What are the Uses of Blockchain in Sports Betting?
The uses of blockchain in sports betting are in several areas. They include
- Payments and finance,
- Bets confirmation,
- Results aggregation,
- Event monitoring and records,
- Analytics of past events,
Payments and finance are some of the most critical uses of blockchain in sports betting.
Payments and Finance Have the Best Uses of Blockchain in Sports Betting
Funds get all the advantages of blockchain technology as against the flaws of legacy systems.
Security sits on the top of the pile. Legacy systems are generally insecure.
So much so that the high cost of maintenance and upgrades of legacy financial systems has been historically staggering.
Blockchain technology, on the other hand, revolves around cryptography.
As such, the systems, processes, and procedures will naturally tend to be more secure than legacy systems.
Blockchain technology also has minimal maintenance costs. Upgrades changes to the original code and, forks cost relatively less than the standard legacy system.
Player’s monies are generally safer on blockchains than on centralized databases.
They are also easy to track.
This scenario works in situations when winnings need to move in one direction and, the players want to track their winnings for themselves.
Third parties are also not needed for the disbursement of winnings. They go straight to the wallet of the winner.
Bet Confirmation Ensures Accuracy of Gaming Systems
Legacy systems sometimes have errors that occur when confirming the player’s bets.
This problem occurs in many cases when internet access fails or network redundancies stop entries from reaching gaming databases.
Because blockchains have distributed ledgers, once the confirmation gets stored in the temporary storage space across all distributions, the transaction will go through after consensus is achieved.
These and other uses of blockchain in sports betting occur because of the immutability of blockchains.
Currently, the paradigm that governs the design of blockchains has more to do with the immutability of blockchain systems.
Maybe in the future, we may see flexible blockchains. For now, though, this allows for bets to be confirmed and remain unchanged the moment they enter the blockchain.
Immutability is one of those characteristics that extend the uses of blockchain in sports betting.
It allows for the accuracy of all bets before and during sports events.
Results Aggregation Get Optimized Using Blockchains
The results for sports events are the basis for winnings, payouts, and just about everything when it comes to sports betting.
These results also benefit as one of the uses of blockchain in sports betting.
Since blockchains are immutable, sport event results once done with can be aggregated and stored on blockchains.
Data oracles can help in this regard. They provide a method for verifying the data from news sources and sports events.
After the results are final, then the data can get aggregated on blockchains.
There are several advantages to data aggregation on blockchains.
The first of these is that aggregates allow for a historical study of past events.
If events are historically studied, bettors can make better decisions in upcoming events.
Also, data aggregations help the bookies to implement real-time odds analysis.
Data oracles keep providing data that will be parsed and allow for input into blockchains.
The data gained allows for this adjustment in odds.
Change on blockchains is always constant.
How this change works and is used is what separates winners from losers.
It is another of the many uses of blockchain in sports betting.
Event Monitoring and Records Gain a Boost Using Blockchains
Events have a new use-case scenario involving blockchains. This time, monitoring and recording is a distinct possibility. It is possible especially with the newer blockchains that have higher storage capabilities than the first-generation blockchains.
It also extends the usage of blockchains into a new realm of possibilities. Having nodes as witnesses concerning different events also helps to smoothen the betting process considerably.
Bettors, bookies, and other participants in the process won’t have to exit the blockchain ecosystem to get certain tasks done.
Everything can occur within the blockchain environment.
Event monitoring a lot of the time occurs outside the blockchain environment.
In many cases, blockchain monitoring occurs manually.
The use of blockchains for event monitoring raises the prospects and uses of blockchain in sports betting.
It gives further accuracy to the results in an industry where a few decimal points could mean winning or losing.
Event monitoring also serves as a new scenario for sports betting. It eliminates the human interface that always occurs on blockchains.
The recurrence of blockchain automation within such a use-case scenario becomes more likely with new uses of blockchain in sports betting.
It also allows for these new technologies to emerge and complement the older ones.
Analytics of Past Sporting Events Present New Opportunities for Blockchains
There are no greater uses of blockchain in sports betting than the use of blockchains when it comes to analytics.
We all know how analytics provides all kinds of tools for studying available data.
What is largely unknown however are the uses of blockchain analytics when it comes to sports betting.
Analytics apart from events prediction also help in Bettor profiling.
The profiling of bettors enables the bookies to provide better services to them.
Transaction profiling also occurs. That helps in fraud detection.
Event profiling helps the bookies to give the bettors the right tools for decision-making.
Even profiling enables the bettors to make the right decisions.
The future holds more uses of blockchain in sports betting.
The reason for this is that sports betting is an evolving industry.
As the industry evolves, so will the blockchain uses.
The sports betting industry stands to gain maximally from this.