How is Blockchain technology used in online gambling?



The sports betting industry has been around for centuries, if not even longer. It began at live events, with proto-bookmakers taking odds from people who attended the occasion in person, betting on horses or fighters they believed would be victorious. In more recent times, betting shops began to open up on the high street, where punters and bettors would spend hours at a time staring at screens, watching multiple races or events trying to spot winners.


Since then, it has developed even further, as sports betting companies began to invest in mobile apps, meaning people could place bets on the go, making it easier than ever. Now, if you want to find the latest Vegas odds on any particular sporting event, you can do it from the comfort of your own house. Not only that, but these apps have given rise to a huge number of in-play markets that never would have been possible before. It comes as no surprise then that the UK’s richest woman is head of Bet365, one of the largest mobile betting apps in the world. According to some reports, Denise Coates, the founder and chief executive of Bet365, is now worth more than the Queen of England.


Many people thought that the mobile betting app would be one of the last innovations in the sports betting industry and that it couldn’t possibly change that much from its current status. However, that was before the rise of cryptocurrency and blockchain.


If you aren’t aware of what either of these things really are, then in short; cryptocurrency is a set of data, which works as a medium of exchange, where coins can be bought using regular currency. These coins are then stored in a secure database, protected by a set of codes which helps protect transaction records, making it hard to trace.


Then we have blockchain, which is the database where these cryptocurrency transactions are stored. Every time a new transaction is completed, a new block is added. These blocks are all chained together, for extra security. Hence the name blockchain.


Why do you need to know these terms? Because both cryptocurrency and blockchain technology could well be about to revolutionise the sports betting industry, for good. Read on to find out more!



Can blockchain technology make the sports betting industry a fairer place?


If you like sports betting or betting of any kind really, there are only two key roles; the bettor, and the oddsmaker. Anyone can be a bettor, all they need is some money to spend, an idea of what to bet on, and a place to find odds. Being the oddsmaker isn’t quite so simple, as not only do you need to know all the markets so that the odds you are giving are accurate, but you also have to have a level of capital behind you too, so you can payout if the bettor places a winning bet.


Bettors will make the assumption that the oddsmakers are being fair with their odds, and that they remain trustworthy in their actions. They could for instance be giving false or inaccurate odds, to fool the bettors. How can the industry be held to account, to ensure fairness? That’s where blockchain comes in.


The use of blockchain will ensure a much safer system in sports betting, that will keep things on an even keel. For the average bettor, they will have complete faith in the system, as it eliminates any risk of being cheated by the oddsmakers.


For the oddsmakers, by using the blockchain technology, every single transaction and bet that their customers make will be safely secured on the blockchain, on a ledger that cannot be altered after the bet has been won, meaning they will have to pay out, whether they like it or not. So essentially, blockchain technology in the sports betting industry has to be seen as a positive, as it keeps everyone acting correctly, properly, and fairly.


Additional banking options customers will now have


Every country has its own gambling laws. In some places, such as the United States, these laws change from state to state, so what might be allowed in New York, might not be in New Jersey. By using a cryptocurrency, where all transactions are safely stored via blockchain technology, bettors all around the world can place bets using a decentralised currency, which no government has control over. As these are peer-to-peer transactions, it takes the power away from a bank to cancel your betting deposit, which will surely help out thousands, if not millions of people worldwide.


Is it really the big, bright future?


According to some big industry names, yes it is. Many seem to think that it can revolutionise the industry, and will provide an added layer of security for the winnings bettors receive, as using blockchain technology makes the payouts less susceptible to scams, or hackers. It really is the way forward for the sports betting industry.


Be Sociable, Share!

Tags: blockchain, blockchain gambling

Comments are closed.

Copyright © 1998-2018 - All Rights Reserved | Legal Disclaimer