What is the Future of Betting and IGaming?

Will the betting industry and IGaming will change in the Future? What will be the new structure for the betting industry?

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Intro for What is the Future of Betting and IGaming?: Will the betting industry and IGaming will change in the Future? What will be the new structure for the betting industry?

Back in the 2000's the betting industry was mainly used via desktop Internet sites. With the revolution of mobiles and Apps has changed the way people bet. In fact the face of betting has changed significantly in 2012, with the mobile usage for betting websites increased to 75% and rise to 84% in 2015.

At the moment social betting is becoming more popular than ever. The motto for social betting is: "a social betting platform that serves as a way for punters to become investors in other people’s betting strategies". Basically Social betting is when a user place a bet on a betting sites (betting platform) and other users like the bet and place a bet against it. The winner takes it all. So now the idea is that not the bookmaker create the bet but it is up the people to create and bet against each other. That is why the name Social Betting.

10 years ago, in 2019 the price for Bitcoin was cents. Lucky who invested back in the time since the price now is thousands... (up to you to do the math). Blockchain industry has now seen a boom with a lot more applications apart from cyptocurrencies. What is the connection between blockchain and Betting or gambling? The future will be more secure with this idea of blockchain since betting sites can introduce cryptocurrencies (like Etherium, Bitcoin and ripple). Not only that, but even we have smart contract which can make a bet more secure than ever since the decision will be done by a decentralized authority and not a single authority.

The goal is in fact to go to join the blockchain to betting through the adoption and large-scale use of cryptocurrencies. When fully operational, the advantage, among other things, will be that of security associated with a reduction in transaction costs for operators, but also and above all for bettors, given the possibility of opening gaming platforms that are completely independent of the work and interventions by the bookmakers themselves .

What the future holds for betting with Blockchain?

In detail, with decentralized online betting the 'dealer' can be represented by the regularly authorized operator, but it can also be a third party, which means that, within the blockchain , everyone can potentially be both operators and bettors. In this case, online sports bets can be placed with other players without the intervention and active role by an intermediary authorized and authorized by the State Monopoly being necessary and decisive . an example for blockchain betting is Bethereum

Clearly, in this scenario, the stakes and winnings will be strictly regulated through the use of one or more cryptocurrencies . Which means that the bettor, in order to switch from virtual currency to traditional currencies such as the euro, the pound and the US dollar, will have to go to use the conversion services offered by the exchanges, that is, from the exchange platforms.

The gaming blockchain will also ensure that bettors can safely earn coins without spending a euro, for example by collecting cryptocurrency bonuses to open the game account and to learn not only to make predictions, but also to play and play. have fun with the classic online casino games, from roulette to baccarat and through blackjack and the much-loved online slot machines. Blockchain technology, in this case, would also guarantee a social component in betting and in the gaming sector, allowing the user to have fun without having to use real money .

In the event that from centralized online betting you really had to move on a large scale to what is based on blockchain technology , then the paradigm shift would be revolutionary for the following two reasons: the bets can be placed safely without having to go from a 'Authority that regulates betting ; the figure of the intermediary will disappear with the consequence, among other things, that online bets can be placed faster in the face of a significant reduction in the risk of fraud. Furthermore, to be free from restrictions with the blockchain , it would also be the type of game to be placed as it isfor example, bettors could agree and also bet on the number of fans who will see a specific football game at the stadium without requiring specific authorizations for this.