Blockchain technology is slowly becoming a part of our lives in many different ways, whether that be in terms of using cryptocurrency for payments or the advances it is helping to create in the healthcare industry. Many people are unaware but it is set to become a big part of the sports and gambling industry, which is where blockchain can really connect with and benefit on a deeper level.
Using cryptocurrencies for gambling, both at online casinos and on sports markets have now become a popular form of payment. The benefits for using this are now well documented and include things such as anonymous gambling, faster transactions, lower or zero transaction fees and often no need to prove your identity.
However, blockchain technology is now taking its involvement in this industry to the next level, by the use of more complex systems, by providing a decentralised structure. We can expect with the use of blockchain payment coins to show up that is solely to be used for gambling and will come with lower fees and instant deposit times. This will add up for the casino and sports betting sites, as they will be able to improve the cost efficiency of their transactions which will mean that they will save money and be able to improve their profit margins.
Plus, using cryptocurrency as a payment method will also mean that individuals in countries that don’t currently allow betting due to government regulations will be able to do so. Someone could use Bitcoin to gamble online, even if it is banned within their country to gamble.
Those gambling often worry about a lack of transparency when they are betting on sports or playing at an online casino. Blockchain can take away these concerns easily. Every transaction that is made on the blockchain network creates a record that can’t be changed. This means that the user will also have verification and proof that any transaction that make took place and this can’t be erased or altered. All of these transactions are not held in a central place, which means that can be verified by anybody. The use of blockchain means that fairness can be proved in this industry and it means that all pay outs will be fair, viewable and verifiable.
Blockchain may also bring new dimensions to the sports betting industry as it will provide opportunities for gamblers to place much more informed bets. For example, this could come into play within horse racing, a gambler could use the database of information stored within blockchain to check past performances of the horse and even how healthy it is, how it has been training etc. There will be a wealth of information that anyone can access before placing sports bets. This will not only benefit the punter, but make it more appealing for new customers to join the likes of Betpoint, who are established horse racing bookmakers. It means that operators should see more customers, who view betting as more fair and trusted pastime.
At present blockchain and the bitcoin and cryptocurrency gambling it enables is very much in its infancy, but the advantages it offers surely means that it is set to grow rapidly in the upcoming years. New regulations will be needed to adapt to and suit this new technology for sure, but the transparency and evidence provided by blockchain will make the gambling and sports betting industries a fair place to be.