The Crypto Tokenization Of The Sports Betting Industry Online

Crypto Sports Betting

In the past several years, digital tokens and cryptocurrencies continue growing powerful for numerous industries; the world of sports is no exception. It’s common knowledge that sports fans are fiercely passionate of the teams and sports they support. Their love for the sports world has generated a market for things such as collectibles, tickets, memorabilia, and content. As we move into the next frontier, online sports teams, as well as organizations, are taking to crypto and digital tokens.

Fans can now gain access to customized content and gaming platforms thanks to the new technologies. Cryptocurrency acceptance has been spreading for a while in the sports segment. In 2014, Sacramento Kings NBA sports team started accepting BTC as a payment gateway for tickets and merchandise. The move was hailed as the first BTC acceptance point in the sports industry.

What makes crypto sports betting so unique and special is that it can be carried out decentralized which means anyone can access along with no one can manipulate results. It takes the third-party involvement away so that no tampering can take place along with doing this in a public ledger that provides an audit trail for checks.

Numerous organizations started to accept and explore the use of digital tokens. Below, we take into account the most prominent sports team and how they’re adopting digital tokens as well as cryptocurrencies to give fans the latest user engagement.

Crypto-Based Football Scores

Football, otherwise known as soccer in the United States, is the world’s most popular sport. An audit done by FIFA in 2018 placed the audience that followed the 2018 World Cup in Russia at 3.5 billion +. In essence, half the globe’s population were keen to follow the competition, with the staggering number of people reached, any advertiser or product associated with the most significant football brands gain tremendous exposure.

Football fans have an insatiable appetite for memorabilia. They purchase everything from football kits, boots, playing cards, to signed apparel. The bigger football teams enjoy substantial fan bases all over the planet; the fan base is always looking for immersive ways to support their favorite teams. To keep up with the changing times several of Europe’s biggest teams are now using blockchain-based solutions that allow their fans to interact with the team through token-powered utilities.

West Ham, Juventus, Roma, and Paris Saint Germaine football teams have club partnerships with blockchain-based fan engagement platform Socios. The blockchain-based platform makes it easy for organizations to launch tokens that can be used by fans on their platforms. Fans can use the tokens they purchase to take part in votes on issues such as having a say on the jersey. They will also have exclusive access to content and memorabilia. The social platform has two kinds of voting mechanisms, namely binding and nonbinding.

Binding Vote: a vote that means the football club will carry out the outcome of the election. If fans vote for a change of color in the jersey, the club has to abide. Votes are conducted on a blockchain platform and remain both tamper-proof and can’t be erased.

The Socio’s system relies on the Chiliz cryptocurrency token. The company has recently partnered with Binance, a mega cryptocurrency platform. Part of the deal is to have Chiliz becoming listed on the crypto exchange.

The partnership is a massive endorsement in the cryptocurrency and blockchain use in sports. Another big club that has embraced cryptocurrency is Portuguese football club Benfica. The club is now accepting cryptocurrency payment for tickets and merchandise through the Utrust platform. The partnership was driven by the demand of over 7 million fans on their social media platforms. Supporters can now use ETH, BTC, and Utrust tokens.

Decentralized Crypto Token Sports Betting Platforms

Since sports betting became available online it has taken place using a centralized model so that the operator can control the whole process. The problems with this structure are that everything is done in private so it is vulnerable to cheating. A decentralized crypto token sports betting platform has no middle-man and completely detached from any possible interference. Code that runs on smart contracts can process the information to eliminate human requirements and it has no bias, which means the results will always be 100% correct.

Best Crypto Sports Betting Sites 2019

There are lots of amazing new crypto sports betting sites that you can place wagers during 2019. They all are unique along with using the EOS, TRON and ETH blockchains to create decentralized platforms that run on tokens created and the processes are executed by smart contract technology.

#1. Bethereum

The winner of the new blockchain bases gambling platform of 2019 is Bethereum and it is no surprise why as they have understood exactly what cryptocurrency gamblers are looking for. It is decentralized running on the Ether Blockchain and as well as crypto sports betting there are cool addictive games available which will help keep you fully entertained. Read our honest Bethereum review online to find out the full details.

#2 - ESBC

Anonymous crypto sports betting is on the rise and the leader of the pack is ESBC who designed a platform along with token especially to become the top platform for this type of gambling. With no registration and a token that enables anonymity anyone around the globe, even those where gambling is banned can access it to place wagers. Read our honest ESBC review online to find out exactly how this works.

#3 - Wagerr

There has been a lot of buzz surrounding Wagerr as its approach is completely different to other crypto sports betting platforms. Cryptocurrency gambling token holders are rewarded with a share of the profits which are generated by the burning on coins during the process. It means that all users become part of the project and are reward dependent on total coins held with regular dividend payments. Read our honest Wagerr review online to find out everything you need to know.

What To Expect In The Crypto Sports Sector

Sports has a huge following and influence across the planet. Some games such as football command billions of fans, thus giving advertisers a massive target audience. With just close to a decade since inception, blockchain technology and cryptocurrencies are becoming popular at an impressive rate. Partnering with some of Europe’s biggest football teams, breaking into the American audience for American football and basketball is also ideal. The advertising platform in these markets will introduce new users into the blockchain and cryptocurrencies arena.

Final Thoughts

In the future, online fan engagement and sales will be propelled by tokenized platforms. Teams exploring said avenues will have an added advantage. Sports continue bringing people together using the right campaigns and blockchain technology to create a new environment which involves the fans more. Hopefully, it will help to redistribute the profits in a more fair and even way as currently, it is only those at the very top of the organizations that make all of the profit.

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