We have been listening to and talking about the revolution of the internet and the breakthrough changes happening in the sports betting industry due to the emerging new technologies for some time now. It was not long ago that the internet created an entirely new world for the two sides of sports betting activity -the sports bettors and the bookmakers.
A world where the physical boundaries were extinguished and the need for proximity was eliminated. A world where everyone from any part of this planet was able to place a bet on a sport that was about to unfold in another part of the planet, at a bookmaker who would virtually be everywhere on this planet. Well, some thirty years ago this would have seemed like unthinkable or science fiction: having someone from Europe wager on an NBA game on a platform offering online betting in Malaysia!
And while sports betting has existed since ancient times, the way that sports betting is done now is only as new as the internet. But the move from the brick-and-mortar betting shops to the online bookmakers was only the first revolution in the sports betting industry. One that was radical all the way and changed fundamentally both the way people bet and sports betting itself.
The thing with technology, though, is that it never stops developing, evolving, and advancing. And so, it never stops making things change. This is true for sports betting as well.
We are now in the middle of further changes and transformations that are owed to technology. We are in the middle of a decentralization process, whereby the two ends of betting are not the bettors and the bookmakers. We have bettors on the one side and bettors on the other side too! This is made possible with Web3 and blockchain technology.
We are witnessing changes that transform the structure of the entire betting industry. Increasingly we are seeing betting exchanges taking over the online bookmakers – just as online bookmakers were taking over the physical betting shops some years ago.
These exchanges are nothing more than peer-to-peer betting markets, whereby bettors don’t only bet on events but offer bets to other bettors as well – selling their bets and thus betting on a loss. Just like the bookmakers do now.
The decentralized betting market, which is at the forefront of becoming the mainstream ‘way’, is disintermediating bookmakers. In fact, bookmakers are no longer necessary for betting, since bettors can exchange bets themselves in a market that is becoming more and more efficient, transparent, and in many ways more fair.
In such an environment, sports bettors feel greater trust since on the one hand there is no intermediary who has stakes in any of their bets and also on the other hand everything is so transparent, clear, and open that it is far more difficult to encounter frauds and scams. With bookmakers mediating betting, sports bettors are always ambivalent about sportsbooks’ integrity, credibility, and accountability.
There is always that thing in mind that triggers their need to be extra cautious when dealing with bookies that have the prerogative of selling bets. But with bookmakers losing that power, sports bettors come against other sports bettors and they are able to see everything crystal clear, which means that they come to be more comfortable and less worried about unfair practices or any type of misconduct.
At the same time, the decentralized betting market is about to make new types of payments and transactions more widespread. Payments don’t need to be processed for days. Not even for even hours. They can be done instantly, making transactions faster than ever before.
The truth is that we are already having a sneak peak of what the future of sports betting will be like. We are moving towards a decentralized betting market and we are witnessing the radical changes that are coming into shape with the aid of blockchain technology, web3 and digital systems.
But who knows where all this will go next? Who knows how technological advancements will further shape the future of the betting industry? One thing is for sure: nobody can really tell what will be out there for sports bettors in some years from today!
The decentralized betting market has indeed revolutionized the way people engage in sports betting. With bookmakers being disintermediated, bettors now have the power to exchange bets directly in a more efficient and transparent market. This shift has brought about a sense of trust among sports bettors, as they no longer have to worry about intermediaries with vested interests or questionable practices.
In this new landscape, the absence of bookmakers has paved the way for increased transparency and fairness. Sports bettors can now see everything crystal clear, eliminating concerns about fraud or misconduct. The decentralized nature of the market ensures that everyone is on a level playing field, fostering a more comfortable and secure environment for all.
Moreover, the decentralized betting market is not just transforming the way bets are placed, but also revolutionizing payment and transaction processes. Gone are the days of waiting for days or even hours for payments to be processed. With the advent of blockchain technology and web3 systems, transactions can now be completed instantly, making the entire process faster and more convenient than ever before.
As we move towards a decentralized future, it’s exciting to witness the radical changes that blockchain technology is bringing to the betting industry. The potential for further technological advancements is immense, and it’s difficult to predict where the future of sports betting will take us. However, one thing is certain: sports bettors can anticipate a future that is more user-centric, transparent, and technologically advanced.
In the years to come, we can expect the decentralized betting market to continue shaping the industry, offering innovative solutions and empowering sports bettors like never before. It’s an exciting time to be part of this transformative journey, and only time will reveal the full extent of the opportunities that lie ahead for sports bettors.
Stay tuned for more updates and insights as we navigate the ever-evolving landscape of the decentralized betting market. The future holds endless possibilities, and we’re thrilled to be at the forefront of this paradigm shift.