Sports betting has always been on the cutting edge of tech developments. It needed to be in order to stay competitive in an industry that’s growing by the day. The latest tech was also used to provide as accurate predictions as possible and, therefore, the fairest odds.
The latest development that uprooted the industry and turned it into what it is today was the use of cryptocurrencies and blockchain technology. This article will go over how sports betting apps have changed and improved due to the use of crypto.
Apps Replace the Site
Sports betting apps are quickly replacing the use of sports betting sites. This isn’t only because cryptocurrencies are easier to transfer using apps but because the demographics have changed. Younger players are used to betting on mobile devices alone. That can also be done with the use of mobile browsers, but apps are slicker and easier to use.
The offer is the same regardless of how the players make their wagers. While the players can still make all the wagers on mobile and desktop devices, they can bet on the same events and enjoy the same odds.
An All-Encompassing Experience
With the use of cryptocurrencies, players can get the full experience and bet on sports events and traditional casino games using the same devices. Therefore, sports betting sites are dice websites, traditional casinos, and card tournament apps.
The player base for these services isn’t always the same, but it allows the players to branch out and try new gambling games. Sports and casino games can be played for small and even symbolic amounts, allowing the players to try and learn how to play the games.
Security
The payments made with crypto are safer than those made with fiat money. No centralized institutions are involved as intermediaries; therefore, the payments are made faster and with less costs. This is a key feature for many players since online sports betting sites need to ensure that the players get paid.
The use of blockchain allows sports betting sites to have an immutable ledger of every transaction. That means that no transactions can be made by mistake or as the result of fraudulent actions. Cryptocurrencies can only be transferred using security keys and saved on an offline device, meaning that the assets can’t be hacked.
Anonymity
Betting on sports with the use of Bitcoin allows the players to make the transfers without providing any personal information. This even includes their very names; the only information the sports betting sites need to transfer the crypto is an email address. In a world where almost all our online transactions are monitored, staying anonymous online is attractive.
Some sports betting sites don’t allow this even though players use Bitcoin payments. This is due to what’s called “know your customer” laws, which require the player to provide their name to sign up. More and more sports betting apps are following these.
A Global Base of Players
Sports betting sites operate online and allow players to bet regardless of where they are. This also leads to apps bringing new and unique sports and events to light. Some sports that were regional or even local before are now followed and enjoyed by players worldwide.
Some governments don’t allow sports betting, but with the mixture of crypto payments and access to VPNs, almost anyone can find a sports betting app to install and try their hand at. This also leads more talented players to the field, and it shows how complex wagers can become.
Smart Contracts
Smart contracts are a unique feature that came about with the use of blockchain. With these contracts, the terms of the wager are written into the blockchain code itself. That way, the funds are transferred as soon as the terms of the wager are met. It’s a way for the players to use sports betting apps to ensure they will get paid regardless of where the app is based and what the bet was.
The odds of the wager are also a part of the code, meaning that each player can examine the code and ensure that the odds are fair, given that the blockchain’s code is open source.
A Focus on a New Demographic
All of the new features and possibilities created by the use of crypto have changed the demographics of sports betting app users. The general attitude towards betting as a hobby and the use of crypto is also changing.
New players are younger, more tech-savvy, have more disposable income, and come from different cultural and ethnic backgrounds than the ones who used to bet on sports before. In small ways, this has changed the industry, even when that wasn’t the intention of the betting apps themselves.
Tokenization of Assets
Some sports betting apps leverage blockchain technology to tokenize assets, allowing users to bet on a wide range of events beyond traditional sports, such as e-sports tournaments or even political events. This option is still new, and not many sports betting apps are using it, but there’s a potential for it.
In the long run, tokenization of assets can also be used to provide ownership for the players. The players may end up owning portions of both the apps and the sports teams that they are betting on.
Proveability of Odds
Fair odds are the most important feature a sports betting app can have. Players can end up with much better deals by looking for better odds at different sports betting apps. The use of crypto and smart contracts lets the players examine the odds on their own. With the odds being provably fair, players can choose which app to use based on which one suits them.
This feature was once available only to players who can inspect the code independently, but most modern sports betting apps display the odds clearly and clearly.
New Betting Options
Sports betting has been around for a long time, but there are still ways to innovate and introduce new ways to gamble. Crypto sports betting apps provide quite a few innovations for players. Live bets are now quite common, as players can place their wagers at any time during a match, and the odds change as the game folds out.
Combined with the cashback option, the players are able to cut their losses or take advantage of a favorable turn while it’s happening.
The use of blockchain also allows for automated transfers. This means that the app users can make small bets as a part of a parlay wager.
Conclusion
Sports betting apps that use cryptocurrency and blockchain technology have changed the game in many ways. The use of blockchain provides various benefits to both the wagering sites and the players. Such apps are quickly replacing all other sports betting methods, such as sites, real-life casinos, and using fiat money.
Sports betting apps allow for new betting options and provide fair odds that the players can verify on their own. Tokenization of assets is the latest innovation created by Bitcoin sports betting apps. It’s not yet widespread, but it has many potential applications that will soon catch on.