Betting Tokenized
There is a simple and logical explanation why betting is so popular. People at large are very competitive by nature, furthermore, we enjoy playing games. Another factor is the satisfaction of being “right”, be it in an argument or a prediction. People engage in betting because it unites our natural desire to win, with a usually material prize. Meaning there is great demand for wagers, and that is where operators come in. It would seem that everyone should be happy, however that is not usually the case.
Problems with betting market
First of all, bookmakers. They face many risks and need to protect their income. They have to factor in transaction fees, potential penalties, claims and chargebacks and human errors. This makes betting an expensive business and in order to remain profitable bookmakers are forced to decrease the odds they provide on wagers. This results in less gains for players, which in turn reduces customer satisfaction.
Secondly, players. They are compelled to bet on smaller multipliers and win less money because of the risks that bookmaker’s have to factor in. In fact in the conditions of the traditional betting market, players don’t have any choice: they either give in to the set conditions — which are more or less equal from one bookmaker to another — or don’t play at all.
Another problem players meet is a relatively small choice of events to bet on. Bookmakers control events pools and won’t add anything they assume unpopular. Local and relatively small events usually seem interesting for local players but are ignored by traditional bookmakers due to added costs of creating an event that has to be covered.
Having said that, there is another elephant in the room. One that affects both players and operators, and that is — payment solution providers. Acting as intermediaries when it comes to payouts and transactions, they essentially control who gets their money, when and at what cost.
Blockchain-based betting ecosystems like PROOF OF TOSS (which is first of its kind) can easily solve these.
Tokenization
Tokenization is the process of protecting sensitive data by replacing it with a token. A token is an algorithmically generated number which acts as a representation of information on the blockchain.
The blockchain technology is revolutionizing the way that betting markets work by offering a better, more democratic and secure way to bet.
What blockchain brings to bookmakers
The blockchain technology brings decentralization and transparency that will protect players and bookmakers from human mistakes. It eliminates added costs of transactions, hence bookmakers will have more leeway in setting odds. They will be able to provide better odds without sacrificing their profit margins. Besides that, bookmakers will be protected from claims and chargebacks as all transactions on the blockchain are irreversible: what goes on the blockchain stays on the blockchain.
Bookmakers will be able to expand event pools due to reduced costs of creating a wager within the ecosystem. This will attract more players and increase market coverage.
How blockchain helps winning
Players benefit greatly. Transparency brought by the blockchain will protect each user from any fraudulent activities, providing them with access to events from all around the globe, the wisdom of the crowd will guarantee fair results, while smart contracts will make sure that every player receives their winnings instantly, as soon as the results are published and confirmed.
In PROOF OF TOSS, individuals will have a possibility to make bets on outcomes of any future event. If the event has not yet been published on the ecosystem, users will have the ability to create and publish it on their own.
So, why tokenize?
Tokenization brings many advantages to the betting market and gives bookmakers an opportunity to make their business more efficient, reduce risks and be on of innovation. At the same time players receive equal opportunities, guarantee of fair results and a means of influence on event pools. All that will make the betting market a better and more democratic sphere with fair rules and hi-tech tool kit for playing and winning with less stress and more fun.
Join PROOF OF TOSS token sale at www.toss.pro
Talk to the team in the Telegram chat
Like our Facebook page
Follow us on Twitter
Clap for this article ;)
