The sports betting industry is continuously on the rise and remained to be one of the most-regulated businesses by private and public entities. The standard rules and regulations the government provides for cryptocurrency and betting today should ultimately eliminate the doubts and worries of new and existing gamblers.
However, there are some remote incidents even reputable bookmakers had a hard time addressing. This pressures aspiring gamblers to try Bitcoin sports betting and crypto betting, leaving unanswered questions and negative first impressions. Moreover, many international reports also target the integrity of online betting itself. Recently, a British Gambling Commission study on players’ gambling behaviors released a statement saying that two-thirds of their sample respondents do not think that gambling is fair and trusted, narrowing the numbers down to 41% people thinking that gambling is prone and associated to criminal activity.
Regardless of the negative reports coming from news outlets and other sources, the blockchain technology and the developers behind it still believe that it can foster trust among users and bookmakers. There are blockchain-related innovations today that serve as a solid solution for online betting transparency and security–creating a safer sports betting circle and providing peace of mind to those who want to try out sports betting for the first time.
The Blockchain’s Role
Despite cryptocurrencies being a virtual mode of payment, there’s no doubt that it’s still considered as a real money on online sports betting. But users are not just after for money, they also want to experience the maximum security bookmakers, cryptocurrency, and the blockchain technology promise.
Good thing the blockchain is true to its word. Its central feature is transparency. The distributed public ledger only allows transactions and confirmations from the user itself, and all of these are automatically recorded online. No one can control or manipulate it, not even hackers or identity thieves. As for the bookmaker’s platform, the blockchain provides decentralization as a practical solution, allowing gamblers to verify the bets and stakes themselves.
Going back to the negative reports and isolated incidents concerning betting, many blockchain-related companies took the liberty to promote the technology for gambling-related protection and innovation. There are emerging developers and companies that completely focus on providing platforms powered with blockchain, including Zeroedge and Qlear Protocol, both of which display features that eliminates the high risk players always face when placing bets online. These two developers allow bettors and operators to facilitate trust and transparency within the gaming environment and outside the control of centralized authorities. Ultimately, this translates to confident betting experiences from start to finish, which is of paramount importance when betting on sports.