How Blockchain Technology Syngerizes with and Innovates Sports Betting
The global sports betting market, spurred on and spiked by global events like World Cup matches and the Olympics, is a rapidly developing industry with an exciting and dynamic community. At present, sports betting is valued at around $83.6 billion USD, with a large sector of this attributed to live or in-play betting.
Traditional sports betting is still a highly valued and active sector of the world of sports betting. While eSports betting and online methods are climbing in popularity, they still present a number of challenges that have stifled onboarding. With the array of industries that blockchain technology is currently innovating, sports betting represents another that is perfectly constructed for rapid innovation with emerging technologies.
Companies like Duelbits are leading this charge, allowing customers to use crypto gambling to create favorable sports bets from the comfort of their homes. As a pioneer in this industry, they are rapidly converting users who prefer in-person traditional betting to online users. In this article, we’ll explore exactly why traditional sports betting is failing the wider community and how blockchain sports betting is sweeping in to pick up the pieces.
What Are the Main Issues with Traditional Sports Betting?
Traditional sports betting allows people to support their favorite teams while gaining an additional stake in the match. Aligning their own personal interests with a financial bet allows them to win big, increasing their interest in the game and allowing them to benefit from their team’s success.
While the logic and intrigue behind traditional sports betting is apparent, many users are frustrated by the lack of flexibility. Having to commute in to the sports betting store to read about which odds are currently listed wastes time, as does having to return to pick up winnings and engage with closed bets.
Equally, while in-person casinos have glamorized in-person betting, traditional sports betting stores do not share the same bravado. Instead, sports betting stores are usually badly equipped, solitary, and in densely populated urban areas. For many, the benefits of traditional sports betting now pails in comparison to alternative options.
As other industries have continued to innovate and extend into new areas of expansion, traditional sports betting lags behind and offers a lower-quality user experience.
How Blockchain-Based Sports Betting Seeks to Innovate the Sector
Blockchain technology, while still certainly classed as an emerging technology, has already had a number of impressive integrations into major fields. The sports betting industry is positioned perfectly for expansion with blockchain, with companies like Duelbits using crypto-based betting to energize a now fading field.
Duelbits offers an online platform for users to place their bets online. Its comprehensive sportsbook, updated and streamlined with the blockchain, ensures that users have an impressive range of sports, teams, dynamics, and odds to choose from. Whether users want to bet on a tournament tennis match or the Football World Cup, they have ample opportunity to do so.
Unlike traditional betting, blockchain-based sports betting offers instant payouts to their users. By employing blockchain technology, they are able to issue smart contracts that execute on certain win-or-lose conditions. As soon as a bet closes, all parties that bet on that situation will instantly have access to their funds, with crypto providing an instant and dynamic medium for betting.
Traditional sports betting also has complex structures at play, often requiring users to onboard by traversing through ramp fee periods or extended wait times before being able to close out their remaining bets. Equally, by focusing on distributing cryptocurrency instead of fiat currencies, users can avoid conversion losses for international audiences.
Much of the world of betting is US-dollar-centric, with people from countries that do not use that tender as their central currency being at a disadvantage when it comes to payouts. By using cryptocurrency, this problem is instantly alleviated, with users being able to transfer their crypto into a chosen fiat currency without losses and without long waiting periods.
Duelbits also uses the underpinning sense of community that is rampant within blockchain-oriented technologies to foster a greater sense of cohesion. With fairer odds for users and a higher degree of transparency, users receive a high-quality experience, making the action of betting a breeze. Their innovative web platform also makes accessing betting portals easier than ever before, with low betting entry caps meaning that anyone can deposit and play with however much they’d like.
Customer loyalty is at the center of blockchain betting, with sports betting being made into a holistic, profitable, and exciting sphere that’s accessible to all. With better payouts, fairer odds, and a 24/7 way of accessing betting, blockchain-based betting is the future of this industry.
Final Thoughts
Sports betting is an innovative, exciting field, and one that’s gained lots of public attention over the past few years, following events like the World Cup and the Olympics. Yet, the physical limitations that the traditional sports betting mechanisms place on the industry are leading to a stagnation in interest and a declining userbase that actively bet and engage with sporting events.
By integrating the world of sports betting with blockchain technology, users are able to reach a new level of access, instantly giving them a direct pathway to engage with new events, bet on their favorite sports, and get payouts in seconds. The dynamic nature of crypto-driven betting perfectly connects to the global market of betting, providing a better and easier user experience for all.
With the innovation occurring in the blockchain sector, it won’t be long before traditional sports betting is completely eclipsed by this advantageous method. With companies like Duelbits leading the charge, this conversion could come sooner than expected.
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