Blockchain in Sportsbetting (2020 Updated)
Photos taken at Las Vegas.

Blockchain in Sportsbetting (2020 Updated)

WHAT IS SPORTSBETTING?

Sports betting is the activity of predicting sports results and placing a wager on the outcome. The frequency of sports bet upon varies by culture, with the vast majority of bets being placed on association footballAmerican footballbasketballbaseballhockeytrack cyclingauto racingmixed martial arts, and boxing at both the amateur and professional levels. Sports betting can also extend to non-athletic events, such as reality show contests and political elections, and non-human contests such as horse racinggreyhound racing, and illegal, underground cockfighting. It is not uncommon for sports betting websites to offer wagers for entertainment events such as the Grammy Awards, the Oscars, and the Emmy Awards.

Sports bettors place their wagers either legally, through a bookmaker/sportsbook, or illegally through privately run enterprises. The term “book” is a reference to the books used by wagebrokers to track wagers, payouts, and debts. Many legal sportsbooks are found online, operated over the Internet from jurisdictions separate from the clients they serve, usually to get around various gambling laws (such as the Unlawful Internet Gambling Enforcement Act of 2006 in the United States) in select markets, such as Las VegasNevada, or on gambling cruises through self-serve kiosks. They take bets “up-front”, meaning the bettor must pay the sportsbook before placing the bet. Illegal bookies, due to the nature of their business, can operate anywhere but only require money from losing bettors and don’t require the wagered money up front, creating the possibility of debt to the bookie from the bettor. This creates a number of other criminal elements, thus furthering their illegality.

Sports betting has resulted in a number of scandals in sport, affecting the integrity of sports events through various acts including point shaving (players affecting the score by missing shots), spot-fixing (a player action is fixed), bad calls from officials at key moments, and overall match fixing (the overall result of the event is fixed). Examples include the 1919 World Series, the alleged (and later admitted) illegal gambling of former MLB player Pete Rose, and former NBA referee Tim Donaghy. One of the biggest scandals of all involves the 2002 NBA Championship games. Tim Donaghy was allegedly gambling on the spreads for the games that he refereed. After his trial, Tim Donaghy went on to release a statement to the public saying how one of the most controversial games in NBA history, Game six of the 2002 NBA Western Conference finals, was rigged. Source: Wiki

 

Sports betting platforms across the globe adapted blockchain to improve player experiences and to offer them smooth interface.

 

Sports betting is very famous all over the world, and in the UK betting has been legalized in 1961. UK Gambling Commission’s industry report stated that the total income earned through sports betting in between 2015 and 2018 was £3.25 billion. This is the second-highest earning in the history of the UK’s gambling industry. 

 

If we look closely we can observe that each betting site offers different sports. Some are known for football while others are expertise in horse racing. The vast range of options and sports offered by betting sites made this business popular.

 

This does not startle anyone anymore that the UK being the tech capital, it is exploring the decentralized betting platforms. Blockchain has lot of features and advantages to offer in gambling and betting.

 

First, blockchain offers two most important factors that are very difficult find in traditional betting sites are trust and transparency. 

 

Sportsbetting betting industry has been surrounded by many scams and fraudulent activities, blockchain became an answer for all these problems, its decentralized system allows both sides to check and verify the operator’s records.

 

Blockchain also offers anonymity. Online platforms would usually ask for some sort  of personal information when processing transactions. This technology does not require any personal information to send currency.

 

Transactions with blockchain are quicker and secure and there is no need for filling forms to join.

 

To give you more knowledge on ‘Blockchain in sportsbetting’, one of our colleagues from Mrbet.me.uk has designed an attractive and educative infographic. Please click on the link mentioned above to check the infographic and don’t forget to share your views on our work.

 

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