Cryptocurrencies and blockchain in betting: pros and cons

As an advertisement

This material talks about the advantages of blockchain technology in bettingsport, and why it has every chance of becoming a new word in the gaming industry.

Betting is considered one of the most promising blockchain applications.

Problems of modern bookmakers

One of the main disadvantages of modernbookmakers - lack of transparency. Users cannot get information about winning and losing bets, payouts, odds formation and other details. This leads to a lack of trust between the bookmaker and the player.

Another problem that bettors facein many countries of the world - excessive regulation of the industry. Even when dealing with offshore bookmakers, where you need to use a mirror to enter the bookmaker's website, players have to disclose their personal information to withdraw funds.

In addition, bettors often faceerrors of bookmakers and incorrect calculation of rates. Even if in the end the controversial situation is resolved in favor of the player, "showdown" with the bookmaker's office takes a lot of time and nerves.

Advantages of blockchain in sports betting

Despite the fact that cryptocurrencies have long beenare popular among players, blockchain betting platforms are still not widely used. As a rule, this technology is used by young companies aimed at e-sports fans and crypto enthusiasts.  

However, very soon the situation may change dramatically, because the use of blockchain platforms has a number of advantages for bettors:

1. Transparency.The use of blockchain allows any playerget acquainted with the bookmaker’s “internal kitchen” - in particular, make sure that he places bets at fair odds. In addition, the bettor can see with his own eyes the payments to other users and not worry that he will not be paid his honestly earned winnings.

2. Anonymity.The use of blockchain and cryptocurrencies allows you to achieve maximum anonymity and all the benefits associated with it - players will not have to disclose any personal information.

3. Low fees and high transaction speed.The use of smart contracts allowsautomate the payment process, reducing waiting time to a minimum. At the same time, large transactions will have lower commissions than in traditional payment systems.

4. Fewer mistakes.Using blockchain, each bet will be checked not in a separate database, but in a decentralized network, which will minimize the number of errors.

Blockchain in betting: are there any disadvantages?

Despite the fact that cryptocurrencies have beenknown to the general public, many people still treat them with suspicion and apprehension. The need to register a wallet, buy coins and deal with other intricacies of new technology may scare off some users.

With this in mind, very few bookmakers are willing to spend time and money on the implementation of decentralized technologies, as well as the transition to a new platform.

At the same time, blockchain anonymity has a reverseside. So, in 2018, the first "murder markets" appeared on the Augur decentralized prediction platform. Users began to bet on the death of famous people - for example, on the assassination of Donald Trump. In addition to the ethical side of the issue, many experts fear that such markets could lead to a wave of violence, as well as become a convenient tool for organizers and perpetrators of contract killings.

Subscribe to ForkNews on Telegram