The Impact Of Decentralized Sports Betting On The Blockchain

Everyone would agree that cryptocurrencies, blockchain technologies, and the DeFi sector, in general, have exploded in both popularity and usage over the last decade or so. However, one particular industry which is currently looking to utilize the vast potential of this space is sports, specifically when it comes to betting.

The relationship between blockchain and sports

In recent years, the amount of business and management industries that have begun to adopt blockchain technology has expanded tremendously. The obvious advantages of decentralization, such as increased security, a P2P (Peer-to-Peer) model, and potentially enormous financial gains, appeal not only to these businesses and companies but also to various payment institutions.

Decentralized sports have lagged behind other areas such as DeFi, despite the area being ripe for innovation. The benefits of blending blockchain with sports include freedom from traditional financial institutions as well as access to individuals from across the globe.

Ultimately, when it comes to blockchain technology, the key foundations are integrity, visibility, decentralization, and network participant fairness. Third-party engagement, or intermediaries, would therefore fade into the background under such circumstances. This method will hence not only cut expenses but would most likely also instill new levels of fan confidence and advanced interactions with investors by presenting them with transparent investment choices and new opportunities.

What about decentralized sports betting?

As previously alluded to, betting is a common practice across a wide variety of fields, and the sports industry is no different. Decentralized sports betting platforms are revolutionizing the way people place bets and will usher in a decentralized and community-driven betting environment for the foreseeable future.

In terms of what it is, decentralized sports betting is a new kind of betting mechanism that excludes established bookmakers. The betting platform is instead built on an open-source approach that incorporates blockchain technology. Web 3.0 sports betting services usually do not have an actual proprietor who runs the platform as all players would be actively participating and there wouldn’t be any central authority in charge.

Moreover, because it is open-source, anyone may contribute to it and make improvements. As a result, anybody who bets can construct markets and create odds. Furthermore, those who wish to join will have to decide whether or not to wager against the person who launched the market. Lastly, decentralized sports betting typically does not levy exorbitant fees, and are considered safe due to the fact that all data is stored on the blockchain which provides another layer of transparency.

How is Goracle helping?

Goracle, previously known as Algoracle, is bringing Algorand to the forefront of decentralized sports data. It is providing the world’s first decentralized sports feeds to power Algorand applications and will be crucial in helping usher in a new era of blockchain-enabled decentralized apps that rely on sports data.

Most recently, Goracle announced that it will pilot a new proof of concept sports betting app to be used for the UEFA Championship League Final, which will take place on May 28th, 2022. The purpose of this app is simply to show the feeds in action. The international football competition is incredibly popular and countless fans from around the world watch it every year, which also means that numerous individuals place bets on the different fixtures. As such, not only is Algorand working alongside FIFA as a new partner, but Goracle hopes to facilitate the use of sports feeds for dApps that want to be truly decentralized, thereby improving both the sports industry and the blockchain and DeFi sector as a whole.