Traditional vs. Modern SportsBook

The number of active users who bet on sports has increased along with the tremendous wave of interest in betting that has hit the world. Sports betting puts the casual sports fan against professional bookmakers, who, unlike in real sports, do not always get their way. Crypto Sportsbook is the new trend that enthusiasts are hopping onto these days. 

As a result, if we look today at 2023, the Sports betting industry is one of the most alluring and money-making industries around the globe. If we go by reports, the current worth of sports betting is estimated to be worth $74 billion and is anticipated to reach $129 billion by 2028. 

Today the method people use to bet on sports is getting advanced, and so should sports betting platforms and their technologies. In the coming future, the emergence of a decentralized and community-driven betting ecosystem can be witnessed. In addition, new brands in the sports betting ecosystem now have a one-of-a-kind opportunity due to the introduction of blockchain technology. 

A complete betting universe where self-regulated groups operate freely, independently, and democratically on the open blockchain may arise from this unexplored area.

A new type of betting system that will eventually replace conventional bookmakers is made possible by the new decentralized sports betting.  

Since 2021, the cryptocurrency sports betting market has grown significantly and has become extremely competitive. Bitcoin and cryptocurrency betting have gained popularity because of their quick deposits and withdrawals, low transaction fees, and a wider selection of games that can be gambled using cryptocurrencies. 

In addition, decentralization puts the power in the hands of the people and in an industry like betting, where choices must often be made independently rather than through a central authority.

How Decentralized Sports Betting Is Different From Traditional Betting

Transparency 

With the use of decentralized betting, there will no longer be any unethical manipulations of the odds, prizes, or game results. All the transactions in the blockchain are irreversible. This feature safeguards the betting market against manipulation after it begins. Additionally, since all bet transactions are open to the public, any unusual activity can be spotted.

Smart Betting

Web 3.0 platforms, in contrast to traditional bookmakers, provide a variety of ways to make money. People who are afraid of taking risks may opt for low-risk options like staking in the pool and earning interest through it. 

Easy Payouts 

If you want to open a new account, traditional bookmakers would ask you for certain documentation work regarding the whole verification process. That process used to be very slow and lengthy. On the other hand, the decentralized system resolves these problems as it is automated, and also your blockchain wallet receives the payouts instantly.  

Security

As mentioned earlier, the blockchain system offers a structure for a permanent and irreversible record-keeping system. Smart contracts are used to implement the algorithms on a Web 3.0 platform, and they are executed automatically. Better protection, flawless bet execution, better data security, and total information transparency are all delivered by this.