The agreement will offer horseracing fans the chance to watch live races and place bets on the BSGG platform, without having to first own a horse in the Oly metaverse.

Oly has hosted over 4,000 races to date, where players can sell, breed and race digital racehorses represented by NFTs. The company reported a total of $2.3m raised through tokens in November 2021, and is hosting a tournament throughout July 2022 to keep fans engaged.

Oly CEO Jimmy Chan said: "To continue evolving and meeting the needs of our esport community, we are thrilled to announce our very first partnership with a betting platform. This partnership underscores our commitment to bringing the traditional horse racing industry to the metaverse."

The decentralised BSGG platform allows for secure and anonymous user participation, with locked contracts and reduced fees. The BSGG token resides on the Ethereum, Fantom, and Avalanche blockchains, acting as the centrepiece of the company’s sports betting service.

Betswap CEO, who goes by the name Mavic, said: "This collaboration will address the unmet need for accessibility in the world of sports betting, especially when it comes to NFT horse racing. We are now able to reach more users worldwide who are horse racing enthusiasts with the support, technology and community from Oly Sport."

Oly Sport is expected to launch on Betswap in August 2022, with the deal coming amid a rise in crypto gambling, despite the recent Bitcoin crash.