Even though today “blockchain technology” is developing very rapidly, it is still used far from many areas and does not make any sense for the majority of the world’s population. Anyone who understands the possibilities of the blockchain, first of all, using the example of bitcoin, knows how this technology is a way to change the world. It is obvious that the emergence of blockchain in business radically changes the vector of its development. But how did it change the field of betting and how this technology reflects on any bookie? This will be discussed in this article.
Why do modern technologies affect betting specifically?
The fact is that in the modern world, betting as a product of consumption by a mass audience has found the greatest use on the Internet. It has become much easier to implement it through the network than offline. All that is needed for effective betting is contact between the parties. It is a contact that is a weak spot for modern Internet technologies. Blockchain just implies its appearance in the place of this very connection.
The most important thing to remember about blockchain technology is that it significantly changes all the rules of relationships between chain participants.
No more intermediaries needed
Blockchain technology is different in that it does not involve the participation of intermediaries in workflows. It turns out that the rules of intermediaries, their margin, and commission are no longer an obligatory element in the communication of the parties. Cryptocurrency bitcoin has become proof that today you can do without the mediation of banks and any other mediation. If we apply this to betting, then we can say that the bookmaker no longer has such strong power over the player.
Blockchain technology assumes that all the rules are initially prescribed, and if any of them is violated, the entire network will fail. Bookmakers will not be able to introduce new restrictions and change the rules, informing the client something like: “The administration reserves the right…”. That is, it will not work to change something after the fact. If the bookmaker prescribes too harsh conditions in the rules, then they will simply refuse to cooperate with him.
Thus, with the advent of blockchain technology in betting, the intermediary function of a bookmaker between virtual betting and a real player disappears. The company becomes just the creator of a set of rules, but it will no longer be able to regulate the process and intervene in it as before.
Representatives of the gaming community have always been unhappy with the way gambling companies protect their information. Scandals have repeatedly arisen due to the unfair play of bookmakers, the manipulation of rules, the hiding of statistics, and much more. One of the main claims has always been that the casino always wins and cannot be beaten. It is this fact that may change due to the advent of blockchain technology in the field of betting. The so-called smart contracts are written in the blockchain to protect the interests of both parties, significantly reducing the likelihood of any outside interference in the process. This, in turn, increases the credibility of the technology. Thanks to this technology, the transparency of processes will be greatly increased, so it will be practically impossible to hide something from users.
Benefit for players or disadvantage for bookmakers?
The fall of bans is one of the most significant innovations that blockchain technology brings to betting. Thanks to this technology, even the most conservative governments will not be able to influence the processes. The only way to ban betting is to ban the Internet, but this does not look like a real thing today anywhere on the planet. On the other hand, beginner bookmakers have their advantages – the absence of prohibitions means that they no longer need to obtain a license, which means they can at least slightly reduce the competitive advantages of betting giants, which will only have advertising as a powerful tool. The democratization of the market is a serious advantage for both the service provider and the consumer.