One of the fastest-growing industries globally is online gambling. This trend in development and growth is expected to keep its place for the foreseeable future. Experts have predicted that the online gambling market will expand vastly by 2025, from a market of around billion in 2020 to a whopping billion.
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That figure could climb even higher as new U.S. states introduce legalized sports betting.
Along with the industry’s expansion, the gambling audience that places wagers on various sports such as NBA lines, NFL Odds, and soccer encounters has also increased exponentially. However, the need to deliver efficient and fair gambling services only increases and sports betting via blockchain technology does nothing short of leveling the field for gamblers. It also enhances the accuracy offered by gambling sites, boosts privacy and security, increases the efficiency for bookmakers, and massively boosts customers’ trust.
Sports Betting via Blockchain: Placing Trust in Classic Systems
Blockchain is the most innovative of technologies and first gained widespread prominence when the Crypto-king Bitcoin stepped onto the field a decade ago. Fast forward to now, and this technology, which is a decentralized and distributed public ledger that houses transactions in the form of blocks on a chain, has found itself applied to various applications.
For context, every block houses a set number of transactions that have occurred, and whenever a new transaction occurs, it’s added to the publically shared ledger. In addition, every transaction is recorded with a hash, a cryptographic signature. This ensures that all information on the ledger is immutable, encrypted, and secure, making hacking or manipulating the system next to impossible.
The secret behind blockchain offering its services to provide fair and efficient gaming is supported by its safe nature. In the online gambling realm, questions have repeatedly been raised about the fairness of games. The majority of the licensed operators rely on a random number generator, or an RNG, to ensure fairness to all gamblers.
More Transparency on the Blockchain
Gamblers are expected to trust these systematic processes for their gambling experience. Although this is not always the case. In 2011, popular operator Full Tilt Poker was accused of defrauding players of a staggering $300 million and was portrayed by the media as a Ponzi Scheme. Fraud in gambling is widespread and not unheard of, but these are also very hard to detect.
Data manipulation is another big issue becoming more prevalent in the gambling landscape. In the present gambling system, all the data goes through multiple intermediaries, where it can be the target of manipulators.
Using blockchain for betting eradicates these issues as the data is decentralized, so no single party has the ownership at any point. Also, recording every transaction on the ledger means all the information is housed securely in their records. This enabling capability of blockchain makes it an attractive addition to the online gambling ecosystem that can ensure fairness in gaming.
Sports Betting via Blockchain: The Process
- The user places a bet at an online sportsbook
- The legitimacy of the bet gets verified by a network of nodes
- Bet is housed in a block with other wagers, along with the cryptographic signature and betting amount
- Block receives your “hash” to separate your bet from others
- Bets remain locked in and immediately verified
The nature of this system means that any human errors are detected and eliminated by the network of nodes at work. Additionally, the bet is recorded at the ledger block and is public so that everyone can verify its authenticity. This bodes well for both the sportsbook and the gambler.
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