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Sports Betting

How Blockchain Can Change The Future Of Sports Betting?

written by Vaibhav Sharma | Jun 10, 2020
How Blockchain Can Change The Future Of Sports Betting

Guess what all the industries these days are whispering about? No idea? Well, worry not, because we have the answer that you are looking for! And it’s the Blockchain!

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. 

There are many benefits of using blockchain technology in the sports betting development that will be discussed in this article. Keep reading and ensure that you miss no point.

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 were not accurate but approximate. The adoption of the blockchain technology by the sports bettor means now both the 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.

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.

Popular Blockchain Led Sports Betting Website

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.

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.

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Conclusion

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

Vaibhav Sharma

A technical graduate with a passion for learning. The creative and optimistic mindset landed him in the field of content writing. He has been educating the readers with his words that reflects his experience led wisdom in the IT sector about advancing technologies.

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