Most gamblers have still not heard about decentralized bookmakers and instead place their bets with real money at sports betting sites and mobile apps. There are many advantages to platforms powered by the blockchain for gambling purposes which once these become clear to users, the switch to cryptocurrency-based betting will take place. In this article, I will talk about why they are going to be the future of the industry and what to expect in the coming years.
Problems with Traditional Bookmakers
The line, hooker, and sinker that has seen many gamers ditch conventional platforms for cryptocurrencies websites is the fastest transaction times from their addresses to sportsbooks. As anyone who’s had difficulty writing down the correct spelling of country names, they’re doing a Western Union, sending cash to offshore sportsbooks. They keep their fingers crossed when it comes to receiving their winnings.
That said, however, crypto introduction to the gaming sector has tripled the transfer times. Today, more offshore decentralized sportsbooks have taken the bait, and to stay relevant, they’re offering both Bitcoin (BTC) deposits and withdrawals. Moreover, it’s now an easier task to move funds from the punter’s wallet to sportsbook accounts. Due to this new transactional model, bettors can transfer the amount they need to a sportsbook account and leave their balance safe and secure in their crypto wallets.
When it comes to decentralized bookmakers, punters can breathe easy knowing that their transactions are both secure and reliable as risks here have been dealt with accordingly. When using cryptocurrency betting platforms, all transactional data on the blockchain is registered into a public ledger. Any users in that network can access the information whether live or at a later time since it can’t be altered.
When a sportsbook balance starts diminishing, players only need to press a few clicks and engage the transfer from their wallets into the sportsbook account. Is a balance growing higher than your comfort level? Punters can get to transfer their balance faster into their wallets for storage. They can also use the balance to place a wager with a different platform.
The Next Step
After the Supreme Court repealed PAPSA, individual states have been left to decide whether it’s in their best interests to offer and regulate sports betting. When we operate on the assumption that sports betting will be managed at a state level, many in the gaming industry are now floating the “regional shading” idea.
Case in point; if the Detroit Lions are three-point favorites against Minnesota Vikings in a majority of sportsbooks across the nation. Sportsbook operators know for sure that Detroit Lions will bet on their team no matter what. These fans will shade the line -3.5. Any other person that loves the Detroit Lions and doesn’t reside in the state of Michigan will not be happy getting the hook and the Vikings off the critical number of 3.
An even more straightforward process to make this happen is by having a person you know in Michigan state to initiate the wager and laters send back the winnings. You’ll be correct when you presume that regional shading triggers professional gamers who thrive in placing bets to band together. The coming together (also known as a syndicate), allows them to move money and gain more promising numbers across the nation. In years prior, moving funds in bulk from one person to the next led to several issues.
Thanks to the introduction of cryptocurrency, more coins have been released, the likes of Dash and Monero that have been designed to promote anonymity. Now syndicates have a lifeline as they can manage their betting funds more effectively and anonymously.
The world has just begun unearthing the top layer of what we know as legalized sports betting. More punters are getting interested in learning about operators, regulators, licenses, and more. We are also discovering the new phenomenon, which is a cryptocurrency, and we are closely watching how crypto sports betting will lead us!