Blockchain Sports Betting
Blockchain technology is being lauded for helping bettors, and bookmakers get more benefits than they would play in conventional gambling platforms. Crypto sports betting offers different solutions than is possible with traditional systems that are advantageous to punters. Below, we discuss why blockchain is important for sports betting along with the pros and cons.
Eliminating Bookmaker Mistakes
We should start by stating that not all that is wrong with betting can be blamed on the bookmaker’s decisions. Like any other place or thing, mistakes are made by either the human resource and also caused by technical glitches. Averagely, each sportsbook handles hundreds if not thousands of wagers daily. Mostly, bookmakers do a tremendous job handling the bets and see to it that they run a streamlined business.
When we focus on the FanDuel incident, we see that mistakes are bound to happen and can hit anyone. How you handle it afterward determines how fast you bounce back. Fortunately, these are problems that can be averted before they even raise their head. Blockchain sports betting-technology can help mitigate issues by utilizing a more extensive network of computers used for verifying bets.
Additional security: blockchain sports betting increases sportsbooks’ security via multiple means. Each block is chronologically stored, and every new blockchain gets placed at the tail. The instant a new block gets added, it’s contents can’t be altered quickly, thus promoting authenticity. Each block has a hash code, which in turn carries a string of both numbers and letters. Should this information get altered, the hash code has to change as well. Below we show a sample of how the system works, thus promoting more security.
A punter makes a bet, and if the online sportsbook grants you incorrect odds, that benefits the player. After realizing the mistake, the sportsbook attempts to rectify the odds and thus ends up changing the block’s hash. However, the next block in the chain will still show the old hash. The bookmaker will need to update the block to instill their scam, thus changing the new block’s hash. With this trajectory, they get caught up in an endless loop where they get to turn each block to cover their tracks. By the end of it all, the sportsbook will spend a lot of time to scheme and scam the punter. With this scenario, the idea of a sportsbook altering the odds is likely never to happen.
Disadvantages of Blockchain Sports Betting
Like anything else in the world blockchain technology comes with a couple of drawbacks such as;
Having read the above, you can see that blockchain isn’t the magical solution we all thought it would be. That said, however, the technology grants gamers several advantages. The blockchain technology promotes a trustless playing platform where punters can make their wagers without getting worried. Moreover, on these platforms, sportsbooks can’t swindle players since every action gets registered in the public chain.
The platform promotes security, and hackers are yet to learn how to crack the decentralized technology since it’s open to everyone taking part in the transaction. Another benefit of using blockchain technology is the variety of deposit methods. Punters in the United States have an easier time making deposits in offshore sportsbooks platforms since decentralization means no governmental restrictions.