Blockchain technology has begun to make an impact in the betting industry, thanks to a new development from a company called Wagerr.
Wagerr has launched its Direct-Chain betting protocol, which it claims could create an unrestricted, decentralized gambling platform operating across national borders using blockchain technology.
The platform started operating earlier this month and allows gamblers all over the world to access their preferred betting markets using PC and Android. The platform deducts commission of 6 percent on all winnings and offers secure bets and payments without a centralized authority.
Trustless sports betting
The new blockchain-based platform has the potential to pioneer a new trustless sports betting environment in which gamblers can participate regardless of national or regulatory borders, as the decentralized sportsbook will be open to a world-wide audience. It will also enable users to create private and completely secure gambling ecosystems.
According to Wagerr, blockchain solutions could provide many benefits for the millions of sports bettors in the world, particularly for those in regions or countries where gambling is illegal:
It is unfortunate that bettors wishing to engage in their hobby currently face issues such as a lack of trust, lack of fairness, poor or no availability to them and security mishaps, just to name a few.”
Wagerr also claim that blockchain-based betting is the solution to risk, corruption and lack of fairness in the betting industry. If their betting protocol is a success, it could encourage other developers to enter the market, and it seems likely that increasingly imaginative blockchain-related technology will be making an impact on the betting industry over the next few years.
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Andie Hughes is a UK-based freelance betting and gambling writer with over a decade of experience in the industry, having written for Betfair, ESPN, Boylesports, Sporting Life and various other popular betting sites. Contact Andie at firstname.lastname@example.org.