Arthur Hayes, CEO of BitMEX, calls his exchange's account holders degenerate gamblers, and a new gaming studio wants to compete for those customers. In this report, Aenigma Capital profiles Hxro Games ($HXRO), a crypto startup building a gamified trading platform that offers parimutuel betting with a native utility token. Like BitMEX, but with even less pretense, Hxro Games aims to capitalize on the excitement of crypto price volatility. Aenigma Capital identifies the potential market opportunities that give startups like Hxro Games a chance to compete with BitMEX.