What is Decentralized Betting and How Does it Work?
Traditionally, betting is a complicated process, and it takes time to master it. The introduction of online casino was a game-changer, and it eases the stress involved in traditional betting. There are various betting platforms that offer several options to choose from, and the convenience of playing from the comfort of your home.
However, the casino is also an essential part of betting and should be considered. One significant difference is that sports betting is based on real sports event while the mobile casino has an algorithm that simulates the game while it's ongoing. Also, games like lucky draws and jackpots are run by gaming management, and they determine the results. But the question most bettors always ask is how to know if there's honesty. Another thing is how secure the platform is against hackers?
The same logic works for other sport betting platforms. Some of them have secured servers that process the games with extra security. When talking about decentralized betting, the security is on a high level, giving way to a fair betting environment. With this system, there's no need to use intermediaries in the casino games, which further strengthens the system's fairness. The aim of this is to give bettors more power over the game.
Decentralized Betting: What Does it Mean?
You might be thinking, what exactly does decentralized betting mean? Well, it means a betting network where no central operator is used. In sports betting, we have bookmakers that operate the system at the backend. These bookmakers are the operators that are not necessary for decentralized betting.
One thing that makes this possible is the use of blockchains. Blockchain is a technology that is based on IT and P2P networks and now being used in the fintech industry. It started to gain ground in 2016, and since then, the IT industry adopted it. This development is a game-changer that puts most power in the gambler's hand, thereby eliminating a third party.
An example is seen on the sports betting exchange and the prediction markets. Here, the prediction is not based on sports alone as their sections to bet on weather, entertainment awards, and lots more. Any gambler can build a market, and other gamblers will bet on it using the present odds. All these are done with no one interfering in the system.
Benefits of Decentralized Betting
We now know why decentralized betting is making waves now. To get the whole picture, we need to first look at the process of a sportsbook. The duties of a bookmarker involve many things when a game is ongoing. They set odds for games at the beginning; then they record all the bets placed.
When bettors win, it's also their duty to pay them. Most people don't like the idea of someone to determine their fate at the backend. The whole process is not transparent, and this makes it harder for trust to exist.
Decentralized betting is still new in the industry, and it has a long way to go. We hope this system make it in the industry as this can change sports betting forever.