Web 3.0: The Future of Sports Betting?
In our last article, we discussed Web 3.0, a third-generation internet that incorporates Web 2.0 (today’s social interactive internet) into the Blockchain to achieve a decentralized internet.
This article focuses on the benefits of Web 3.0 sports betting over the traditional bookmakers.
The sports betting industry is one of the most profitable industries in the world. The global market for sports betting is estimated to be worth $74 billion and is expected to reach $129 billion by 2028. The way people bet on sports is evolving and so should sports betting technologies. We believe that, in the not too distant future, a decentralized and community-driven betting ecosystem will emerge.
Web 3.0 sports betting opens the door to a new kind of betting system that will gradually do away with traditional bookies.
How does a traditional betting platform compare to a Web 3.0 sports betting platform?
In order to clearly understand how traditional sportsbooks differ from Web 3.0 sportsbooks, we contrast the two by examining Web 2.0 and Web 3.0 characteristics. The table below shows the differences between Web 2.0 betting and Web 3.0 betting.
Will A Decentralized Sports Betting Platform Benefit Bettors?
The following are the benefits of decentralized sports betting over centralized bookmakers platform:
Smart Betting — Unlike traditional bookmakers, Web 3.0 platforms offer multiple methods to earn. Those who are afraid of taking risks might use low-risk choices such as staking in the liquidity pool (a way of pledging your money to become the house) and earning interests.
Easy Payouts — In order to open and verify accounts, traditional bookmakers demand certain document works. The process is drawn out and time-consuming. In contrast, Web 3.0 fixes these issues because it is automated. The payouts are directly redeemed to your blockchain wallet.
Transparency — Fraudulent manipulations of odds, payouts, and game results are eliminated. Transactions in blockchains are immutable. This property prevents manipulation once the betting market is launched. Additionally, any suspicious activities can be detected because all the bet transactions are publicly available.
Security — As alluded to earlier, Blockchain provides a model for a permanent and immutable system of keeping records. The algorithms in a Web 3.0 platform are implemented using smart contracts which are executed automatically. This provides better protection, flawless bet execution, enhanced data security, and complete information transparency.
UBET Sports: Taking Center Stage on Web 3.0 Sports Betting
UBET Sports, a decentralized peer-to-peer betting exchange built on the Polygon blockchain. UBET Sports is the only sports prediction platform in the world to offer a fully decentralized solution. Not all Web 3.0 sportsbooks are decentralized while they are marketed as such.
Almost all sportsbooks claim they offer a better solution, but below is a quote from YahooFinance that debunks that;
“Frustrated with incumbent exchanges’ high costs and minimal innovation, these gamblers are eagerly waiting for the right blockchain-powered sports betting service to open, one with audited smart contracts, user-friendly policies, low commissions and fees — and meaningful volume.”
You might want to ask, what new innovation does UBET bring? UBET Sports provides its own proprietary Automated Market Maker (AMM) that solves existing issues with Uniswap’s AMM. Uniswap’s AMM is the most popular decentralized exchange.
However, Uniswap’s AMM is unsuitable for sports betting. In the past, it has been practically shown that liquidity providers are losing money as the odds drift away from their original entering odds. Meanwhile, the UBET team has great experience in high-frequency trading, finTech, and mathematical modeling and the team is building something that is better than what exists today.
UBET has the vision of a fair sports betting world where everyone gets better opportunities. UBET Sports’ mission is to innovate the sports betting business through modern, cutting-edge, and worldwide scalable fintech and DeFi models.
Final Note:
The sports betting industry is ripe for disruption. With the advent of Web 3.0 technologies, there is now the potential to completely change the way that sports betting works.
The web is constantly evolving, and with each new development, there are new opportunities for businesses to take advantage of. The sports betting industry is no different, and the rise of web 3.0 presents a whole host of new possibilities for punters. The biggest impact of Web 3.0 on the betting industry is that it has empowered punters to be more discerning.
UBET Sports is taking center stage to bring Web 3.0 sports betting platform to sports lovers to get rewarded for their passion. In the next issue, we will look at what UBET Sports is and how it would change the sports betting space using Web 3.0.
Website: http://ubetsports.io/
Twitter: https://twitter.com/UBET__Sports
Discord: https://discord.gg/qJXdGjhtxF
Telegram: https://t.me/Ubetsports
LinkedIn: https://www.linkedin.com/company/ubetsports/
Disclaimer: The above content is intended for information purposes only and is not intended to be gambling, trading, nor investment advice. Please perform your own analysis before making any betting, trading, or investments based on your own personal circumstances or seek a duly licensed professional for gambling and trading advice. Accordingly, neither UBET nor its partners, directors, shareholders or employees are liable for any damage, expense, or other loss that you may incur out of reliance on the above information.
