A theme growing rapidly in the US, is sports betting. Recently, Wyoming became the first state to use cryptocurrencies with online sports betting platforms. BetDEX describes itself as the world’s first decentralized sports betting exchange.
Sports betting is not a new frontier for former FanDuel CEO, Nigel Eccles, and with the step down from his esteemed position in 2017, it was only a matter of time before he started a new venture.
BetDEX aims to create a protocol that can be used worldwide by users to place bets at incredible speeds with minimal costs. By using blockchain technology, the platform can deliver zero counterparty risks.
In a recent interview, Eccles said he was excited to create his new company and pick a new team, announcing his former colleagues [at FanDuel], Varun Sudhakar, and Stuart Tonner will be working beside him.
Blockchain can be a game-changer in the online sports betting world. Immutable ledgers allow for increased trust from players. The public blockchain enables anyone to prove their funds have been transferred, and to where. The low cost of running an online sports betting platform on blockchain allows for higher rewards and incentives to play. The reduced administration decreases overhead dramatically.
Wyoming is currently the only state allowing the use of cryptocurrency on online sports betting platforms, but this could be the beginning of new legislation in other states.
Successful platforms like these can aid in a change of regulation, and If Eccles proves successful once again, it may see a dramatic increase in new crypto enthusiasts within sports betting.
The sports betting world continues to see a rise in users and volume. This recent growth has pushed the industry to provide more statistics and remove the current gatekeepers.
Blockchain ledgers make way for APIs and other tool developments for generating statistics. These tools can decentralize the space giving users options when it comes to betting on sports. The online sports betting industry has never been more exciting.
There are many sports betting projects you can try here, including Sportsbet.io and FortuneJack. Cloudbet offers zero margins on English Premier League games, giving it major appeal.
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