Who Are Degens? Meet the New Generation of Crypto Sports Bettors

As crypto gambling takes over the world and transforms the way we play, we're witnessing various new trends, from instant transactions to higher security, decentralised casinos and more. But the novelties don't stop there. Crypto bettors have been minting new terms for their community. An example that has been spreading like wildfire is degens.

Here at Crypto Gamba, we've been following the growing usage of this term. To help you understand what it stands for, we've created a brief guide to degens in the crypto betting space.

Definition

The term “degens” today is frequently used within the crypto community. However, it first showed up in the gambling circle, used to describe people who were reckless when playing poker or other table games. Later, it spread into the sports betting realm, with players like Michael Jordan being called a degen in some circles due to his regular betting on various sports, including his own games.

In its essence, “degens” is short for the word “degenerates”, but its meaning is not as harsh. It refers to the style of playing rather than the person.

Many people nowadays use it in the gambling, finance, and crypto world to describe a person who:

• Impulsively and recklessly takes big risks in pursuit of big rewards.
• Thrives on volatility, chaos, and the unknown with even a smidge of a potential win.
• Often bets on unregulated platforms since they have fewer entrance requirements.

A degen doesn't concern themselves with game analysis or research. They simply “work on vibes”, placing large sums on games they know nothing about simply because they feel the outcome might happen or they like a certain player.

And yet, although typically used as a derogatory term, many bettors have started owning it, meaning they wear it as a badge of honour. In their eyes, being called a degen means you like high-stakes gaming and are not afraid to take charge, even in situations perceived as very risky by others. These players are often the builders of a community and even offer tips and advice to novice bettors.

How Degens Play on Crypto Betting Sites?

The driving force of these players is a mix of risk and curiosity. In fact, degens are very FOMO-prone, hence they want to seize as many opportunities as they can, regardless of the risk. They like the unknown because it means there may be a huge win in it. Hence, they often jump into the first opportunity without any proper research on the game. They don't even use bonuses or promotions to boost the gameplay.

For example, a degen might place everything they have in their crypto wallet on a parlay with 200x odds. Or, they may bet on sports that regular people haven't even heard of, such as underwater hockey. Some degens bet using meme coins, which is a very volatile and unreliable option.

At the same time, degens usually openly brag about their wins on forums, comparing themselves to other players. When it comes to losses, they meme about it and keep going for another hand.

Why Do Degens Love Crypto Gambling?

For a degen, no risk equals no win. By that logic, big risks equal big wins. But even when you risk big, there are still certain things you need to consider, such as KYC checks. For degens, that's more of a hurdle, since they prefer faster transactions, fewer fees, anonymity… Anything that gets them smoother gameplay. And isn't that something crypto operators offer?

Crypto sportsbooks don't follow the traditional finance norms. As decentralised platforms, they ensure instant deposits and withdrawals while protecting your privacy. Yes, crypto is not technically anonymous, but you still get to keep a lot of your information secure and out of prying eyes, more than on a traditional sportsbook.

Moreover, KYC checks often occur when you attempt to withdraw, and the odds are usually better. Some crypto sportsbooks may even have native tokens to facilitate transactions.

Degen Culture: Vibe Over Math

As we mentioned, for degens, vibes are at the forefront, not analysis or math. As long as they like the game and feel that it can give them a good outcome, they're on the bandwagon.

Being FOMO-prone allows these players to be at the forefront of everything new, whether that's a new cryptocurrency or a new sports market. That makes way for them to build a community. Hence, plenty of degens are part of various Telegram, Discord, or X (formerly Twitter) groups, where they share their experiences with newbies.

Sometimes, degens don't just bet with meme coins; they bet on them. It's the thrill of the potential win that pulls them forward. They thrive on quick change and crypto volatility, where they can win or lose big. Our reviewers have noticed players glorifying their losses in the sense of “I lost all my tokens, but it was worth it!”

Closing Thoughts

As crypto sportsbooks and the broader blockchain technology industry grow, new terms and slang are coined daily. “Degens” is not a new word. Still, it's a trend that is becoming increasingly popular, especially among Gen Z and Millennials.

Degens' willingness and curiosity to join new platforms and try out sports that few dare to attempt allow these providers to grow. However, since we're discussing significant risks, there is always the possibility that the action will yield no result.

It's crucial to remember that not everyone who enjoys high-stakes betting with crypto is a degen. Such behaviour is not part of our books, and we steer clear of romanticising it. As enticing as it may seem, the line between degens and problem gambling is thin.

Hence, we highly advise that you always manage your bankroll properly by seting limits and strictly sticking to them. If you believe you're entering dangerous waters with a potential degen behaviour, don't shy away from turning to responsible gambling organisations.