Future of Fantasy Sports with Blockchain & Cryptocurrencies
Over the years, DFS contest providers have seen a dynamic shift in their operations with changing markets trends, jurisdictions and fans’ preferences. Although having tremendous institutional backing from the sports they are profiting from, the industry has been surrounded by speculations and mistrust.
Cryptocurrency being a global market, accounts for more than $30 billion and has a huge number of people and businesses associated with it. Also, 2017 has been a breakout year for crypto as the transaction volumes were increased by almost 100 times from what they were at the beginning of the year. This has led to a number of Fantasy Sports Platforms to embrace the blockchain technology and enter the DFS market space with an all-new approach.
Blockchain in iGaming & DFS Updates:
- US-based startup BlitzPredict is set to bring the first blockchain-based products to the sports betting market
- iGaming platform provider CashBet partners with Arsenal Football Club to promote the firm’s new crypto token
- Boutspro plans to unite world karate community through blockchain and cryptocurrency
- Blockchain-based esports platform Triforce Partners with Busca to grow gaming industry in Latin America
THE PROBLEMS AT HAND
Unfortunately, despite the popularity of Fantasy Sports, there are barriers preventing fantasy gaming fans from sticking on to the existing DFS model. Looking at the current scenarios, there is a need among Fantasy Sports providers to eradicate the issues of trust and reenter the marketspace with a new belief.
Trust & Transparency
Frauds take a big toll on the entire industry which results in platform abandonment at a very higher rate. Lack of transparency in existing fantasy sports platforms is the primary concerns among the participants.
A lawsuit filed against the top 2 trendsetting Fantasy Sports Platforms providers in the USA under the Unlawful Internet Gambling Enforcement Act of 2006 has raised speculations regarding the trust and information security. As reported, employees from both DFS providers had access to the critical details to success in DFS.
Overlooking the Innovation
The result of lobbying efforts of the top two web-based fantasy sports platforms was hundreds of millions of dollars being spent just to stay alive in the cut-throat fantasy sports marketspace. There were speculations about aforementioned 2 giants are undergoing the biggest merger ever in fantasy sports playground in order to seek expansion and profitability. However, somewhere along the way technology and innovation was sidelined and the companies kept on spending big on other “less important” things just to outcompete each other.
BLOCKCHAIN — A Piece of Jigsaw Puzzle That Interlocks with The Existing DFS Model
Many fantasy sports platforms have adopted blockchain technology in order to maintain the integrity of the game and also to prove that the games they are offeringing are fair in all aspects.What required here is breaking the traditional format and inviting innovation through DLT which will serve as the real solution to keep fans engaged in these wildly popular games. With blockchain, the transparency can break the cycle of mistrust surrounding online gaming and breathe new life into this industry.
WHAT FUTURE HOLDS?
- A decentralized yet dependable fantasy sports environment
- A fair environment
- Protected assets
- Transaction transparency
- Smoother fund transfer
- Timely transfer of winning amount
- No third-party involvement, therefore, reduced fees
- No hidden terms and conditions
- Increased operator margins and participant winnings as the middlemen and payment gateway charges will be eliminated
Wrapper
Blockchain Technology has fueled fantasy sports industry with an all-new gaming concept that puts the right game in your pocket. Technology innovation when meets the passion for sports will impact the Fantasy Sports positively. Techracers being the thought leaders are contributing to the spread of blockchain technology in Fantasy Sports Website Development and beyond. Visit our blogs to get more details about the use of blockchain technology or contact us to know how to create a fantasy league website.
This content is originally posted on Techracers blog
