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For years, sports betting legitimacy has been a controversial topic both in the United States and many other countries. However, the 2017 May 14th rule that favored the legalization of sports betting in the USA triggered an avalanche of changes for the sports betting fraternity. Regardless of whether you are a bettor or not, the changes in the law will gradually affect you.
To make this niche presentable and marketable betting developers are investing mainly in digital technology R&D to revolutionize an industry that was once associated with the mafia and racketeering.
Modern Day Sports Betting
As of 2017, the industry generated approximately US $120B. With the passed legislation, analysts predict that by 2020, the industry will be averaging between $300B and $400B in annual revenues. Since the internet went live over twenty years ago, the gambling niche started becoming popular reaching untapped markets worldwide. By 2010, technology made it possible for gamblers to place wagers through their smartphone devices without having to step into a casino.
Today, the tech has evolved; blockchain and smart contracts are further propelling the industry into a fully automated platform. Blockchain tech is the most significant change to happen to sports betting. The tech turns casinos into secure, trustworthy, decentralized platforms giving players the same odds as the house.
Blockchain Powered Changes
The first significant changes that blockchain casino platform sites offer are the elimination of third parties and using code to process transactions. Funds are deposited into gamers digital wallets automatically; gamblers use the same platform to place their wagers and earnings are paid into the same wallets instantly.
Blockchain uses an open source ledger to process transactions further boosting trust. Casinos no-longer have the power to tilt winnings to favor the house granting punters provably fair gaming.
Blockchain Casinos
To stay ahead of the competition and to remain relevant, a lot of gambling sites both established and upcoming are incorporating blockchain technology on their platforms. Unfortunately, as of now, a little fewer than 40 betting sites accept cryptocurrencies. The same platforms are still figuring out how to incorporate peer-to-peer betting or smart contracts tech. However, given the drastic tech changes, soon, sports betting will change from how its run today and become entirely run on crypto tech.
Notes
ZenSports and Wagger.com are betting platforms that are operating from the future. These decentralized casinos allow gamers to be in charge of the whole betting process starting from the beginning to the end. The blockchain tech powering these sites comes with decentralized data storage that champions betting transparency and flexibility.
Wagger.com has published a white paper showcasing how their decentralized platform works and how bettors that invest in their crypto tokens stand to gain through the investment they make. In a while, blockchain will disrupt the gambling industry and any casino that refuses to embrace this new wave will belong in the past!
Disclaimer
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.