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Sports Betting

How Blockchain Industry Can Change The Future Of Sports Betting?

written by Nitin Garg | Sep 13, 2022
How Blockchain Can Change The Future Of Sports Betting

What’s all the industry talk about these days? You don’t know? It’s not a problem, because we have the solution! It’s all about blockchain!

Blockchain technology is being used by sports betting apps in order to automate real-time data through smart contracts that can aid sports betting development in a number of ways, including payments, confirmation of bets, event recording, and monitoring of past events.

For Blockchain to receive and generate meaningful sports data, they need to be able to connect to external APIs (Application Programming Interfaces) that provide access to and information about back-end business processes. To accomplish this, Blockchains use decentralized Oracle networks like Algoracle to act as a secured bridge that retrieves data for smart contracts then validates that data and quickly deliver it into the blockchain so the smart contracts can consume it.

Since the debut of the technology blockchain in the year 2008, it had tremendously evolved and enrooted into industries like banking, finance, academics, real estate, and many others. The increasing popularity of Blockchain had an impact on other industries and worked as an inspirational model. A classic example of this is the sports betting industry. 

Sports Betting And Blockchain Technology

sports betting and blockchain technology

Sports Betting, a game of predicting the outcome of sports events is a billion-dollar industry. No doubt the game has been practiced for a long time now, it inculcated very few technological advancements.

However, the game has now changed with the entry of blockchain technology in the sector. There has been a significant improvement over the old methods of sports betting that has already been obsolete.

Let us discuss the upthrust of the sports betting industry with the integration of the blockchain technology-


Accountability:

Sports betting involves many transactions taking place every minute in the event of any ongoing sports match. Keeping a precise record of the transactions involved in sports betting is a hectic job with a high volume of traffic. 

Using blockchain technology will not only make it easy but will also serve as an immutable logbook, which will keep all the information in order and hence minimizing the chances of any discrepancy.

Transparency:

Many bettors complain about the lack of transparency when it comes to sports betting. The blockchain technology keeps a check on it and promotes transparency as the Blockchain is a shared network making it convenient for the bookmakers as well as the bettors to access the same information and eliminating the room for any clashes.

Smart Transactions:

The major drawback with using traditional methods of money transfer is that they are time-consuming. Before the money deposits on either side of the chain, it has to go through many phases that include processing, approval, and disintegration of the money by the payment gateways. The blockchain technology eliminates the role of any mediator, making the process direct and efficient.

High Margin, Higher Profit:

Trading with the “Now Obsolete” methods meant unnecessary deductions by third parties. It included the deductions made by the financial institutions as well as the payment gateways. 

As a result, due to the deductions, the bookmaker earned less margin and also the profit earned by the bettors was not accurate but approximate. The adoption of the blockchain technology by the sports bettor means now both parties will receive a higher share.

Accessibility:

Blockchain has made sports betting more accessible. With the help of a stable internet connection, anyone can access the Blockchain driven sports betting platform from anywhere in this world. 

The factors mentioned above make the fusion of technology with sports betting a much needed than demanded change. The blockchain development company ensures seamless integration of the blockchain technology with the sportsbook platform.  

Traditional Betting Vs. Bitcoin Betting: Pros And Cons

The benefits of cryptocurrency betting sites include no bounds and no restrictions, which is ideal for users looking for these types of platforms. A comparison is made between using traditional betting sites and cryptocurrency betting platforms in this article. Your sports betting needs will then be determined by which of these options is best suited to you. 

Sports Betting Types that are traditional

No matter whether sports betting is regulated or not in different countries, it is extremely popular worldwide.

 It is often the types of regulations in place that determine the state of the sports betting market in each country. The regulations on operators vary from jurisdiction to jurisdiction, with some having extensive restrictions and others having much less.

Sweden and the UK, for instance, have quite constrained betting markets. Many bonuses and international betting markets are limited, as well as the types of bonuses you can get. 

A few regions, such as Germany and the Netherlands, are neither too strict nor too open. The betting markets in both countries are thriving, but responsible gambling is emphasized heavily. People can use numerous tools to avoid becoming problem gamblers with their help. 

There are also jurisdictions that have very light or no regulations at all, allowing you to bet on sports and carry out all of the required functions when placing online wagers in complete freedom. It may be tempting to gamble in these regions, but they don’t offer as much protection to players when it comes to gambling problems and disputes.

Crypto Betting Sites: What Are They?

Crypto Betting Sites

In terms of jurisdiction, crypto betting do not really fit into one category. Their player base is often global, with players from many countries participating. The majority of these crypto betting do not have any kind of license from any regulator, while some do hold licenses from certain regulators. 

There are a few exceptions to how cryptocurrency betting operate compared to traditional betting websites. With crypto betting sites, there is generally a greater degree of anonymity. In many cases, you will be able to add and withdraw funds using a variety of different cryptocurrencies when setting up an account. 

It will be possible to make transactions using cryptocurrencies due to their inherent advantages. The goal is to make payments faster, easier, and more efficient. In comparison to traditional sports betting sites, these platforms offer you a great deal of freedom. 

Be sure to check the eligibility rules for creating an account in your country before setting up an account with a crypto betting. Most websites include this information in their terms and conditions.

Traditional vs. Crypto Sportsbooks

Both types of betting sites have their pros and cons. Choosing the right one for your needs will depend on how you weigh the various benefits and drawbacks. Using this method, you can assess their merits fairly and objectively. 

Pros of regular betting sites

  • Local sports events are well covered
  • Provide security through regulatory oversight
  • There is often an option for third-party dispute resolution
  • Options for non-crypto payments
  • Tools to promote responsible gambling

Cons of regular sportsbooks

  • There are often limits on the size of the bet
  • Payments cannot be made using certain methods
  • There can be a limited number of bonuses
  • Coverage of global sports events isn’t always good

Pros of Crypto Sportsbooks

  • There are often better and bigger bonuses available
  • Sports events from around the world
  • Payments can be made more quickly and anonymously with this service
  • Gambling options are often plentiful
  • A reduction in the maximum size of bets

Cons of Crypto Sportsbooks

  • If there is no regulation, there is not as much security
  • It is not always possible to access responsible gambling tools
  • Inability to resolve disputes through third parties

Cryptocurrency Deposits are Preferred by Sportsbooks

It is sometimes difficult for online bookmaker users to realize just how many sites they have access to. Since many of them resemble each other, it can be difficult to decide which is right for you. There are many similarities between cryptocurrency and online wagering, despite the fact that they might seem like totally different things. In this article, we will examine many reasons why online sportsbooks accept cryptocurrency as payment. 

Whether they are betting on their favorite team or playing at their favorite online casino, millions of people use Bitcoin for payment solutions every day. Cryptocurrencies are therefore one of the most popular payment options at many online bookmakers, and they sometimes offer extra bonuses when a customer deposits cryptocurrencies. 

Worldwide customer acceptance

Clients from all over the world can be accepted by online bookmakers that deal in digital currencies. All online sportsbooks must obtain an offshore license to increase their popularity, and obtaining one is not easy. It is common for banks to block transactions using credit cards or debit cards linked to clients’ accounts, preventing them from making deposits into their accounts. 

There are no restrictions on crypto transactions for sportsbooks, which is good for them. In addition to making deposits and withdrawing winnings, cryptocurrency bettors can bet from anywhere in the world. Many new customers can be acquired by the online sportsbooks that didn’t previously have access to them. 

Cryptocurrencies: Can they survive?

It has not been a good few days for cryptocurrency news, as most of them lost almost half their value in just a few days. Crypto investors, as well as people who use crypto to make online bets, were affected by this. The majority of the betting platforms that use crypto online are currently doing well and are surviving, but this may change. 

It’s so easy to use and allows users to make online payments anonymously, that most crypto sports betting sites offer it to their customers. Furthermore, as the price of crypto increased over time, players could make even more money if they were successful with their wagers. Online bookmakers may need to update their payment methods to accommodate new deposit and withdrawal methods after the many price corrections and mining crypto becoming more cost-prohibitive in recent months. 

Enhanced features and bonuses

Because crypto transactions are faster, top sportsbooks can offer more promotions and bonuses to their customers. It is almost impossible to find a site that does not offer a deposit bonus if cryptocurrency deposits are an option. 

In Players can also get cashback and crypto bonuses with no deposit from many providers. It’s not very common to find no deposit bonuses, but it’s one of the most desired offers because players can place wagers without risking any money. 

While most people look for bonuses when choosing an online sportsbook, some realize they should also consider other features. In-play betting, live streaming, and early cash-out are just some of the features offered by some of the top crypto sportsbooks. The features allow bettors to cash out whenever they like, giving them complete control over their wagering. 

In the future, bookmakers will offer even more betting options because players enjoy these features in many crypto betting sites. By using these payment options, providers allow users to change the amount used after placing a bet based on the volatility of the crypto. The future holds a lot of potential, and I look forward to seeing what they develop. 

The security situation

In terms of online wagering, crypto offers players the most significant advantage in terms of security. Bookmakers’ websites are constantly being breached by hackers. The use of crypto as payment doesn’t pose any risk to bettors. 

Of It is impossible for providers to guarantee that they won’t get hacked, but using crypto is the safest option and has been protecting players for many years. Since there are so many benefits associated with these payment solutions, online wagering has played a huge role.

Let us discuss some popular sports betting websites that have successfully combined blockchain technology with their sports betting platform to provide an enhanced experience to the users.

22bet:

A popular sports betting website that accepts Bitcoin, 22bet features a mobile version that makes the betting experience even more convenient.

1xbit:

Licensed and regulated, 1xbit is a sports betting website with dedicated customer care support making it a customer-oriented platform. The popular sportsbook also has an android app version that makes it more accessible.

Cloudbet:

Launched in the year 2013, Cloudbet is known for its high betting limit. Also, the brand promotes instant deposits that make the procedure fast and contribute towards increasing its efficiency.

1xbet:

Do not mix it up with 1xbit, as 1xbet with its exceptional features makes it a customer-centric sports betting platform. It not only offers a vast range of promotions that makes it a huge hit amongst the sports betting enthusiasts, but the rapidly expanding bookie gives it a versatile touch. 

Also, the brand supports the provision of quick withdrawal that adds to its popularity.

Read More: Which is Best, 1xBet Vs Bet365 for Betting?

Megapari:

Yet another sports betting website that works on blockchain technology. Megapari is a user-friendly sports betting platform with easy user registration. It accepts bitcoins making it a popular choice amongst the cryptocurrency users. The online sports betting platform delivers the live betting experience. 

The sports betting platform, as mentioned above, with blockchain technology as their drive force provides an advanced stage to practice sports betting. 

With the help of the blockchain development company, you can also amp up your business techniques.

call to action blockchain


The Best Blockchain Sports Betting Sites

There are many blockchain based betting sites out there, so it can be challenging to find a reliable and trusted one. You will learn everything you need to know about sports betting in this post as we review top sports betting sites accepting crypto payments.

1. BetOnline – Overall Best Cryptocurrency Sportsbook

  • Providing reliable and stable service since 200
  • Various betting options are available
  • App dedicated to mobile betting
  • Live streaming is not available

There is an online casino and a sportsbook offered by BetOnline. We have rated BetOnline as the best crypto sports betting site based on its wide range of sports and betting features, ease of access for crypto gamblers, and reliability over the years.

2. Stake – Accepts the widest range of cryptos

  • Cryptocurrencies accepted in excess of 100
  • Registration is easy
  • Players receive high returns

The Ultimate Fighting Championship (UFC) and Stake have become the first official betting partners. The company is also Watford Football Club’s shirt sponsor for 2021/22. Among the most watched soccer leagues in the world is the Premier League, where Watford Football Club plays.

3. Bovada – Bitcoin Betting Site with the Best Odds

  • Many sports are streamed live in HD
  • BTC withdrawal and deposit limits are low
  • There is no fee for withdrawing or depositing BTC
  • Experience that is smooth for users

With a sportsbook that offers wagers on soccer, NFL, NBA, motorsports, UFC, volleyball, and many more sports, Bovada is one of the most reputable crypto betting sites. Within a few years of launching, Bovada gained a stellar reputation. Also, it was one of the first betting platforms to accept Bitcoin at that time. 

4. CloudBet – The Best Bitcoin Sportsbook Bonus

  • Anonymize your bets
  • Cryptocurrency withdrawals are fast
  • Bonuses for loyalty

An online casino and sportsbook are both offered by CloudBet, another cryptocurrency gambling site. For its handsome bonuses and wide selection of sports betting options, it is a great attraction for many punters. 

5. Everygame – Live Betting Crypto Sportsbook

  • A variety of sports are available for live betting
  • Betting limits that are realistic
  • Fee-free deposits

It can be called Intertops, but it is more commonly known as Everygame. As one of the top sport betting sites, it has been around for almost 25 years. 

There are almost all major sports covered by this sportsbook’s live betting menu.

 6. MyBookie – Cryptosportsbook for Parlay Bets

  • A multi-line bet with a high payout potential
  • Bonuses that are great
  • Payouts for Bitcoin are really quick
  • Football leagues from around the world are covered

In the years since MyBookie was launched in 2014, the company has grown and improved. Bitcoin has become one of the most popular methods of payment on online betting sites today. I recommend MyBookie to anyone who enjoys betting on multiple lines in a parlay bet. 

7. BetUS – Crypto Betting Site with the Best Bonuses

  • Crypto deposit bonuses
  • A wide variety of sports bets are available
  • Interface that is easy to use and smooth

It has been two and a half decades since BetUS entered the competitive sportsbook wagering market. Among the oldest online crypto sports betting sites, BetUS has evolved with time and accepts cryptocurrency payments. 

8. GTBets – Mobile’s Best Bitcoin Sportsbook

  • User experience that is easy to use and clean
  • Promotions and bonuses that are realistic
  • Provides security and safety to clients

GTBets was launched in 2011 and is based in Curaçao. The platform is the top choice of new cryptocurrency bettors with limited experience with online sportsbooks. Using it is a breeze because of its easy-to-navigate, easy-to-use interface. 

9. XBets – The Best Cryptocurrency Sportsbook

  • NFL futures betting
  • Cryptocurrency payments made quickly

When it comes to crypto betting, XBets is our top choice for football fans.

Conclusion

The article covers how the inculcation of blockchain technology has unleashed the potential of the sports betting industry. Not just it has enhanced the security, but also addressed the many limitations the sports betting industry faced. 

Sports betting development, with the help of blockchain technology, has upped the companies revenue and raised the consumer’s profit simultaneously. Still, the sports betting industry has a long way to go, but the technology has sped up its journey.

Nitin Garg

I am Nitin Garg Founder of BR Softech PVT LTD - an Award-winning, app, web & game development company. We are armed with 180+ geeks & 2753 clients worldwide, I have driven by the spirit of entrepreneurship and dream to build a billion-dollar-company.

About Us

BR Softech Pvt. Ltd. excels in providing cost-effective IT Solutions. Established in August 2012 with over 10+ years of rich experience. An Apex rated IT serving company around the world. Our team of innovative and creative designers deals in web designing, and mobile game/software development intending to deliver outstanding digital outcomes.

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