BLOCKCHAIN IN SPORTS BETTING
Sports betting is well-known all over the world, and in the UK it is legalized in 1961. According to the industry report of the UK Gambling Commission’s, the overall income earned through betting from 2015 to 2018 was £3.25 billion. This is the second-highest earning in the UK’s gambling industry.
If we look closely we can observe that each betting site offers different kinds of sports. Some are known for football while others are popular for horse racing. However, a variety of options made sports betting a booming business.
That’s why it’s not a surprise that the UK is 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 that 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. Sportsbetting industries across the globe adapted blockchain technology to enhance user experiences.
As this technology is generally an online public ledger, it would be very difficult for hackers to manipulate. This may help reduce fraudulent issues, which result in huge losses.
Blockchain also provides anonymity. Online platforms would usually ask for the personal information of players when processing transactions. This technology does not require any personal information to send currency.
Transactions with blockchain are faster, smoother, and secure and there is no need for filling forms to join.
Because of these benefits, betting industries situated in the UK decided to make blockchain in sportsbetting a reality. Edinburgh-based Mungoparc has designed a blockchain-powered peer-to-peer betting platform that allows players to place bets on sports games using cryptocurrencies.
At present, the company is concentrating on football games in La Liga, Premiership, SPL, Champions League and Europa Cup. But it plans to extend its reach to other areas like cricket, tennis, and esports.
It is the first 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 concentrating on executing better cryptocurrency regulations. The country’s take on the virtual currencies is generally positive, despite its slow response to their rise.
But the Isle of Man is giving license to a crypto betting platform may be the beginning. Present online sportsbooks and betting sites may follow suit and secure licenses as well.
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