Sports betting is a massive money-making industry, with the value expected to grow to $600 Billion by 2025. With thousands of sports bets made per day, why not use the transactional powers and efficiency of Blockchain technology?
People have been sports betting since the creation of the Olympics, but with the introduction of the internet, sports betting has only increased in popularity and availability. And as more and more online betting sites move to offer sports betting, we have seen the gambling industry significantly improve through cryptocurrency.
From transactional fees and speeds to massive sponsorship deals, cryptocurrency is changing the world of sports betting. But cryptocurrency isn’t the only factor to account for, as it is really just a tiny part of Blockchain technology. Today we will be breaking down Blockchain technology, its use within sports betting and bringing you our recommendations for some of the best Blockchain sports betting sites.
What is Blockchain Technology?
In its simplest form, a Blockchain is an immutable record of data that is kept and updated across multiple computers worldwide.
Data is stored within a “block”. These blocks are shared to an incorruptible ledger which is then shared across every node. Meaning if someone wanted to edit this data, they would have to do so across every updated computer. There is no central authority, but rather a network of computer systems validating and storing said data.
Using cryptographic principles, such as encryption technologies, this data is secure but transparent. As these blocks continue to add up, we get what is referred to as a Blockchain ledger. There is a lot more that goes into it, but this is not the main focus of our piece today, so if you want to learn more about Blockchain technology, check out our Blockchain for Dummies guide.
What is a Blockchain Sports Betting Site?
Defining one of these sites is more difficult than one might expect, as it can include anything from accepting cryptocurrencies to utility NFTs.
Sports betting sites have been adopting Blockchain technology in order to successfully automate real-time data. This helps the sports betting industry in a variety of ways, including (but not limited to) past event analytics, payments, bet confirmations, and event monitoring. But some simpler actions could also constitute the title of a Blockchain betting site. Even accepting cryptocurrency validates a gambling site utilizing Blockchain technology. There is so much that goes into Blockchain betting sites, similar to Blockchain casinos.
Advantages Of Blockchain For Sports Betting
As the technology continues to evolve and improve, it is hard to pinpoint every single benefit past and future. But for the present time, users who enjoy this type of betting can take also enjoy these advantages:
- Fewer restrictions
- More security
- Confidentiality
- Accessibility
- Faster transactions
- Cheaper transactions
- Incorruptible results
- Trustless betting
Because there is no central authority of results, and because the results of sports are organic, this type of sports betting ensures a trustless betting system. There are fewer restrictions because of the almost untraceable nature of cryptocurrencies, meaning these platforms are more easily accessible.
And as Blockchain intended through cryptocurrency, users can also take advantage of faster, cheaper, and more secure transactions. There are plenty of other benefits, even those to come, but these are the top advantages to consider when choosing one of these sites.
Best Blockchain Sports Betting Sites:
The Rollbit platform has probably been the most innovative of these types of betting sites with their introduction of the Sports Rollbots. These Sports Rollbot NFTs provide an incredible amount of utility to their holders, especially if those holders love sports betting. Use your Sports Rollbots to earn Rollbit Coin (RLB), increase bet profits, enjoy parlay multipliers, decrease wagers, and take your sportshare. Rollbit also offers an incredible 36 sports and esports categories for you to place your bets on.
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Instant rakeback bonus of 5% + 10% rakeboost
Accepting more than 9 cryptocurrency payment options, and more than 3,000 games, FortuneJack has been a long-time favorite in the industry. Their large list of sports betting genres provides the perfect platform to get your blockchain betting on. From World Cup fixtures to basketball, tennis, baseball, water polo, squash, and more, players can enjoy diverse betting opportunities. They also offer a great section of esports betting options such as CS:GO, League Of Legends, Call Of Duty, Valorant, and more.
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100 free spins for signing up and verifying account
If you are interested in blockchain gambling, then you have probably heard of Stake. This site has also become the official partner of football teams such as Everton and Watford, as well as the official betting partner of the UFC. They have a grand total of 36 sports and esports betting options for players to enjoy, including some niche categories like stock car racing, lacrosse, kabaddi, and politics. They also have some of the greatest sports betting promotions in the industry for users to take advantage of.
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$100,000 Weekly Giveaway
If you are looking for a gambling platform that prioritizes the cryptocurrency side of Blockchain technology then look no further: BC.Game accepts more than 100 cryptocurrency payment methods, including NFTs.
Speaking of NFTs, BC.Game launched a utility NFT of its own, the Degen Pass. The Degen Pass NFT benefits users with jackpot sharing, mystery airdrops, Degenback rewards, access to the Degenverse, and more. On top of all of this, they have a truly exciting range of sports and esports betting categories to profit from.
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Up to 180% first deposit bonus
Prioritizing provably fair gambling, Thunderpick exclusively accepts cryptocurrencies to ensure their players get fast, cheap, and secure transactions at the scan of a QR code. Players can make deposits and withdrawals in Bitcoin, Ethereum, Litecoin, Tether, XRP, and Bitcoin Cash. This site offers the greatest range of esports categories, but still does go above and beyond to bring you a large selection of sports betting options too. Their site is fun and easy to navigate, and be sure to take the esports quizzes to win gift cards.
Recognized as the largest blockchain betting platform, SX.Bet only offers sports betting. With a built-in bridge for currency conversion and a native token of their own, with exclusive holder benefits, users can enjoy ease of blockchain use at SX.Bet.
As a solely sports betting platform, this site has put all its focus on bringing its users the best experiences. Alongside sports, players can also place their bets on crypto price predictions and political outcomes. Enjoy the endless tournaments and promotions.
Bonus
Tournaments
How Blockchain is Bettering Sports Betting
Blockchain technology has proved time and time again that it holds the potential to completely change and improve every industry it touches, and sports betting is no different.
Utilizing decentralized technology is the way to go, especially in corruptible industries such as gambling. Because there is no middleman through blockchain, the house cannot fix the odds, manipulating players into making the wrong calls or rewarding fewer profits. Each bet is transparent and added to the overall odds mechanisms, ensuring results and profits are fair. Blockchain betting is set to bring about a great deal of freedom, flexibility, and confidence. Alongside all of our above-mentioned advantages, the benefits of blockchain sports betting far outweigh what has been offered by traditional bookmakers in the past.
Blockchain technology can solve a range of underlying issues and restore trust in a trustless manner within the sports betting industry. We are excited to see where this type of betting takes us in the future.
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