The FIFA World cup in Qatar, scheduled between November 20th until December 18th, is the most-viewed sports event in the world. This year, FIFA expects over 5 billion people from around the world to watch the games offering fans, tourism and betting agencies the opportunity to make a lot of money.
According to Mark Davis, a veteran bookie, “The real money isn’t in the favored teams. Rather instead, the abundance of cash is generated by picking teams during the interim phases that have the odds stacked against them”.
Davis elaborates on the strategy, “For example, Argentina’s dream team had the 2nd-best odds to win the World Cup at +550, while Saudi Arabia was tied with 4 other countries with the worst odds at +50000.”
Mark goes on to explain, “To understand the numbers following the Argentinian upset by Saudi Arabia, especially for those who don’t understand booking agents betting odds, the Dailymail reported an Australian man who lost $160,000 on Argentina. In simpler laymen’s terms, the Aussie only had the potential to earn $20,000 had Messi’s team won. Think about it with common sense, that’s a huge financial risk for a minimal yield return.”
In contrast, with odds of 80 to 1 in favor of Argentina, British bookmakers William Hill reported customers who placed a single 20-pound bill on Saudia Arabia ended up winning 1,600 pounds ($1,900).
Despite all forms of gambling activities being strictly prohibited by local law and religious decree in Qatar, many of the locals make an exception to the rules during the World Cup. According to Mohammad Al Shahara, a sports journalist with inside knowledge of the World Cup gambling industry, “Most people, including even the most devout of Muslims, believe betting on the games is a way of supporting their country, teams, and also their favorite players”.
Yet unlike their international colleagues who can legally gamble through GVC Holdings, Willam Hill, or other online bookies (which often require identification and KYC to place wagers), most middle eastern World Cup fans are scared to hand over their ID before placing a bet.
Instead, they prefer using cryptocurrency and defi websites to place wagers in an effort to circumvent local laws, while ensuring they remain discreet and anonymous.
One of the more famous tokens used by middle eastern nationals (and those betting on FIFA games from around the world) is the Lusail token ($Lusail), a digital meme currency (similar to Dogecoin) named after the second largest city in Qatar.
Lusail is also the name of the largest football (e.g. soccer) stadium in Qatar which is set to host the most important World Cup events, including the final game.
The team behind the LUSAIL token uses the Binance blockchain and has created strategic partnerships with blockchain industry leaders such as CoinGecko, PinkSale, Pancakeswap, and CoinMarketCap.
Due to the Lusail token popularity on Binance’s smart chain, a lookalike currency using the same exact name was created on the ERC-20 (Ethereum’s blockchain) to confuse and dupe both fans and investors.
According to Max Davis, a crypto investor and enthusiast, “It appears the latter Lusail token listed on Ethereum’s blockchain is nothing more than a pump and dump scam with only 18 holders”.
The real team behind the distribution and tokenomics of the Binance based Lusail blockchain project does not harvest nor hold any of the tokens. According to the currency founders, “The Binance-based LUSAIL meme token sole purpose is to bring tourists to Qatar and provide a reliable store of value”.
The team plans to distribute NFT art (similar to football cards), only in the digital form. The intended NFT utility distribution via airdrop offered by the founders includes free vacations to Qatar, including usage of the presidential suites in one of the eleven luxurious hotels surrounding the stadium, and box tickets to the World cup final.
