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Using Blockchain Technology to Revolutionize Online Sports Betting

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Online sports betting is growing at a rapid pace, attracting more players and more money to the industry with each new year. Online Sports Betting currently holds a 40 percent share in the entire online gambling market, according to a new report by the well known market research company, Technavio. The report talks about a steady 4 percent increase in future revenue growth. With an average revenue amount of around $400 billion being brought in annually through a dual online sports betting market that harnesses both desktop and mobile platforms, there are growing concerns on financial safety and efficiency within the blossoming industry. Blockchain, a financial technology recently taking several new industries by storm, is now being developed by companies with interests in the growth and safety of the global online sports betting market. Companies around the globe transforming online sports betting in a safe legal format. For instances, FanDuel and DraftKings are in North America and have expansions in Europe, or Unibet in Australia is legal and safe to play. However, with more money comes a need for security and performance. Read more about how Victory Square and others aim to disrupt and handle the online payments demand using blockchain technology to revolutionize online sports betting.

How the Internet and Mobile Devices are Growing Online Gambling

The sports betting industry is changing, with the Internet evolving the way people are playing on sports betting platforms. Also in the recent Technavio report is evidence of new consumer behavior in online gambling. There is currently a massive boom in gambling apps and other types of online gambling such as social gaming for real money and skill games. Such a huge popularity push for these new types of online games are likely to make their way through mobile devices as the average Internet user is spending more time on average on the Internet via their mobile device. Companies are constantly focusing on mobile friendly development when it comes to online gambling social games. User experience (UX) is also developing a high rate, which is leading to an increased user base and retaining that user base by giving them a fun, competitive, and interactive environment online. As new technology companies are cracking the code in regards to customer experience, the industry is bound to continue growing.

Where Blockchain Comes In

With revenues in such industries soaring past $400 billion per year, and rising with each coming year, the community is in desperate need of immutable security and efficiency of both financial transactions for the player and the platform.

A new company that utilizing blockchain technology for financial transactions is Victory Square. Their development team will use blockchain for efficient handling of funds between parties, keeping the money safely encrypted from A to B. Accounting and proof of all financial transactions are clear, permanent, and can never be tampered with. Most importantly, the blockchain technology gives online sports betting a transparent trust, to ensure fairness and security in an online gambling world begging for more of in its several industries. Here are a few blockchain companies putting up money to fuse the online sports betting industry with the blockchain:

  • Victory Square
  • Gamblica
  • Riot Blockchain, Inc.
  • BTL Group
  • NetCentsTech
  • HIVE Blockchain Technologies Ltd.

Blockchain’s Future Effect on Sports Betting

Blockchain technology is already evolving the online sports betting industry and the a vital factor in disrupting current markets is adoption and financial backing. Blockchain technology startups such as some of the companies listed above have recently been utilizing platforms such as Bitcoin and Ethereum, to crowdfund new projects through tokens by issuing a token sale and collecting development funds under conditions of use and release. Both Bitcoin and Ethereum bring hope to the future of the blockchain community, the two being technology titans and are leading the industry of cryptocurrency as well as laying the foundation of furthering blockchain integration into industries and markets of all sorts. The online sports betting industry is on the verge of a payments problem, and companies using blockchain tech are on edge of implementing a solution.

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