How Cryptocurrencies Are Revolutionising Sports Betting

Tipsters Review - 06-Mar-2018


How Cryptocurrencies Are Revolutionising Sports Betting

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Cryptocurrencies have been making an appearance in numerous industries across the globe, however the gambling industry was amongst the most impacted. Firstly, we saw digital currencies such as Bitcoin making their way into our favourite online casinos, added anonymity and simplicity into online gambling, allowing bettors to not only save their money and use it in a smart way, but also gain them access to numerous different casino games that provide innovative tactics and strategies. Now, the transparency achieved when using cryptocurrencies in sports betting is adding a completely new dimension to the industry, and this is just one way in which cryptocurrencies are revolutionising sports betting.

What Are The General Benefits Of Using Cryptocurrencies?

While cryptocurrencies have a defiant benefit within the sports betting industry, there are some general benefits attached to the digital currencies, perfect for all industries. When it comes to gambling, and using online betting sites in particular, users are often faced with the dilemma of needing to pay a fee in order to place deposits, or alternatively to withdraw their winnings. However, with the use of Bitcoin amongst others, bettors now have a better sense of satisfaction when winning big on general sports, as your winnings are your winnings, period. You no longer need to actually pay to receive them.

Furthermore, the transparency available when using cryptocurrencies in sports betting is unparalleled, and the security and privacy that you receive when using cryptocurrencies isn’t available with any other type of fiat payment. When using cryptocurrencies in a betting situation, no personal details are required, as you’re allowed to remain behind the anonymity of your public blockchain address – more on that later. As no personal information is stored centrally, you can rest knowing that should a hacker attempt to corrupt the sports betting site you’re using, no details of yours will be discovered.

Better Betting Analytics Are Available

So, those are the general benefits of how cryptocurrencies are revolutionising the way that we gamble, but how are they transforming the sports betting sector in particular? Well, nobody would bet in they knew that the sports betting forecasts were highly unreliable and inaccurate, but with cryptocurrencies, the dawn of a new predictive age is upon us. Thanks to the transparent, peer-to-peer networks that come with digital currencies, we’re now able to receive improved sports betting forecasts. With a smart contract, you have access to a change-proof, trackable and transparent betting performance, allowing frequent sports bettors to make more educated and reliable predictions on their favourite sports.

Furthermore, these improved analytics and predictions can allow bettors to follow up their deposits directly through a method called copy betting. This involves the use of a smart contract, whereby an escrow is enabled and the emulation of expert trades are executed automatically, and then the funds are released automatically into your digital wallet (with a Bitcoin wallet being the most popular).

All Bets Are On The Token

Bespoke to the gambling industry, bettors are able to reap the benefits of tokens, commonly known as crypto tokens. The revolutionary sports betting features are all accessible through possession of a betting token, as they grant you the secure, transparent ecosystem that makes sports betting with cryptocurrencies far more enjoyable. Every day, new token standards are being offered to bettors all across the world, holding their own individual advantages. The BlitzPredict token for example, is largely based on smart contract technology, with built-in convertibility. Therefore, the token can be use on partner sports betting platforms almost instantly, without the presence of the third-party governing body.

The Best Sports Betting Odds Ever Are Available

As a bettor, you rely entirely on the betting odds, as they dictate the winnings that you’ll receive should your predictions prove true. Therefore, you’ll want the most efficient and promising odds to be available to you, which is exactly what cryptocurrencies can offer within the sports betting sector. Usually, odds can vary massively between each betting platform, so bettors are often required to laboriously shop around for the best odds on the market. However, odds aggregators are streamlining the entire process, offering pooling odds across major sports games in order to make the process much easier for users.

Sports odds are being massively improved within the sports betting industry, all thanks to the blockchain technology that’s being used. Sports odds and ROI are more improved thanks to the more efficient sports betting processes put into place, as users have access to centralised information without having to create an account and input personal information about themselves. As a result, they can benefit from both higher quality forecasts and the ability to execute bets immediately, making the sports betting process much more enjoyable for everyone. Once again, the smart contract technology is present here, as instant betting and payouts are carried out via this method, and will be linked to the bettor’s digital wallet to allow them to receive their payouts.

The Use Of Blockchain Technology

So, it’s clear to see that blockchain technology is massively used across the sports betting industry, all thanks to the decentralised technology that it relies on in order to keep users safe when placing their sports bets, and simply making the process of sports betting more streamlined. Fantasy sports enthusiasts in particular are huge fans of blockchain technology within sports betting, alongside those who actually attend live gaming events. All of these people are a part of a social network, enjoying the excitement and potential winnings of betting that is now present in sport.

Co-founder and CEO of FansUnite states that ‘blockchain technology and the inherent security it provides will enable us to push every envelope we can to build the most dynamic and responsive social sports betting platform’, so it’s clear to see that cryptocurrencies within sports betting still have a massive potential. Only time will just how far the digital currencies will go in the online betting industry.



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