Decentralized crypto sports betting has turned the table in favour of players and bettors. It allows players to place bets, stake their funds, win games and withdraw their winnings without the interference of any central authority. Other benefits like minimal transaction fees and anti-theft technology form the icing on the cake. Let's look at the concepts of decentralization and blockchain technology in detail.
Decentralized Sports betting is an up-and-coming way of betting that has revolutionized the sports arena's betting scene. Betting is quite common in many fields, and sports are no different. Decentralized betting means a more inclusive way of placing bets.
It excludes the already established bookmakers. Instead, decentralized betting includes platforms built on an open source approach. Decentralized betting also incorporates blockchain technology, which we will discuss in the next section.
Decentralized crypto sports betting will pave the way for a community-driven betting environment. Since the decentralized sports betting platform is open source, it is much more inclusive, and anyone can make changes and contribute to improving it.
Anyone that places a bet can construct the market and even create odds. Decentralized betting does not levy hefty fees and is a considerably safe platform due to the involvement of blockchain, which provides an additional level of transparency.
A blockchain is a form of database that is used to store information digitally. Blockchains are famous for their effective use in cryptocurrency storage. This is because they provide a secure platform and decentralized records for transactions.
In a blockchain, data is stored in small clusters called 'blocks'. All the blocks have a specific storage limit. Once the block storage is complete, that block is linked with the previous block. With more and more blocks, it forms a cross-linked chain-like system, hence the name blockchain.
Blockchain differs from other databases as the information stored in blocks is linked to each other via cryptography. All the new data that comes in is stored in a new block. When this new block reaches its storage limit, it is linked to the entire chain.
Blockchains work so that once data is entered and stored, it can be accessed but not changed, edited, or deleted. This way, blockchains have set up the foundation for immutable ledgers, or you could say they are the records of transactions that can not be altered, changed or deleted. Another name for blockchains is distributed ledger technology.
There are quite a few decentralized sports betting platforms and crypto sports betting decentralized apps available nowadays. Here are a few of the best decentralized sports betting sites:
There are quite a few differences between decentralized and traditional betting that makes decentralized betting a better option and the need of the future. The transactions flow through different levels between agents, blockchain providers, regulatory bodies, etc., in a traditional setup. This makes it easy for illicit activities to take place.
In a decentralized system, on the other hand, the data is very well streamlined, and hence it leaves no space for illicit tampering. In traditional betting systems, the data may be incorrect and is prone to improper tampering. This could lead to incorrect resolutions and loss of deposits and funds. In a decentralized system, where blockchain is used, there is no option for damage or data tampering. This makes it a much safer and more secure system to opt for.
No agents and third parties are involved in a decentralized sports betting arena. There is no need for the lining of the founder's pockets. Decentralized sports betting sites and crypto sports betting decentralized apps only charge about 1% of the sum of all bets. This money is then used as a network fee that covers the developer's work and the costs of potential master nodes.
Compared to traditional betting, players save a huge chunk of their funds when they don't have to pay the extra fees. Moreover, they get to avoid paying taxes which reduces high deductions from their winning amounts. Thus, the concept of decentralization is favoring players from a financial aspect as well.
Yes. There is no centralized authority regulating the game in decentralized betting. So, if you wish to trade in and out of positions before the game ends, you can freely do so. Unlike traditional betting sites, decentralized betting sites do not exercise control over the industry. As mentioned earlier, it is up to you and other sports gamblers to determine the odds and markets covered.
Moreover, in decentralized betting, there is no chance of getting banned. While in a traditional betting setup, you might get banned for winning under suspicious circumstances. Since there is no one interfering or exercising control over the game, you can be tension free about getting banned from a bet.
When investing in crypto sports betting, you get paid in cryptocurrency. All the transactions made online are done via the means of cryptocurrency only. After winning the bet and receiving the crypto money, you can liquidate the crypto into real funds.
The plus point here is that cryptocurrency is decentralized as well. So there is no room for unsuccessful transactions as no bank will reject or deny crypto transactions. Unlike traditional betting, where the deposits were sometimes denied or rejected by the banks, all the deposits and transactions go through with 100% success.
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