Sports betting market, in general, is massive. According to different reports, there are over a trillion USD worth of bets placed annually. In 2016 alone, legal sports betting profits are estimated to be at over 70 billion dollars and this figure is set to reach 90 billion dollars this year. Different kinds of ICO’s (Initial Coin Offerings) are bringing worldwide competition to the betting market, leaving regular gambling organizations in a fear of losing clients. Having all of this in mind, one question still remains – how could blockchain and cryptocurrencies help these regular betting platforms and increase the overall stability for bettors?
Illegal betting – a huge loss for the betting market
According to an NBA commissioner Adam Silver, around 400 billion dollars in bets are placed illegally in the USA alone. More than $3.6 billion was wagered on sports at Nevada sports books in 2013. The American Gaming Association, citing the National Gambling Impact Study, estimates that as much as $380 billion is wagered illegally in the U.S. annually.
Silver once wrote a 2014 New York Times op-ed piece titled “Legalize and Regulate Sports Betting,” in which he argued for the eradication of the Professional and Amateur Sports Protection Act of 1992, which limited the vast majority of government-regulated sports gambling to Nevada. “I believe that sports betting should be brought out of the underground and into the sunlight where it can be appropriately monitored and regulated.” – says Adam Silver.
Also, while betting illegally, the bettor might lose his money even while winning. Though most bookies do end up giving the payouts – they have to do so to remain in business – but there is always the chance of someone refusing to pay up if a bet goes drastically wrong. There is no channel of appeal for a gambler who has lost the money as the bookie is their only contact and they cannot go to the police for obvious reasons.
Finally, given the spread of match-fixing, the gamblers never know if they are being enticed into a making a bet, the outcome of which has already been decided to be against them. Because of this, bettors might lose money not because they lost, but because of an arrangement between two facing teams.
Cryptocurrency – faster and safer betting experience
With the use of blockchain, cryptocurrency provides the speed and anonymity that has made it ideal for people looking to wager safely and has given sports gamblers an alternative to traditional online books. The speed of cryptocurrency transactions makes using cryptocurrency sportsbooks a much safer option to everyone than traditional sportsbooks. You can deposit, wager, withdraw, and have your money back in an immediate control.
This is made possible by the blockchain. Since the network handles transactions at such low cost, operators are saved the headache of managing players’ cash.
In conclusion, betting market can become much more stable and faster with the help of blockchain and cryptocurrencies.
eSports – an extremely popular betting niche with no regulation
In recent years and months, more and more attention has been focused on cryptocurrencies and blockchain technologies. eSports has also seen a surge with 40% growth in 2017, making the industry a perfect fit for blockchain technologies.
Blockchain and cryptocurrency offer a number of opportunities to revolutionize the eSports industry. Transactions on blockchain are safe and transparent, fees are decreased, and payment processes are faster. The popularity of cryptocurrency attracts greater user base and funds into digital gaming platforms, as well. And of course, cryptocurrencies were first traded on an exchange built for trading gaming cards, called “Mt. Gox”. Gaming was the first place for the widespread use of cryptocurrencies through micro-transactions.
eSports betting got popular because of betting sites allowing people to bet on matches using virtual items (skins). This kind of betting could be done by anyone, with no regulations. Two years ago, Mohamad “m0E” Assad admitted the practice of rigged bets on stream in an effort to promote the dice gambling platform. Basically, Assad bets on a dice result which has been given to him prior to the “roll.”
The scandal didn’t directly concern the Counter-Strike competitive environment. No competition of Counter-Strike was involved, but it still shows the two main problems in the eSports betting scene – the whole betting process is not regulated, which means that anyone at any age could bet using these virtual items and, at any point, sell them for real money.
Marginless – a new way of betting
There are a lot of problems in the betting world right now – high fees, limitations for winning players, long payouts and limited options for people who want to bet on different niches other than regular sports. Because of all the upsides that cryptocurrency and the Blockchain could bring to the betting market, more and more start-ups are using cryptocurrency instead of regular fiat money to allow users a faster and safer way of wagering. This year, a new ICO (Initial Coin Offering), named Marginless, is creating a new platform for users who are tired of these mentioned problems.
Marginless is a fast, safe and reliable platform where anyone can create their own bets, post and follow regular betting analysis and receive industry-leading, lowest fees.
“Marginless will bring the good old times where individuals will have an opportunity to place a wager against other people directly on almost any sport or other activity. Friends, colleagues and many other sports lovers will be able to get back the control of their bets and place them against a real person. Cleverly developed algorithms seem to rule today’s betting industry, however, the decentralized approach of newly forming blockchain technology-based solutions will change the way we live – making financial transactions, buying products and… betting. At Marginless you can not only bet on sports but create your own bets in different kind of niches.” – says Marginless CEO Lukas Jonaitis.
Marginless betting platform is driven by MGS tokens, which means that in the whole betting process, Fiat currency is not used at all. The use of Tokens and AltCoins as a reward for betting gives you a complete, secure and lightning fast reward payment in Tokens or AltCoins. Blockchain lets you confirm payouts immediately and payouts will be processed in a couple of minutes depending on what kind of AltCoin as a payout option is chosen. Our wallet lets you keep your betting assets in more than 30 different AltCoins. You will have a possibility to deposit or withdraw AltCoins as well. Marginless partners will integrate a possibility to purchase AltCoins or Tokens directly from our Marginless platform in a safe and quick environment.
Also, Marginless is hosting a raffle for a brand-new BMW X6 vehicle. For more info, visit Marginless website – http://www.marginless.io.
Bright future for betting…
Although there are problems in the betting world right now, like illegal wagering, long winning payouts, and insanely high fees, because of cryptocurrency and the blockchain the future of betting seems to be fairly bright.
Because of betting exchange projects like Marginless, the potential of cryptocurrency and blockchain is being used at its maximum, allowing users the ability to bet fast, safe and with almost no fees in whole the process. Cryptocurrency and blockchain is the future of betting and the faster we will start using it, the better.