The Blockchain And AI Are Transforming The Sports Betting Industry
Posted: Nov 18, 2018
Thanks to the blockchain the sports betting industry are getting a makeover and it will never be the same again. It makes it possible for decentralized platforms to share information which no centralized body governs which means that they are able to offer 100% accurate odds at the more improved rate. This is different than the platforms that simply offer Bitcoin or other crypto payments as it uses the full potential of this new technology to improve the present processes.
Betting on sports is one of the most favorite past time or hobbies that millions around the globe like to take part in. It is growing at staggering rates of more than eight percent each year and is expected to grow even further over the next decade. The market is worth over $12 billion in revenue and within the next 5 years, many expect it to reach over $20 billion.
Gambling using BTC and other Cryptos has seen major growth over the last five years. It is estimated that it now accounts for over 10% of the total revenue and its growth is outpacing the traditional fiat based model. With the size of Bitcoin jackpot slots prizes reaching millions of dollars along with having genuine provably fair gaming, it has increased competition in this sector which has helped fuel growth.
Many of words largest bookmakers have been slow to act to keep up with blockchain technology which is enabling new players to enter the market. If the big boys in the sector do not act soon they stand the risk of been the next Blockbuster Video. The problem that they are faced with is that the decentralized model makes them irrealvant so gamblers who have lost fortunes may get their own back once this tech advances further.
The Solution The Blockchain Presents For Sports Betting
Gamblers are demanding more from their online bookmakers and are wanting better odds along with accurate data. This has made it difficult for sportsbooks to offer real-time fair odds using their present systems. It has led to most sports bettors to join many different platforms so that they can compare and find the best odds for the wager they wish to place. Due to the time that this takes, it can be extremely frustrating and many bets are not placed due to this.
Using blockchain technology means that sportsbooks can share data easily which means that this can present a solution to this problem. It means that the more sports betting sites that connect to the blockchain the greater the benefits to the players. It means that can get access to more accurate odds that are fair.
Decentralized Smart Contract Betting Platforms
Decentralized sports betting sites that use smart contracts are able to work independently without any third party involvement. This is due to the code protocol checking online data from the most reputable sportsbooks to present 100% accurate odds at all times. It can even check the results of each bet without any human involvement which means they are the first autonomous platforms of their kind.
The oddsmakers at sports betting sites are soon going to be replaced by smart contracts which are able to analyze data far faster along with guaranteeing 100% accuracy. With instant payouts unlike bookmakers it means that gamblers around the world can access decentralized platforms and always be guaranteed a payout should they win.
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