Blockchain As The Future Of Sports Gambling
Soccercrypt - January 20, 2023
If there's something in common between the sports gambling and digital currency industries, it's their growth potential and the market interest they attract. Despite global economic issues, sports gambling continues to thrive and evolve. This market remained substantial amidst being slowed down by restrictions the worldwide COVID-19 pandemic brought. As regulations ease, experts expect the numbers to rise exponentially in the years to come.
In the United Kingdom alone, the UK Gambling Commission valued the industry at GBP£12.7 billion in 2021. Apart from this, adult gambling participation rate in the UK is at a strong 43%, showing significant market interest in this form of leisure.
Meanwhile, sports betting has skyrocketed online, and one area that experienced substantial growth is the crypto gambling scene. Every month, you get to read stories about superstars and icons like Drake winning a million dollars betting on teams like the Golden State Warriors in the National Basketball Association (NBA) using online betting platforms like Stake.com, which primarily deals with cryptocurrencies.
If you're curious or excited about what's next in crypto and sports gambling, there's a lot happening behind the scenes. In this article, you'll learn about the future of blockchain in the world of sports gambling.The rise of crypto casinos
According to US-based market research and consulting company Grand View Research, they expect the global sports betting market to grow exponentially, potentially peaking up to USD$182.12 billion (GBP£162.93 billion) in revenue by 2030. While the industry continues to expand, online betting companies have yet to find a satisfactory resolution to a few issues to improve customer experience.
Over the years, bettors have continuously raised issues about delayed or rejected payouts, high transaction fees and commissions, account limitations and others. Considering how these concerns can discourage patrons from engaging with a gaming site, finding a solution should be at the forefront of an online casino's priorities.
Amidst these challenges came blockchain technology, providing online casinos and gamers with solutions to these issues. Through blockchain, players can break out of the traditional ways of accessing and transferring funds, thereby improving their gaming experience. Nowadays, more and more gaming platforms have started adopting blockchain and crypto into their systems.
Sports gambling newbies and old-timers alike are sure to recognize online betting platform Soccercrypt.com. Soccercrypt is one of the first online casinos that hosted cryptocurrency transactions. None can overlook this site's relevance in sports gambling, as the company has recently partnered with the European Cricket Championships, which will run from September 12 to October 14 in Malaga.
At present, Soccercrypt.com hosts 4 different cryptocurrencies and continues to enjoy popularity among gamers by offering just about every table game a traditional casino offers. There has been a lot of coverage in recent years on how blockchain has a big future in sports betting, and with the unique properties of this technology, so it's easy to see why. Suffice to say, crypto has eked its place in online betting.Defining blockchain technology
Blockchain technology works like a universal ledger that everyone in the network can access and manage. However, encryption protects every entry into the system, safeguarding it from unauthorized access. The blockchains are formed with this data that multiple users can access.
All the changes made in a blockchain system are stored and replicated in many databases. Each database will be updated if any changes are made. It means the blockchain records and encrypts all transactions permanently. With this level of security, there are no third parties or intermediaries such as banks or traditional financial institutions involved in blockchain transactions. Also, data updates within a blockchain are completed in a matter of seconds.Conclusion
Blockchain technology being the future of sports gambling shows significant potential, though there's still a possibility of other technologies entering the industry in the years to come. The only certainty at this point is that blockchain technology has become prominent because of its advantages. Both players and casinos benefit from using its features, which promote safety, security, convenience and growth for the gaming industry.