Casinos and online sports betting sites have undergone huge changes in recent years. One of the reasons for this is the rise of blockchain technology and cryptocurrencies. Through the blockchain, all data can be recorded on a ledger system that not only can’t be changed but also offers complete transparency.
Contrary to what many believe, the blockchain is also not just for transactions. As it is a great place to record data, it’s also able to store data on bets making the whole process more transparent, secure and reliable. In addition to making sports betting sites more tamper-proof, it is also a great way to ensure that there is fair play in operation for all sides.
Making sports betting fair
As mentioned, one of the ways the blockchain is adding fairness and transparency to online sports betting sites is by recording all transactions and data on the blockchain. This means that, for example, if a sports betting site sets its odds on a match featuring AC Milan vs Inter Milan, those odds can’t be tampered with. Consequently, there is a reduction in fraud and better fair play provided on that site.
What’s more, the blockchain can identify when someone is trying to perform a fraudulent action. It can then be stopped, which again increases security and fairness for both the other players and the betting site.
Additionally, paying with cryptocurrencies via the blockchain is also seen as safer and more secure than using more traditional methods. Cryptos are decentralized and offer almost instant processing. As such, there are minimal fees in place, no currency conversion fees required and very speedy payouts. And, because this is the blockchain, every transaction is recorded so that funds are securely sent. Blockchain users also don’t have to provide real names, allowing them to transact anonymously, another popular feature of this technology.
How does the blockchain work to aid fair sports betting?
As mentioned, the blockchain can store all bets that are placed. It does so in an encrypted format that makes it impossible for anyone to change or tamper with the record. Additionally, it’s not possible for anyone to control the system as it is spread over a network. This means it’s not really possible for scammers to manipulate this or fix odds in their favour.
All transactions or betting data are available in real-time too. This means that anyone can view it right away to check that something strange hasn’t occurred. It also means that if the bettor does get a payout, they can also check this instantly and check that the bet they placed was accurate. There is a reduced need for third-party intermediates too, which again, removes another step in the potential corruption or manipulation chain.
Smart contracts and how they can help sports betting
Finally, there are smart contracts, which are digital agreements. These are also stored on the blockchain. They can be used for automatic sports betting transactions , thus increasing efficiency. As with other elements on the blockchain, smart contracts also provide a lot of transparency, enabling both the sports betting site and the bettor to check the bet’s progress and ensure everything is going smoothly and correctly. Automatic payments can be set up using smart contracts too, and this can be in line with a bet, such as the outcome of a game or the performance of a team. With quick, transparent payments in place, there is reduced conflict regarding transactions as well as lower costs for everyone involved.
In short, the blockchain really can improve the way sports betting operates. With increased security and transparency and reduced fees, everyone gets a better experience.