Blockchain is Beneficial for Everyone in Betting
Bookmakers are progressively moving to the blockchain. Many articles are popping up about this in the media. They primarily mention the benefits for the bettors, but we should be aware that bookmakers gain advantages from blockchain technology as well. These articles usually state the main hurdle for moving online-bookmakers onto a blockchain is the lack of regulation in the space, which is only partly true. Let’s discuss some benefits that blockchain brings to users, bookmakers and regulators.
Benefits for Users
The advantages of moving bookmakers onto the blockchain is very evident. So, here are the main advantages for bettors:
- High transaction speeds
- Large event pools
- Better odds
- No additional fees
- Anonymity
- No additional verification processes
- Full control over personal funds via a crypto wallet
- All wagers are secured with collateral
Benefits for Bookmakers
It’s no surprise that bookmakers gain from blockchain too. Here are the main advantages for them:
- Independence from centralized systems and third parties
- Protection from chargebacks
- Reduction of transaction costs
- The possibility to increase odds and attract more users
- The possibility to expand an event pool and market coverage
- Protection from fraudulence and human error
Note, many of the advantages for users and bookmakers intersect. Bookmakers are interested in keeping their users satisfied, so as to not lose clients and attract new ones. Yes, as it’s commonly known, in the traditional bookmaking business, there are many corrupt operators who tamper with the results. But you know what? It’s because they don’t earn enough money and the traditional industry doesn’t give them a chance to accomplish it fairly.
To be frank, bookmakers face the risk of chargebacks, overpriced and delayed transactions, and overpriced fees for online-payments, hence the opportunity for profit is minimal. Blockchain solves these problems and provides bookmakers a tool for fair and transparent conduct. It’s advantageous for all betting participants.
Benefits for Regulators
It’s been said, the blockchain-based part of the bookmaking industry is located in a so-called gray area of the economy and it’s still lacking in regulation. Nevertheless, we can confidently say blockchain is the solution.
The blockchain allows anyone to see all transactions performed. With block explorer services it’s possible to observe the contents of individual blocks, transaction histories, etc.
PROOF OF TOSS will develop a block explorer extension for regulators to observe each bookmaker’s activity. This convenient analysis service will allow regulators to see the information in the system, its processes and apply different filters to increase efficiency of data processing. The full functionality of the service is now under discussion, but it will ultimately be designed with scalability and usability in mind.
We believe such an initiative will lead the way in the regulatory aspects of the blockchain-based bookmaking industry, for a better future.
