately, the COVID-19 pandemic halted most sports activities, which likely provided a major challenge for a sports betting platform. It appears the cryptocurrency and sports betting platform is no longer in development, and their old website, robetcoin.com, now redirects to a different brand.

How much does RoBET cost?

According to the crypto industry website CoinMarketCap, which shares the latest news on a wide variety of cryptocurrencies and NFTs, the last known RoBET price was 0.0636713 USD. Market data for this cryptocurrency is untracked, so historical pricing and other metrics are not available.

How to buy RoBET

Today, RoBET is essentially defunct. You may still be able to purchase the cryptocurrency from people who hold the virtual coin. To do so, you’d need to use the Ethereum blockchain and a crypto exchange to make a person-to-person transfer. Be aware that some more well-known exchanges like Coinbase and Binance do not support RoBET.

You could likely buy RoBET using major cryptocurrencies. It may be possible to purchase it using fiat currencies such as USD and EUR, but it’s more likely you’ll need to buy another coin first, then trade it for RoBET.

If you’re still interested in investing in cryptocurrency, you may want to consider currencies supported by the best cryptocurrency exchanges.

FAQs about RoBET

Is RoBET a good investment?

Only you can determine if purchasing RoBET is a good investment for your situation. That said, the cryptocurrency coin is essentially defunct, meaning it likely does not have a bright future. Since the coin is no longer a trending topic, it may also reduce it’s liquidity. That means it could be harder for you to sell if nobody is interested in it.

Where can you buy RoBET?

The crypto coin RoBET uses the Ethereum blockchain. You may need to find a crypto exchange to trade currencies with someone that currently holds or wants to buy RoBET to trade it.

When was RoBET created?

RoBET conceptually started in 2013. The first phase of its initial coin offering (ICO) launched in 2018.


Bottom line

While RoBET never fulfilled its vision of a cryptocurrency-focused sports betting platform, many cryptocurrencies have succeeded in their own goals. Even so, investing money in any cryptocurrency is considered risky. If you’re still learning how to buy cryptocurrency, make sure you consider this potential risk before making your first purchase.

FinanceBuzz is not an investment advisor. This content is for informational purposes only, you should not construe any such information as legal, tax, investment, financial, or other advice.

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Author Details

Lance Cothern Lance Cothern, CPA is a personal finance writer and founder of MoneyManifesto.com. Lance's work covering several personal finance topics has been published in U.S. News & World Report, Business Insider, Credit Karma, Investopedia, and several other publications.

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