Decentralized Sports Betting

Sports betting is classified as one of the biggest profit-making industries globally. The sector generates billions annually, whereby most transactions are done via cash. Some of the conventional currencies used include USD, Euro, Sterling Pound, and credit card transactions. However, things are set to change as cryptocurrencies are becoming more popular by the day. Every year, hundreds of Bitcoin and crypto decentralized platforms are being introduced into the gambling industry and are slowly becoming the next frontier. 

Decentralized Betting 

It’s rather unfortunate that players are yet to grasp what decentralization is in comparison to centralized gambling. Moreover, casino and betting top players are reluctant in letting averager gamers learn the advantages that come with decentralized platforms. Blockchain developers try to attract new gamblers with rewards such a Bitcoin casino bonus codes and free sports token bets which works well but is not the reason why you should make the switch.

Reason-being, the traditional gambling ways will be rendered obsolete. With the new dispensation (decentralized betting) cheating and software manipulation will become a thing of the past as no-one, including the developer, will have control over the results. On decentralized platforms, smart code is designed to conduct the duties human staff carry-out in casinos of old. The software runs all transactions without needing third-parties, thus making it hack-proof. 

Decentralized Crypto Currencies Betting

Crypto sports decentralized gambling sites do not use fiat currencies. They are not subjected to regulations that govern this type of currencies. Punters are required to buy cryptocurrencies when using decentralized casinos by either using Fiat or other forms of crypto coins.

There are plenty of benefits that come with developing unique cryptocurrencies as protocols. In one part, they can be added to Smart Contracts that further benefit users. A significant benefit that comes about with the creation of new crypto coins for betting is the change it’s bringing to the current form of gambling. Since old casino settings dictate the use of a centralized system, they make their profits from the odds that reduce the amount gamblers will win. 

Decentralized blockchain has deviated from this profit-making module. As opposed to making profits from the bets produced, they generate value through the rising prices of the crypto coins on tokens distributed. Another way of generating an income is by charging a negligible fee on the transactions attached to moving the crypto tokens. Such actions help reduce the supply of crypto, and in the end, the scarcer the coins/tokens are, the move value their gain. 

Besides, a percentage of the transactions fees can be paid out to token holders as a share profit for the tokens they hold. The payments are made autonomously via Smart Contracts, and amounts paid are dependent on the number of coins investors have in their possession. 

Peer-To-Peer Decentralized Gambling 

Bitcoin (BTC) was the first cryptocurrency that allowed the general public to send money to each other without involving third parties. As it is now, blockchain is the largest decentralized platform that operates as open-source. 

The new blockchain is integrated on this platform to run countless Smart Contract programs that encourage peer-to-peer crypto gambling. With this platform, punters set the odds knowing that the security provided by blockchain gambling has given them a safe environment. 

Conclusion

In just a year, numerous new decentralized crypto betting platforms have gone ahead to launch ICOs rushing to become recognized as among the first decentralized gambling platforms. Lots of such sites are running their platforms live and continue working tirelessly. 

They aim at creating new ways where betting will become more fair, transparent, and anonymous, not forgetting rewarding. With the likes of ESBC and Bethereum leading the way in this new age gambling, the gambling industry is evolving in front of our very eyes! 

Paul Petersen