How has blockchain changed the sports betting industry?

Today we’re going to take a look at the influence that blockchain and the fundamental technology that supports it have had on the sports betting industry as a whole. When people hear about blockchain, most attribute it to cryptocurrencies, namely bitcoin. Although the technology itself preceded the invention of bitcoin, it was brought to the main stage, gained prominence, and has since soared to prominence.

Essentially, blockchain is the ledger of all financial transactions. The reason that it’s so popular is that it is a ledger that is publicly available. The decentralized nature of this appeals to people who value privacy and who like crypto sports betting. Crypto sports betting has gained traction in recent years as more people have become aware of its existence, its uses and its potential, especially in transactions where privacy is of prime importance to the user.

How it has transformed the industry

So why has blockchain had such a profound influence over the sports betting industry? Why has this industry in particular found itself so attracted to a form of technology? Well, a lot of it has to do with transparency. When you play on a sports betting website, you are inherently expected to trust the security processes they have in place that ensure that fair play is always adhered to. However, not all sports betting websites play by the rules, and there have been instances in the past whereby casinos and sports betting operators have found themselves in legal trouble.

However, if blockchain is integrated into a sports betting website, it eliminates any concern and the need for you to place your trust in the betting operator. The reason for this is that if you’re playing on a traditional sportsbook website, your trust is essentially placed in the validity of the data you’re being presented with. Whether this is stats or odds, Whereas if blockchain is part of the whole process, it means that the operator doesn’t exclusively own the data. It decentralizes this data, which means to remove it from any sole or otherwise exclusive ownership.

And so each time a transaction is made on a sports betting website, it will be available on the public ledger that blockchain provides. This means that all of the data can be seen by anyone, but no transaction can be identified as your own, meaning that your privacy is still protected. And so fair gambling is guaranteed if blockchain is integrated into a sports betting website.

Without diving too much into the technical side of things, if you visit a blockchain-supported sports betting website, when you place a bet and the transaction takes place, the process behind the blockchain ensures that it’s valid and publicly available that the bet has taken place. This bet that you have made is then stored in what can be referred to as a secure ‘vault’ along with the party that you made the bet with and a unique signature. And so if you ever need to question whether the bet was placed, there is irrefutable evidence as all the date is contained within the blockchain and cannot be edited or deleted.

In summary

Hopefully today has given you a bit of a clearer insight into why blockchain is beneficial in general, and how it can elevate online data and personal privacy and security. Specifically, it is hoped that you are much clearer on why it has very useful and positive applications when it comes to the sports betting industry and how it can keep players like yourself secure online.