In the light of recent events, Yes! Bitcoin and sports betting go well together!
The major reason for this is that sports betting has simpler outcomes than other forms of gambling.
As such, Blockchain technology and other distributed ledger technologies (DLTs) work very well with sports betting.
For now, blockchain technology and distributed ledger technologies (DLTs) are immutable.
It may change in the future but this immutability gives a sense of finale to the data that is stored within the ledgers.
It works well with sports betting activities that need transparency for the various aspects of operations.
It also allows for a sense of finality for bettors.
They know what their winnings are.
The immutability of blockchains and other DLTs allows for zero tamperings of records.
It is another plus for Bitcoin and sports betting.
The great thing about cryptocurrencies is that they are used across borders.
Transactions happen almost instantly without the need for third parties.
It presents an unprecedented opportunity for betting enthusiasts.
Bettors can now bet on global events.
It also allows them to use cryptocurrencies such as Bitcoin as a means of payment.
The actions involving Bitcoin and sports betting have created another niche within the sports betting ecosystem.
In this niche, the use of Bitcoin for sports betting becomes the only way for the inflow of funds.
Data oracles are real-time data feeds with applications that interact with blockchains.
Oracles allow for the interaction of decentralized applications or D’Apps with blockchains in a dynamic fashion.
Simply put, application users can use real-time data to interact with applications.
Once they make their decisions, the consequences can then be entered into a blockchain or DLT.
It works very well for Bitcoin and sports betting.
Bettors can integrate seamlessly with their betting apps and make their bets.
From there, seamless integrations between the app and the Bitcoin blockchain can occur.
The advantage of this is that accuracy of the event outcome can be determined without human interference.
Payouts can also occur with no need for a human administrator giving approvals or permissions.
These days, considering increasing hacking activities from criminal elements, blockchain technology has proven to be one of the most secure technologies.
The Bitcoin blockchain hasn’t been hacked since 2010.
After a major correction to the source code during a major exploit, things have moved smoothly despite the blockchain being online for a decade.
The same can’t be said for centralized systems.
Most of them have been either been hacked or at risk of hacking.
So much so that a whole industry dedicated to cybersecurity has sprung out of nowhere.
As a result of this, centralized systems continue to upgrade their security systems.
Blockchain technology and the DLTs on the other hand have almost little to no need for security budgets.
Everything having to do with blockchains and DLTs are based on one form of cryptography or the other.
As a result, security is the first characteristic of blockchains and DLTs.
This is an advantage for Bitcoin and sports betting.
As more betting systems try to automate their processes, they will rely more on blockchain technology and DLTs.
When it comes to payments, Bitcoin offers sports betting activities the best alternative that is secure to the hilt.
It also gives betting systems an alternative payment system that has no need for the high costs of security.
Sport betting enthusiasts often have problems with the transparency of payment systems.
So much so that this issue discourages a lot of them from using sports betting platforms.
Payment systems often hold, seize or cancel winnings.
This problem has enabled a lot of institutional fraud within the global sport betting industry.
The introduction of Bitcoin as a means of payment aids transparency as punters can see their winnings paid directly on the blockchain.
It also allows sports betting platforms to pay users their earnings based on the intrinsic value of their winnings.
Fiat currencies and their electronic variants are subject to the vagaries of inflation.
Cryptocurrencies, however, are not.
They have a fixed supply and their value grows based on usage and trade.
This advantage offered to the Bitcoin and sports betting industry is has helped the industry to grow in leaps and bounds.
The Future is Bright for Bitcoin and Sports Betting
As humanity advances, we shall see other forms of sports.
E-Sports is one example of a sport that is gaining popularity.
Bitcoin as the first of the cryptocurrencies will play a pivotal role in ensuring that everything goes smoothly.
Christopher is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.