Sports betting platforms all over the world are on blockchain to enhance user experiences.
Sports betting is very popular all over the world, and in the UK it is legalized in 1961. According to the UK Gambling Commission’s industry report, the total income earned through betting from 2015 to 2018 was £3.25 billion. This was the second-highest earning in the UK’s gambling industry.
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If we observe closely we can notice that each betting site offers different sports. Some expertise in football while others suggest betting horse racing. However, a vast range of options made sports betting a booming business.
That’s why it’s not a surprise that the UK, being the tech capital of Europe, is exploring decentralized betting platforms. Blockchain technology has a lot of benefits to offer in betting and gambling.
First, blockchain provides more trust and transparency, two factors which online operators find difficult to build with new users. Many scams were reported in online betting platforms.
Blockchain became a solution for these issues, its decentralized system allows both sides to check and verify the operator’s records.
As this technology is basically an online public ledger, it would be very hard for hackers to manipulate. This may help reduce fraudulent issues, which result in huge losses.
Blockchain and betting
Blockchain also offers anonymity. Online platforms would usually ask for some sort of personal information when processing transactions. This technology does not require any personal information to send currency.
Transactions with blockchain are quicker and secure and there is no need for filling forms to join.
Because of these advantages, betting firms in the UK are determined to make blockchain betting a reality. Edinburgh-based Mungoparc has developed a blockchain-powered P2P betting platform that allows people to place bets on sports games with cryptocurrencies.
At present, the company is focused on football games in La Liga, Premiership, SPL, Champions League and Europa Cup. But it plans to expand to other areas like cricket, tennis, and esports.
It is the foremost platform of its kind to successfully do so, as the Isle of Man is known for its strict betting statutes. VentureBeat wrote that it Unikrn can now enable spectator betting or skill-based betting, where players wager on their own gameplay against others’.
On the other side, the British government is focusing on implementing better cryptocurrency statutes. The country’s take on the virtual currencies is generally positive, despite its slow response to their rise.
Blockchain and betting platforms
But Isle of Man offering license to a crypto betting platform may be the starting. Present online sportsbooks and betting sites may follow suit and secure licenses as well.
To tell you more about ‘Blockchain in sportsbetting’, one of our colleagues from Mrbet.me.uk has developed an attractive and educative infographic. Please click on the link to check the infographic and don’t forget to share your views on our work.