The online sports betting industry has seen a rise in platforms that are willing to accept cryptocurrencies as a payment.
A popular site from the crypto betting market is 1xBit, a gambling and betting platform which provides bettors with a wide array of sports events on a global level. The platform enables users to make their wagers and withdraw them in more than 20 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, providing them a fast, safe and secure betting environment.
In addition, 1xBit allows its users to choose from a plethora of sports: Football, Ice Hockey, Basketball, Tennis, Volleyball, Table Tennis, American Football, Athletics, Golf, Bicycle Racing, Boxing, Cricket, Baseball, Curling, Darts, eSports, Formula 1, Handball, Martial Arts, Netball, Rugby, Snooker, and Sumo.
UFC Section Now on 1xBit
The website displays various sections: “Bet on your National Team”, “Match of the Day”, “Betting Exchange”, “Bet on a Tournament”, “Bet Constructor”, and its latest addition: “UFC.”
Ultimate Fighting Championship (UFC) is the top promoter of mixed martial arts, having only the best fighters and events which gather a large number of fans. 1xBit created and added this new section to UFC so that the interested bettors would be able to find out more about the fighters, events, and matches. Seeing that hundreds of UFC events are held each year, there are bound to be plenty of MMA fans and bettors interested in placing their wagers on the outcome of these events.
How Can Blockchain Help the Sports Betting Industry?
Sportsbooks estimate the outcome of an event by using various analyses, statistics, expert opinions, and probability algorithms. The estimated outcome is being added to probability profit margins to generate the final odds, ensuring that the bookies can make a profit even in the most unanticipated scenario. The probable proceeds are then being calculated by multiplying the users’ bets with the odds.
Seeing as sportsbooks make a higher profit if their users lose the bet, they have the motive and the means to influence the betting strategy the user applies by providing adjusted odds and information; this is to be sure that the user is more likely to lose than win.
Even though traditional bookies are regulated and licensed, there is no guarantee that they are not applying this tactic, and it is rather difficult to prove this.
1xBit’s acceptance of cryptocurrencies allows it to have all its transactions and payments recorded on a blockchain, which makes it a safe booking site. Anyone can verify all data stored on a blockchain, and no one can change the data once it is added to the chain.
Traditional bookies have a lengthy registration and verification process which requires personal data. But 1xBit has a One-Click signup process in which a personal account number and password are generated and the number is then sent to the email. A user does not need to have his or her account verified or provide any personal data. However, two-factor authentication can then be enabled if the user wants to have a more secure account.
Distributed ledger technology also helps platforms to have better liquidity rates. Sportsbooks incur fees for each withdrawal made by a bettor, but 1xBit charges no fees on deposits and withdrawals.
The use of cryptocurrencies enables the platform to settle transactions much faster, and no additional fees are incurred as no intermediate is needed for the financial aspect.
Cryptos and Sports
Blockchain and cryptocurrencies have made their way into the sport and sports betting space by sponsoring various athletes or events, or by having players endorse their digital coin or product.
Litecoin is one of the cryptos that has entered a partnership with famous kickboxing league GLORY Kickboxing to let its customers purchase merchandise from GLORY’s official website by using LTC as a payment.
But this was not the only brush Litecoin has had with the sports industry. Professional UFC fighter, Ben Askren, gave an interview in which he revealed his use of LTC, advising the community to also embrace this digital coin.
A blog post of 1xBit detailed how a blockchain project, Stratis, offered its sponsorship to an important boxer. Stratis is a platform which enables dApp development and deployment, which sponsored James DeGale in his match for the IBO World Super-Middleweight title.
Cryptocurrencies and distributed ledger technology can help improve the fairness, security, and efficiency of betting platforms. 1xBit continuously implements its digital asset payments, pleasing both crypto users and sports fans.