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Sport betting is what is known as gambling. While it can be fun, it is also an activity for which there is no skill involved, and all that determines the outcome of the event being wagered upon are chance. There is no guaranteed time period over which you will be able to make money with sports betting since luck plays a huge factor in determining how much your bet stands to gain or lose. The thing that makes sports betting so popular despite its unfair nature is that people know and trust the odds makers who set up bets, to begin with.
Anyone can become a bettor but not everyone can become an odds maker. Despite this new age problem, cryptocurrency developers have come up with solutions that will address some of these problems in the traditional sport betting industry through the use of blockchain technology and smart contracts. This will create a more secure sports betting system that rewards the bettor and make bookmakers fairer. One of these new-age ideas is being developed by an ambitious team called Surebet.
They intend to tackle the problem of unfair bookmaking with their decentralized, smart contract-based platform. How? This is through incentivizing the users who play against them, just like what blockchain does for its miners. This has excited those who are engaged in online gambling. The creation of this new platform will be done through a token sale happening on November 1st, 2017 where you can get yourself some SBETS tokens (SureBet’s cryptocurrency). Their crowdfunding goal is 4,946 ETH which isn’t very high given the size of their project so far.
Spearheading their project is Ian Sbrano which has proven himself in the past through his successful company named Sports Betting Bot which allows everyone to participate in sports betting through artificial intelligence programs that he created. And by doing so, the users who use it will profit from accurately predicting sporting events whether it be in the short or long run.
They have been smart about how they go about this because of the fact that they are not trying to counter illegal bookies and online casinos but rather compliment them to provide more entertainment for all gamers (pun intended). So far, they have completed many successful projects such as Footballmastermind.
Crypto Enhances the Security of Sports Betting
The conventional sports betting at bet365 will now become better, with the introduction of cryptocurrencies. This enhancement allows bettors more flexibility and security when placing their wagers than they were able to have in the past. Bettors will also be able to get a return on their bets by using Nectar, which is what Sir Richard Branson’s Blockchain start-up has coined as the “Sports-betting cryptocurrency that powers the leading global fantasy sports platform.”
Nectar provides another way for users to earn rewards just by playing fantasy football and other games of skill such as darts, golfing, or any type of game you can think of! In order for gamers to use this currency, they need to satisfy some basic criteria: They must follow @NectarPlatform on Twitter and retweet one of our tweets containing #nectar, and also join our Telegram group. Nectar.org is a platform that will allow users to bet on anything they want, from politics to sporting events and even the weather! If you place smart bets, you’ll earn Nectar which can be traded in for prizes or exchange for cash.
Sir Richard Branson has been known to invest in a variety of different companies over the years but his latest venture into the online gambling industry could turn out to be his most lucrative yet. In order to guarantee success, he hired David Sapper as CTO who believed blockchain technology can help reinvent how fantasy sports are played and provide an additional layer of security against any potential threats such as bots.
Safe Sports Betting with Crypto
There are risks with online gambling which persist to this day so how can you be sure your money is going where it’s supposed to? Trusted third-party services known as bookmakers are one way of ensuring any disputes will be taken care of in a fair manner. They use blockchain technology, an immutable ledger for recording and verifying transactions that enable fully transparent book-keeping which leaves no room for corruption or foul play. Anything stored on the blockchain cannot be altered by anyone after it’s initially published because doing so would require hacking the entire network at once, something virtually impossible.
When creating CashBet Coin (CBC), a cryptocurrency based on Ethereum, CashBet recognized there were still risks such as unpredictable charge-backs. All these are challenges that blockchain technology seeks to address and improve the security of gamblers.
Conclusion
With the introduction of crypto to the sports betting world, there will be a sudden shift and demand for this type of activity. This is one of the ways that more people will gain knowledge about online gambling.
