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How Blockchain Can Change Sports Betting

SPORTS BETTING

Sports betting has seen enormous growth in recent years ever since the internet took off and started to affect how people live their lives. With annual revenue of about $120 billion, sports betting is certainly no small industry. A lot of people have achieved financial success merely from sports betting and it has encouraged many more to follow their footsteps.

But sports betting is quite different from the traditional idea of gambling, although it is certainly lumped together with the label. True, both activities do involve money and taking risks, but the traditional idea of gambling is purely rooted in luck while sports betting involves planning and studying different stats and performance of individual players as well as the overall performance of a team.

Sports betting has certainly changed over the years. What was once considered simple betting of who will win in any given sporting event has evolved into predicting numerous outcome of the game, from the team to score first to how much points the winning team will win by.

With all these changes, it should come as no surprise then that how people place their bets have also changed. Traditionally, cash was the preferred mode of payment whether it is betting on NFL or 사설토토 (Private Toto). People place their bets through a bookie and they receive their winnings in cash. But the rise of electronic transactions as a convenient way for people to do transactions has forced many bookies to accept online bets and payment as well.

This is where blockchain might benefit the world of sports betting. Blockchain is a series of data with a time-stamp that is managed by a group of computers owned by different individuals. This decentralized way of handling data means privacy and transparency are guaranteed. And since the data file is distributed, the record is immutable. The last part is especially important for sports bettors who, on occasion, do get scammed by some bookies, withholding their winnings claiming that their bet was void.

Blockchain can also be used for the privacy of bettors. There are some who enjoy the activity of sports betting but aren’t too keen on letting others know about this particular hobby. Blockchain technology can be used to ensure the privacy of many sports bettors since there is no central ledger. 

There are, however, multiple ledgers. In a traditional sense, a ledger holds the records of all transactions made by different accounts. The decentralized approach of blockchain means there are multiple ledgers that hold the transactions but the accounts making those transactions don’t need to have a complete profile. In most cases, a user’s only identification is a random key that they use to access their accounts.

On one hand, a single identity that is completely random means any user can make any type of transaction and it would be near impossible to trace each of those transactions back to him. But its downside is if that key is lost, there is no way to recover his accounts back.

Conclusion:

The sports betting world, with their billions of dollars in transactions, means there are huge sums of money exchanging hands constantly. With this, there is overwhelming pressure to ensure there is a perfect execution of all transactions. Sportsbooks have to guarantee to all their patrons of a safe and efficient delivery of betting data that’s free from tampering. 

A sportsbook that’s based on blockchain technology can address many of these concerns quite well. A trustless ecosystem that this technology promotes means there is no centralized party that handles all bets, which means bettors are able to wager a lot more freely.

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