The Future of Betting is…
How Blockchain is Reshaping the Betting Industry
The age of the internet was a game changer for the betting industry itself, it enabled anyone with a computer to bet on their favorite sports team or play their favorite casino games. However, online betting faces a series of challenges, including a lack of trust between parties and a low level of transparency. Perhaps these challenges are the reason why the new generation is not interested in online betting like before.
Of course, it will not continue like this. No problems, only solutions — right? Right. As technology evolves every day, it’s also providing opportunities — and the biggest opportunity for online betting is blockchain technology.
But — why is that?
For starters, blockchain brings transparency to online betting. Rather than transactions taking place on servers and platforms that we know nothing about, all gaming transactions, including wins, losses, and payouts, are recorded permanently and visible on the blockchain ledger.
Users can benefit from instant payouts, and by operating in digital tokens rather than fiat, there’s no need to share sensitive credit card information online. Regulatory compliance can also be baked in as needed. For example, if there’s an upper limit on the value a user in a particular country is allowed to gamble, then this can be programmed into the platform.
Another plus is that the blockchain, while a publicly accessible record, is totally anonymous. In the past, online betting meant that you must offer up a great deal of personal and financial information. Now, with blockchain privacy, you can bet anonymously without ever risking any data.
Also, blockchain transactions, affecting deposits and withdrawals, are much faster than traditional banking methods. Depending on the traffic on a given day, an ordinary transaction might take days, or even weeks in traditional banking methods, blockchain transactions are almost instantaneous.
The sports betting space is also a significant growth market. So, blockchain-based betting platforms are also seeing a surge.
In an article analyzing betting industry trends, Inc. Magazine wrote:
“…the underpinnings of the [blockchain] technology hold substantial promise for bringing the element of trust into online betting. By integrating blockchain technology, all parties benefit from the permanent record of a verifiable, unchangeable transaction ledger. In other words, an online gambling platform using this technology provides transparency at the transaction level.”
There is a platform that combines sports betting with public betting experience — and we would like to introduce you to iBetYou. iBetYou is a smarter way to place and track your public bets. Keep ’em all in one place, make sure no one bails out, and win money in your favorite cryptocurrency.
The Experience of Blockchain Betting After iBetYou
Rather than users betting against the house, iBetYou operates a “public betting” model, enabling users to bet against friends and other players. Furthermore, these bets can be shared online for other people to join as well. People are enjoying their time with new bet ideas, already placed bets and discussions on the possible outcomes on iBetYou’s Telegram and social media channels.
iBetYou leverages blockchain to ensure transparency in the betting process and associated financial transactions. By increasing trust and driving profitability, platforms like iBetYou are helping to open up online betting to new markets, driving further growth and profitability.
If you are into blockchain betting, then you are in the right place!
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