Sports betting is one of the largest profit-making industries and generates billions around the globe annually. Most of the bets are carried out by real money transactions such as dollars and pounds which generally is transacted by credit cards or e-wallets. That is about the change, however, as cryptocurrencies are starting to take center stage in the gaming sector. New decentralized betting platforms have a major competitive advantage and will help to make crypto to become mainstream by incentivizing users to make the switch.
The average punter does not understand the importance of decentralization compared with a centralized business model. The casino and betting industry top players do not want punters to learn about the advantages of being decentralized as it makes their businesses obsolete. It stops any cheating by the developers or manipulation due to no one having control over results. Instead, smart code is designed to carry out the duties that staff is employed to do at these platforms. It conducts its protocol without the requirement for third-parties which means that it can not be influenced in any way.
Decentralized crypto sports betting sites are not powered by fiat money as they would have to abide by regulations to take this form of money. Instead, players are required to purchase the cryptocurrency of the platform which can be done via real money purchases or other cryptos. There are major benefits from creating a unique cryptocurrency as protocols can be added to the smart contracts to further benefit the users.
The first major benefit of creating new crypto for betting purposes is that the current business model for gambling companies can be altered. A centralized betting company is forced to make their profits from the odds which reduces the amount a player can win. Decentralized blockchain platforms can make zero profits from the bets made and instead generate value through the rising price of the cryptocurrency or token.
A different method of utilizing the benefits of creating a brand new crypto gambling token for the platform is that a tiny fee can be attached to the transactions. This can be burned therefore decreasing the supply of crypto which will help its price rise. A percentage of that fee can then be paid out to token holders to share in the profits of the house. These can be paid autonomously by smart contracts and the amount will depend on the number of coins the gambler or investor holds.
With such benefits available to gamblers for using blockchain decentralized betting sites, it will encourage the masses to sign up which will help with mainstream acceptance of crypto. Once players get used to transacting in cryptocurrencies the real money platforms will have to transform or become obsolete. With hundreds of billions of dollars wagered each month, once the switch takes place, it will have a major impact on the prices of cryptocurrencies which is why many experts say now is the time to buy.
Bitcoin was the first currency to enable the general public to send money to each other without any third-party involvement. The blockchain is the worlds largest decentralized platform and new blockchains can run countless smart contract programs which are been used to create peer-to-peer crypto gambling platforms. Due to players setting their odds and the added security of the blockchain, it has created the best betting environment for this to take place.
Over the last year, countless new decentralized crypto betting platforms have launched ICOs intending to become the worlds first non-centralized platform. Many great sites already have their projects live and are working around the clock to develop brand new ways to make gambling more transparent, fair, private along with greater rewards for users. With the likes of Bethereum and ESBC leading the way, it is an exciting time to bet on sports.
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