The betting industry is probably the latest industry blockchain is going to influence (or is already influencing). Blockchain is very much capable of providing solutions to the cons that come with conventional betting and can largely improve the concept of betting as a whole. You are probably wondering how blockchain technology is going to improve your wagering, you’re in luck actually, your answers are in the paragraphs below.

Transparency

Many a times, betters have complained about maltreatment and fraudulent practices bookmakers indulge in. Many argue that the odds always favour the house, the bookmakers win all the time and betters that win too frequently are restricted or even banned sometimes.

When betting and all transactions related to it take place on the blockchain, it is totally transparent, and can be accessed by betters and bookmakers so fraud is not part of the script. The bets and stakes cannot be tampered with and therefore there is no foul play.

Automated Payments

Thanks to smart contracts, funds cannot be manipulated. Payouts are made automatically when they are due, without any delay whatsoever, and leaving no room for fraud on the part of the House. All transactions are open and secure.

Digital Tokens as Currency

 When betting is done on blockchain, cryptocurrency will be the legal tender. All transactions will be done using digital tokens, taking away the complexities and extra charges of regular currency and bank transactions. Stakes and earnings will be paid from and into the betters’ Wallet, and the transactions will be characteristically transparent.  

Wagering will undoubtedly be better with blockchain in the system. Smart humans are getting in on it, it would be not so smart to have this knowledge and do otherwise.  Raise the stakes with blockchain today!