The sports betting industry starts leveraging blockchain, making betting more transparent. SportBet is one of the platforms that allow betting on sports with EOS.
Being a highly popular and exciting activity, betting increases the interest in sports events and makes ordinary viewers into passionate fans. Recognizing the value sports betting brings to both countries’ budgets and their sports teams, many governments are reviewing betting regulations. As for 2019, eleven US states have legalized betting, and some Asian and African countries are starting to use more relaxed laws as well, thus opening new opportunities to both vendors and sports associations and teams. The global market size for sports betting will continue to grow, both offline and online, and the adoption of blockchain can segment the industry, shifting focus to the crypto betting.
With the increasing crypto awareness, companies begin to leverage blockchain in gaming in general and sports betting particularly. If we consider a general number of dapps built on the blockchain, Ethereum and EOS prove to be the top choices of dapp developers. A significant part belongs to casinos, online games, exchangers, and sportsbooks.
Compared to traditional online betting, crypto sportsbooks have some weighty perks for users and providers. Blockchain helps to solve old issues of traditional sportsbooks, providing new possibilities, and improved customer experience.
Sports betting dapps usually leverage EOS. It is one of the fastest blockchains with zero commission fees, which makes it perfect for betting in crypto. SportBet is one example of the successful use of EOS blockchain in the field of crypto sports betting.
Launched in April 2019, SportBet has become the first dapp that started using EOS smart contracts for sports betting. Based on the experience and feedback gathered during their work, the team can share the insights of betting on sports with EOS.
Sports fans who’ve used to place bets online know the problems betting can entail. Simple as it may sound, you cannot just make a bet as soon as the thought to support your favorite team has crossed your mind. More than that, if you happen to win a weighty sum, or win several bets in a row, you’ll have a hard time claiming your money.
Before placing a bet on the classic online sportsbook, you have to provide a bunch of documents, verify your identity, and make a deposit. Your funds are kept on the company’s account, and there’s no guarantee that you’ll see your money at the end of the day. Also, any authority could request information about your identity, your bets, and earnings within the gambling website. As the licensing conditions of the majority of sports betting platforms state, they are obliged to reveal the information to the regulators or authorities if it is in their legitimate interest.
The blockchain sportsbook, on the other hand, means anonymity in the first place. Also, the company cannot stock your money on its account since the nature of blockchain ensures instant payouts to the EOS wallet. SportBet doesn’t ask you to submit documents or even register – the top advantages of blockchain are anonymity and transparency. You create an EOS account and use it to log in to the platform. No deposits - as soon as you have an EOS wallet and some coins in it, you can support your favorite team whenever you want.
SportBet cannot block your money because of the unpassed KYC - the company doesn’t have your money, it’s kept in your wallet. SportBet cannot share your info - the company knows your username only, and all the transactions are public. SportBet pays your winnings directly to the EOS wallet - in up to twelve hours after the sports event is finished. If the match is canceled, delayed, or postponed, the money you’ve bet is returned to your wallet as well.
Another difference of crypto sportsbooks from the traditional betting platforms is the active community and transparent communication between the team and the users. Since the EOS ecosystem is a relatively small and friendly society, it doesn’t allow any authoritative approach to dapp users. Reputation matters a lot, and, therefore, users’ thoughtful comments and feedback are processed and put into action asap. This way, SportBet is a dynamic and user-friendly platform, where the team always keeps in touch with the users and implements their ideas into the website.
The creation of an EOS account can be a single difficulty in your way to betting in crypto. To meet this customers’ need, the SportBet team is going to implement social media login: users will be able to use their Facebook, Twitter, etc. accounts to start betting on the platform with EOS, Bitcoin, or USDT. Still no KYC, transparency of blockchain, and instant payments guaranteed by the EOS ecosystem and proved by the community.