The gambling sector is worth over $40 billion globally and it continues to grow each year. The reason for the growth is the ease in which bettors can place bets can dramatically improved over the last few years. Now with the help of the Blockchain the industry is undergoing its biggest changes yet. It will help improve the sector by adding a level of trust and fair play that we have never experienced before. Using Cryptocurrency and Bitcoin helps to cut costs, speed up payments and the Blockchain provides a transparent ledger to give players provably fair gambling for the first time.
One of the things that is slowing Blockchain Betting is the different regulations for cryptocurrency in all the different parts of the world. This is changing rapidly though and Japan has taken the lead in making changes to law to make BTC and crypto a legal form of payment.
One of the solutions to this problem is start-up Wagerr (WGR). It is a brand new concept for sportsbook betting and completely decentralized. It uses the Blockchain to handle users bets by implementing smart contracts. These make sure that the validity and reliability of the betting is far superior to traditional online bookmakers. It also allows for payouts to be automated which enable huge cost savings that are passed onto the punters. Using this format will mean that punters make more money and is also helps to streamline to betting process to an extent never seen before.
The fees charged by online sports betting companies are extremely high and can even be up to 10% or greater. The fees for betting can get to levels as great as 6% and it is used by many gambling companies to make extra profit from their punters. Using smart betting contracts eliminates the middleman and the results of the games are instantly validated by the network.
Blockchain betting at Wagerr work by stakes placed on games being held in an escrow account until the results. The smart contracts then validate the result and automatically payout to the punters that won. This system stops any human error occurring as the information is validated from a number of data sources around the world. It takes away all of hassle of dealing with a middle man and it is going to change the whole industry in the coming years. For more information about Wagerr click the link before from Cryptocoinsnews:
This is a sponsored story. The sports betting business is one that is built on trust: if regulations change and bettors are left without a payout, or if bad actors take advantage of those who just want to bet on their favorite teams, then the betting experience can […]