5 Reasons Why Sports Betting is Going Blockchain
Traditional betting is riddled with holes, and the blockchain is how we fix it. The rise of blockchain betting platforms continues to see a significant shift in user preference, and this is because of the benefits it provides. Blockchain-powered betting platforms improve upon its centralized counterpart and IBY leverages this power to ease the flow of betting, from cash-in to cash-out and everything in between.
In this post, we’re breaking down the unique benefits of blockchain-powered betting with insights from IBY’s recent major bets.
Why is this shift happening? 🤔
Sports bettors go into the industry to be rewarded for their passion, but with the current centralized system, this remains a far cry. With the seemingly insurmountable rules, low odds, high-risk and low rewards plaguing centralized systems, the pressing need for a decentralized betting system continues to grow.
With Blockchain, traditional bookmarkers are completely powerless over your bets, transparency is paramount and payouts have never been easier. So, What is it like making a bet on a blockchain-led system like IBetYou? In one word, limitless. IBY’s unique betting model lets you join existing public bets and create any bet of your choosing using the private bets feature.
Let’s dig deeper into these benefits IBY provided below.
Placing Sports bets on the IBY platform
Since its inception in early 2021, our mission to create a fun environment where bets can be made has evolved. Now with the addition of more sports bets, we’re getting the ball rolling with a few of our favorite sports; MMA and football.
We started to explore sports betting deeper in 2022 when the world witnessed the biggest sporting spectacle. With over a billion daily viewers of the World Cup, I’m willing to bet half of those viewers placed a bet and encountered asset safety, security, and verification issues. We’ve assessed these problems and with the help of blockchain technology, well, they no longer exist.
Benefits of a decentralized sports betting system
Decentralized sports betting improves upon the traditional system with an emphasis on making the system more bettor-friendly and bettor-centric. The following are the benefits of decentralized sports betting.
Completely transparent system
The gospel of the blockchain’s immutability, security, and visibility, translates to everything built on it, including betting transactions. Also, with the odds, the rules, and everything else regulated and determined by smart contracts, any avenue for fraudulent activities is eliminated.
Previous MMA bets such as the Flyweight title fight event on July 30, 2022, between former division kingpin, Brandon Moreno, and top contender, Kai Kara-France that we promoted on our platform saw an incredible reach and zero hiccups on bets.
To add, these bets are transparent for all to see, from the betting process to the payout process.
Payouts are quick and easy
With the many pointless rules on centralized betting systems, the entire process can become tedious and time-consuming. On the other hand, on the IBY platform, during our World Cup campaign, we had an influx of new users from which we required only a crypto wallet to get the ball rolling, and rewards were credited in real-time to the winners’ crypto wallets.
Makes betting smart and lucrative 💸
Aside from the potential wins of a particular bet, some platforms offer investment opportunities in tandem with your stakes. Web3 sports betting platforms make use of cryptocurrencies or tokens to function and this grants users the opportunity to hold winnings and see increases as coin/token prices rise. Unlike fiat currencies that stay the same.
Although this might be risky because of the possibility of a price decrease, several platforms provide many ways to earn to suit participants of different risk appetites. Low-risk options such as staking in the liquidity pool and earning interest are also available.
Anonymity
As mentioned earlier, traditional betting platforms have several regulations that impede a user’s need to be anonymous. Processes like submitting various documents containing personal information and validating them. This process drives players away in most cases but the blockchain resolves this through anonymity.
This avoids the players having to provide the recurrent data every time for a transaction. All that is requested of a user is to deposit their crypto at the provided address to participate in the bet.
Stable Liquidity
With IBY, you can bet on anything (yes, anything) and the parties involved in this bet provide their own liquidity when they stake crypto. Here, all players have equal rights to become bettors or liquidity providers.
Upcoming Events
Looking forward, with several sporting events already kicked off, there’s no better time than any to be part of the action by joining public bets already created on IBY or having fun creating private bets. Let’s take a look at some of the exciting events already underway ⤵️
MMA 🤼
Who doesn’t love a good combat sport? I know I do. With big-time matchups lined up in the UFC, placing a bet is a no-brainer. On Sunday, February 05, In his final fight, Fedor Emelianenko will get his long-desired rematch. Emelianenko is set to rematch heavyweight champion Ryan Bader in the Bellator 290 main event at Kia Forum in Inglewood, California.
Will Emelianenko close his legendary career with gold around his waist while avenging an important career loss? Only one way to find out. Watch these titans battle it out as they look to make history one KO at a time. Check out the public bets section to join existing bets or create yours in the private bets section on the IBY website.
FIFA Club World Cup 🏆
FIFA is back at it again, providing us with high-octane blood-pumping matches to keep us on the edge of our seats.
Every year, the FIFA Club World Cup gathers the winners of each confederation’s premier competitions, together with the host nation’s representatives to compete for the coveted trophy. Often highly competitive and action-packed, it allows fans of all generations to see an array of global talent. The 2022 Club World Cup will be played from February 1–11 in Morocco.
NBA/NBA All-Star Game 🏀
The 22/23 NBA season is in full force as Nikola Jokic and the Denver Nuggets lead in the Western Conference, with Ja Morrant and the Grizzlies hot on their trail. While in the East, Jason Tatum is having a career run with the Celtics, with Giannis and the Bucks not far behind.
In bigger news, the 72nd edition of the annual All-Star Game will be played on February 19 in Salt Lake City hosted by the Utah Jazz at Vivint Arena. The event will host the biggest names in the game as they compete to see which conference is the best. Composed of the celebrity game, the rising stars game, the 3-point shooting competition, the slamdunk competition, the main event East and West games, and many more, there’s so much to bet on and so many ways to earn.
NFL/NFL Super Bowl 🏈
The most expensive sporting event in the world is coming, and it’s going to be one for the ages. Scheduled for February 12, the Super Bowl LVII will be hosted at State Farm Stadium in Glendale Arizona — the home stadium of the Arizona Cardinals.
The Super Bowl is always a marquee event viewed by millions and the icing on the cake comes at halftime when the stage will be graced by global icon, Rihanna. Now that the NFL regular season is over and with a few teams having legitimate chances at reaching the Super Bowl, the announcement will be made soon.
To Sum it up
Blockchain improves the most important processes of sports betting. Now players no longer have to wait for their winnings to be processed, fear for the safety of personal information, and go through hurdles to be verified. Bettors can now benefit fully from the billion-dollar betting industry. With IBY, you enjoy all these benefits by simply connecting your wallet. With two betting options (private and public bets) provided, players can have fun betting on whatever they desire and winnings are received fast with no limitations.
Placing a bet on ibetyou.xyz is fast, efficient, transparent, and secure — nothing feels better than winning a bet and besting an opponent, so give it a try.
