I dont quite understand how this going to work. We have a casino that is a intermediary between two gamblers with NFT. How can bet or competition be fair, if NFT dont have constant price and there is not such kind as true average market price, as owners set all prices themselves. Two NFT owners can agree between themselves on a result of any game, and they need a guarantee who will hold NFT until game end. I dont think that casino is needed.
I think there is an average price in NFT and even if it is not true or precise, I think that can still work fine and that might be the ones that the casinos are using to make this NFT betting possible. Casino is needed because they can also supply the games and others. I think this is more convenient than the other way around.
In case someone wants to bet NFT and wish to receive certain amount of money if he wins, then all I can say that NFT holders are so desperate with their fails in purchasing NFT, that they try everything to get rid of such bad asset or try to return any money.
Not if they still want a money after all or if they will also pay in the form of money and not their NFT but I think the idea of betting NFT makes this senseless. Or IDK, I might be wrong with this and maybe they are only doing this because they don't want to liquidate their NFT's yet as they are still hoping that it will still increase in value.