19.03.2018

5 Ways To Use Blockchain For Betting

5 Ways To Use Blockchain For Betting

Online gambling is growing at a high speed. In 2015, the online gambling market was estimated at $38 billion, today it is $52 billion already, and the forecast says it will increase to $60 billion by 2020. With the increase of the market volume, the number of problems is growing as well. Fraud and cheating are highly experienced by both players and business managers. Despite the fact that traditional centralized portals for gambling are not secure, the interest in online gambling is growing. With more and more people joining the industry, solutions on how to make the market safe and stop risking money need to be found. Here the blockchain gambling comes into play.

Why does betting need decentralization?

Using centralized gambling portals, people always risk losing their money, as the operators decide whether money is returned. What is also important, is that centralized gambling databases are not public, which means the game is only built on pure trust, and users can never be sure that casinos actually follow the rules. Blockchain-based gambling portals are not centralized, which increases the fairness of deals. Users are always able to control their funds, sending and receiving money directly. Based on smart contracts of blockchain, the platforms enable peer-to-peer kind of betting with no central parties. Decentralized blockchain-based portals allow people to maintain anonymity and keep their privacy. Moreover, platforms for gambling built on blockchain database make the access to online casinos easier, meaning that anyone is able to gamble without any barriers. Privacy, transparency, and fairness drive the need for new decentralized gambling portals to be created.


Betting Trends Forum: 5 Ways To Use Blockchain For Betting 1

Opinion: Aleksey Tsimbal, co-founder and CEO of EtherSport.

 – There is a global tendency to transparency in everything related to money. Offshore data is getting public; companies of different countries unite their efforts to share customer data.

As for betting and gambling, these directions are always under special control: regulators thoroughly monitor everything going on in these fields. With the arrival of the blockchain technology, the whole process is becoming transparent and fair for both players and regulating structures. The technology will be unwanted only among dishonest owners of betting houses. However, I believe they will see the common sense behind the new technologies and will start integrating them in the nearest future.


Best blockchain platforms for online gambling:

XWIN CryptoBet

XWIN CryptoBet is a new sports-betting project that provides users with private and comfortable space for gambling. Smart contract accounts on Ethereum guarantee privacy and convenience, reducing loss risks to zero. Absolute transparency and the 100 % of the profit distribution between token holders are the attractive advantages of XWIN. If you bet with XWIN, you will have all the information about your bet conditions and you can be sure that the security of all your information is maintained. The platform’s margin usually varies, starting from 6 to 20 % of the overall betting rate.

XWIN CryptoBet has more than 7000 members, and the amount of people joining the platform is constantly increasing.

BlitzPredict

BlitzPredict is a new blockchain-based platform for sports betting. Based on Ethereum protocol, the betting system ensures transparent and secure transactions with no third parties involved. To use BlitzPredict, you only need to create a betting account, which will be linked to a smart digital wallet, and you will be able to activate bets immediately, without delays.

Unikrn

Unikrn is the leader in eSports betting, offering both real money betting in the UK and blockchain-based betting. You can bet using UnikoinGold, an Ethereum-based coin created in 2017. Using Unikoin, a special token, you are guaranteed legal free betting from anywhere in the world. Unikrn enables the possibility to earn tokens by playing games such as Dota and Counterstrike.

Fire Lotto

Fire Lotto currently provides four types of instant and draw lotteries, with instant winnings payment. Built on smart contract, Fire Lotto guarantees anonymity, transparency and fairness to its users. The platform also provides the ability to create more lotteries, and allows token holders to receive guaranteed 10% of sales commission from lottery tickets.

EtherSport

EtherSport is another Ethereum-based platform created for fair and secure betting. It does not require your personal information and does not involve any third parties. EtherSport is very easy to use. The platform provides many lotteries – a new one every 4 hours. By getting a ticket and predicting results, winners instantly get their prize. EtherSport is a reliable platform, which eliminates all fraud risks and makes betting simple and convenient.


Currently, EtherSport is under development. Co-founder and CEO of the company Aleksey Tsimbal shared the details:

– 2018 will be a game changer for the team of EtherSport. Currently, we are integrating the test platform and smart contracts. As soon as everything is ready, we will launch the project in the testnet: an open test will help our team to find bugs and faults. Afterwards, we will send the project to several independent audits. Only after making sure that everything works seamlessly, we will make the platform available for everyone.

In the future, we plan to add additional functions. They include p2p disputes, e-sports betting, and several other introductions, which I do not want to disclose right now.

The main problem that we solve is the trust between players and gaming platforms. Our principles are openness, fairness, equality, maximum possible decentralization, and most importantly, simplicity of calculating your wins and personal audit that the player can conduct at any stage.


Aleksey Tsimbal will be a speaker at Betting Trends Forum (Moscow, April 3). The topic of his speech will be Betting and Lottery Mix – The Way to Decentralization. The speaker will analyze the betting market, disadvantages of existing betting companies, benefits of decentralized betting platforms, and types of lotteries. He will also describe what EtherSport is and how it works.

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