Initially introduced as an alternative to classic currencies in the form of Bitcoin, the blockchain system has gone on to find its purpose and use in many a sphere of the technological world. To investigate the potential link between blockchain and sports betting we teamed up FootballPredictions.com, a collective of football fanatics that write football tips, match previews, and football news.
But what exactly is blockchain?
To put it simply and bluntly, it is a series of immutable records of data managed by a trust of computers instead of a single entity aimed to offer incorruptible transaction of finances but also everything else that is of value.
The key difference between a regular financial system such as a bank or a specific payment method and this brand new technology – in terms of money – is the fact blockchain does not come with a central authority. The very idea behind this technology is to introduce a decentralized system which will be shared and open for anyone to keep track of. Transparency is of paramount importance here, where all singular elements will be accountable for their actions in a ‘chain’.
How can blockchain affect sports betting?
Betting industry has long been covered with a veil of secrecy. The stigma behind it diminished in volume with the introduction of modern technologies but it’s fair to say that sports betting landscape still lacks transparency.
As a genuine definition of a centralized system where sports betting odds are determined behind users’ back, the sports betting industry would be completely remodeled and reshaped by a system as open as blockchain.
With it in place, the end users – punters – will be given absolute control of the sports betting process; starting from making a prediction and immutably deploying it into the blockchain to controlling the odds which would no longer be held by the bookmakers. Elimination of the middleman would introduce a free peer-to-peer sports betting system where players have a firm hold of the reins.
Using the blockchain technology to finance their bets and make deposits allows players to eliminate the tiresome procedures that are currently in place with many a bookmaker around. Using a BX token, players already have a number of sports betting platform to choose from.
The blockchain technology allows for transactions to be performed immediately and without the tedious processing times and fees. Blockchain does not involve any transaction costs and as such is a perfect platform to use for sports betting.
To sum it up, blockchain in sports betting takes the existing sports exchange systems and improves them into a decentralized system in which the players have full control of the betting process. If you liked this article we would recommend you to take a look at some more work of the football predictions team like their premier league predictions page.