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Over the years, the crypto industry has seen a lot of improvements and expansion to diverse sectors. Today, most industries adopt the principles of decentralization, which is a positive signal for the crypto industry.
Of course, decentralized technologies have flaws, but their pros far outweigh the cons, thus the steady growth. Today, the betting trading industry is one of the industries that openly embrace crypto technologies.
Efficiency Of Crypto Betting Trading Markets
Today, crypto betting exchange has proven to be one of the most efficient technologies introduced to the betting trading industry. Of course, the zero-charge system and faster payment speed contribute to efficiency. In addition, eliminating certain restrictions like withdrawal limits and minimum deposits has enhanced the whole betting experience to a new level.
Though less popular than traditional betting systems, crypto trading is already taking the space to a new dimension.
Future Prospects of Crypto Betting Trading
The introduction of crypto betting trading brings up a lot of new possibilities in the betting sector. Of course, this technology currently seeks to actualize player fantasies like zero-fee transactions and player-friendly policies. Decentralized sports betting platforms also have the potential to feature audited smart contracts in the future. Thus, there are a whole lot of things to consider.
As of writing this article, cryptocurrencies are the fastest payment option in casinos. Of course, a downside is limited availability, as only a few betting sites currently offer these services.
However, here are some possible innovations to expect from the blockchain betting market:
Improved Web 3.0 Integration
The introduction of Web 3.0 technologies is also a major advantage to the crypto betting industry, as several blockchain-based sports betting sites are developing. Some good examples are BetDex, LunaFi, and Dexsports. With these platforms, you can register an account and connect any eligible wallet to start zero-fee betting and trading.
Web 3.0 is a next-gen concept that allows for developing decentralization websites using advanced concepts. This technology will see several improvements in the future. Thus, this will also pave the way for improved integration in the decentralized betting industry. AI, IoT, and AR are just some of the emerging sectors currently representing the prospects of 'Web 3.0'.
The sudden rise of virtual reality concepts like Metaverse could see a lot of innovations in different industries, including the betting industry.
Metaverse allows you to create your character in a virtual world and interact with other real people. Of course, the technology is still new. However, there is a strong prospect for crypto betting to utilize Metaverse. Moreover, Metaverse is a project with a strong connection between blockchain and NFTs. Thus, crypto-based betting sites could easily implement VR betting for players in the virtual world.
There are already some Metaverse casinos. But the whole concept still needs to be mainstream, so we can only expect the collaboration to advance.
More Crypto Games
The crypto betting industry is still relatively in its early stages. Thus, there is still a huge room for growth in terms of game selection and the options available on the betting market. Decentraland is a typical definition of the direction of the industry, and there are more innovations to come. This trend is expected to continue, so we may see some big titles in the crypto space.
Best Blockchain-based Betting Sites
There are already a lot of blockchain-based betting sites available today. Some of them are;
Aver is one of the first decentralized prediction sites on the blockchain. It is a peer-to-peer platform that allows crypto-based bet trading. Aver Exchange is currently on the Solana Mainnet, and the platform has much room for improvement.
Once you place bets, the system matches your bets with other community members to improve your value and profits.
BetDex is another decentralized sports betting platform operating on the Solana blockchain. The Monaco Protocol controls the platform's business structure and prediction markets. Thus, everything revolves around cryptocurrencies.
BetDex claims to be the future of 'Web 3.0' sports betting, and they have already launched their MainNet Beta as of writing this article.
Other than these sites above, there are also many others available, and the list is expected to grow even bigger with time.
From Metaverse betting to crypto-based games and even more Web 3.0 features, there are many things to expect from the decentralized betting market. Thus, it isn't easy to directly speculate the industry's potential.
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The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.