The Future of Blockchain Betting

Sports betting is a centuries old practice that has evolved over the years to meet the convenience of the modern consumer. This industry has been growing exponentially in recent years with a majority of the action happening online. Recently, New Jersey became the first state to surpass $1 billion in handled bets with the lion’s share of that money going through online platforms. Online sports betting in New Jersey amongst other states is clearly on the rise and with the new developments in the security of cryptocurrency, bettors soon may have yet another way of placing bets. With a promise of more autonomy for users and a more streamlined process, it seems the new phenomenon of crypto currency will soon usher in a new era of online sports betting. 

A new option

Cryptocurrencies are all the rage currently drawing the attention of big investors who hope to make it big in the blockchain gold rush. As cryptocurrency continues to gain stability and moves towards becoming a legitimate form of currency, platforms are looking to utilize this means of exchange in the world of online sports betting. There are several advantages of utilizing cryptocurrencies both for the bettor and the sports books involved. 

Blockchain betting aims to put the power back in the hands of the bettor in several ways. Firstly, transactions are quick, safe, and often come with much lower fees than the traditional route of going through a third party bank. Additionally, because cryptocurrencies are decentralized, bettor’s wagers are not monitored by any bank or governmental authority. A decentralized currency also means that your information remains private throughout the transaction. For sports books, utilizing a cryptocurrency means less transaction fees as well as increased security with less chance of fraud or hacker interference. 

Not all plain sailing

Blockchain betting however, doesn’t come without it’s disadvantages. Being such a novel phenomenon, the volatility of cryptocurrencies is certainly something of a concern for both parties involved. The value of these new currencies has the tendency to fluctuate dramatically and without warning which can be unsettling both for the bettor and the platform. There is also a significant learning curve in the implementation of such a new technology which requires a heavy investment of time for bettors and sports books alike. 

There are kinks to be worked out and hurdles to overcome but cryptocurrency offers the potentiality of a whole new way of betting online. With more autonomy in the bettor’s hand and perks for sports books to jump on board, blockchain betting will certainly change the norm of sports betting once again. 

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