The Rise of Blockchain Betting in the Sports World

The Rise of Blockchain Betting in the Sports World

Betting on Sports has been going on for thousands of years. Dating back to the Ancient Olympics in Greece, historians have uncovered examples of bets being placed on some of the events that were held there, such as shotput, javelin and the marathon.

Sports betting has evolved massively since those days. This has been made possible with the rise of the internet, where the majority of sports betting is now conducted. Now, bettors have so much choice available to them when it comes to placing bets. They can look up odds for matches or games that are happening on the opposite side of the world, in sports they wouldn’t have previously known existed. It has really opened up the sports betting market, which is now packed with offers and odds from thousands of different online betting companies and sports betting websites. Up to now, these companies and websites have only been accepting traditional currencies, such as the dollar, pound sterling, or the euro. However, with the recent rise of cryptocurrency and blockchain, could that long-established process be about to change? Let’s have a look at the role blockchain could soon have in the sports betting world.

First Though, What Exactly is Blockchain?

It is an important question to cover, as despite its rise over the last few years, not everyone is up to date with advances in the financial world. Blockchain in its simplest form is a computer system or database that records transactions made in cryptocurrencies, such as Bitcoin or Ethereum – essential in the way it is different from a standard database is in the way it stores information. As new data (or transactions) are made, a new ‘block’ is added. All the data is stocked in blocks, that are then chained together, to give them an extra element of security. Of course, blockchains can be used to store different types of information, but it is most commonly used for transactions of cryptocurrency.

To take Bitcoin as a specific example, they use blockchain as a way to ensure that all their users hold collective control over the data, instead of a centralized figure or organisation. This system has become very popular with people who own Bitcoin, so you would imagine in the coming years the use of blockchain will become increasingly more popular

How will Blockchain be Used in the Sports Betting Industry?

While anyone can become a bettor, not everyone can become an oddsmaker. This is the way it has been for thousands of years, that anyone can place a bet if they want, without needing any real skill or knowledge about what they’re betting on.

That means there is an awful lot of faith and trust placed on the oddsmakers, to ensure that they are being honest and truthful. Developers of cryptocurrency have looked at this, and decided that something needed to be done, to keep the bookmakers honest, by looking to introduce blockchain into the equation.

By doing this, it will create a more secure system for sports betting, which should then both reward the bettor and keep odds makers fair. It allows bettors much more flexibility and security when placing bets than they have ever previously had before. And as for the oddsmakers, they will no longer be able to give unfair odds or find ways to avoid having to pay out the full amount when a bettor wins big. If bookmakers are using blockchain, then all transactions are stored on a secure ledger, meaning nothing can be altered. It offers full transparency, something that would not have been previously possible.

Will this Actually Catch On?

Many people within the online gambling community are more than content with how the industry is currently set up. Most of these organisations are now richer than they’ve ever been and would be keen to keep the status quo just how it is. But, as with everything, progression and modernisation is essential if any industry is going to survive in the future.

Already we are starting to see some of the biggest names in the sports betting industry sit up and take notice, and get on board with this new idea. Sir Richard Branson, a British entrepreneur best known for setting up Virgin Atlantic and Virgin Megastore, has delved into the world of crypto. He has hired David Sapper as a Chief Technology Officer, who is known within the industry as a firm believer that blockchain can transform not only the sports betting industry but also will provide even more security for bettors, ensuring their winnings are secured from bots or scammers.

While we are only seeing the first real signs of blockchain being introduced into the sports betting industry, the positive signs are there, which hopefully mean it will soon become implemented by more and more companies, ensuring fairer and safer betting.

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