Blockchain Is Gaining Popularity Among Bookmakers
Sportsbooks have begun to use decentralized apps and cryptocurrency for bets on the outcome of certain sporting events more often, Bitcoin.com reports.
The betting market is huge. According to some reports, fans in the United States made bets worth $140 million on the Super Bowl 2017 finals. At the same time, if such an activity was legalized throughout the country, this amount would be close to $5 billion.
In the meantime, gambling fans are increasingly resorting to the use of decentralized protocols when betting on various sporting events, including the Super Bowl, the central US event in the world of sports.
The volume of the American shadow market for sports betting is hard to estimate, but experts believe that it is over $80 billion a year. Many prefer to use offshore websites, but the use of bank cards increases the risk of funds loss.
Forecasting markets using decentralized apps are an alternative solution that is gaining popularity. Many of them provide bookmaker services. Over the last year and a half, more and more such proposals began to arise.
The Augur platform can be called the most popular. One of the last bets was associated with the Super Bowl on February 3, 2019, in which New England Patriots and Los Angeles Rams took part. Most bet on the victory of the first, and they turned out to be right.
Earlier, a study conducted by Fluence Labs showed that the main problem for the developers of decentralized apps was the lack of users.