With the introduction of blockchain – something that many people are calling the ‘Internet 2.0’ – we are about to witness a huge shift in almost every corner of our society. You might be surprised to find out that this fascinating new technology is even applicable to the betting industry. In fact, it could completely revolutionize the way that betting works.
Why Decentralization is So Exciting
Today, the vast majority of our society is centralized. This means that a large proportion of the power is in the hands of large organizations and corporations.
One of the large advantages of blockchain technology – and the reason we’re so excited about it – is that it makes decentralization possible by shifting a large proportion of power and control away from large corporations, back into the hands of individual users.
Now You Can Receive Your Winnings Instantly
As it stands, even after winning a bet, you have to wait days – sometimes even weeks – to receive your winnings, even after they have been confirmed.
While wagers get graded almost instantly (meaning users can keep betting and supplying more money to these companies), cashouts take much more time than necessary.
This is extremely inconvenient. For starters, there may be a situation where the bettor is relying on this money in order to pay bills or make ends meet. In this case, waiting to receive winnings can be excruciating.
The more likely case is that the user is losing out on valuable interest that they could be gaining by having their winnings in their bank account.
In the absolute worst case scenario that the sportsbook collapses and defaults, there is currently absolutely no recourse for users to reclaim their money.
However, blockchain technology enables users to receive their winnings almost instantly.
Blockchain betting platform, BlitzPredict, is using their method called BlitzPay to provide instant payouts to users upon completion of events. This means that users will no longer have to wait for sportsbook platforms to transfer their winnings, and they won’t have to wait for reporters to verify results on prediction markets.
Where legal, and where certain criteria are met, the platform is leveraging smart contracts to allow their users to automatically execute wagers placed with sportsbooks and prediction markets.
Bringing Competing Sportsbook Platforms Together
Right now, if a user wants to make a bet, they are required to trawl through a multitude of different sportsbooks platforms to try and figure out which one has the best rates available.
This is time-consuming and inefficient. More importantly, it is a problem that can easily be solved.
BlitzPredict is essentially an aggregator of all of these sportsbooks prediction markets. It constantly works to update and refresh the odds and streamline the betting process, meaning users always are always ensured to get the best odds available for a given bet.
Incentivizing Experts to Work Within the Community
Sports analytics is currently extremely fragmented. Sportsbooks and betting syndicates are extremely protective of their property, and as a result, they have all of their internal analytics departments completely walled off to competitors.
This makes sense. After all, they are businesses that are ultimately trying to make money. However, it means that different sports analytics groups are all competing differently towards the same goal.
What’s more, sports analytics experts are currently paid a salary that is below market rate, meaning many of the top talent makes the decision to go elsewhere in the industry.
There is currently no community where sports analytics experts can be rewarded for their contributions.
Using the BlitzPredict platform, users can benefit from experts’ information by using BlitzPredict tokens (BPZ) to access it. These BPZ tokens will then be rewarded to the experts in return for providing their predictions.
Over time, the market will reward quality predictions, while avoiding inferior information – ensuring the most qualified users receive the highest reward.
Moving Towards Decentralization
Traditional sportsbooks are centralized authorities. However, times are changing, and the benefits of decentralization are becoming increasingly clear.
The blockchain is revolutionizing the way we live – just like the internet did back in the ‘90’s.
In ten years’ time, it is likely that the online world we have become accustomed to will look radically different.