The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

The Phenomenon of Crypto Sports Betting Platforms

by Press Release
March 13, 2019
in Industry Announcements

The online sports betting industry has been expanding its services to add support for digital currencies.

A well-known figure from the crypto betting market is 1xBit, a website that enables users to make bets on a vast number of worldwide sports as well as play casino games. The platform accepts payments made in over 20 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

1xBit features the following sports for its bettors: Bicycle Racing, Boxing, Football, Ice Hockey, Basketball, Tennis, Volleyball, Table Tennis, American Football, Athletics, Golf, Cricket, Baseball, Curling, Darts, eSports, Netball, Rugby, Snooker, Formula 1, Handball, Martial Arts, and Sumo. The list of daily sports events is continuously updated, with various options from cockfights to combat matches.

1xBit Just Added a New Section to Its Website: UFC

The website is divided into many sections that were designed to help the user easily find and make a bet on his/her sport of interest. Another interesting fact is that 1xBit decided to add a section for those who are interested in betting on UFC. Ultimate Fighting Championship (UFC) is the world’s number one organizer of mixed martial arts events which attract millions of viewers. The new UFC section was added to cater to UFC interested bettors who are looking to find out more about fighters, events, and matches.

Each year, UFC holds hundreds of matches, meaning there are lots of betting opportunities that both MMA fans and bettors would not want to miss.  

The Impact and Effect of Blockchain on the Online Betting Industry

Sportsbooks evaluate the possibility of an event outcome by implementing a series of analyses, statistics, and probability algorithms on a large selection of data. The probability resulted in this process is then added to the bookie’s profit margins, which results in the final odds. The possible earnings are then calculated by multiplying the value of the resulted bets with the final odds.

Bookies make their earnings off the back of bettors’ loss. But, their position could lead them to apply falsified odds and stats to manipulate the users’ behavior in their favor. Despite regulation and licensing procedures, there is nothing that can stop a bookie from doing this sort of thing.

1xBit’s use of distributed ledger technology allows it to have all its transactions and payments stored on a blockchain providing a higher degree of security. It is because all blockchain-stored data is immutable once added to the chain, and all network members can view and verify it.

When registering for an account with non-DLT bookies, the user has to go through a lengthy registration and verification process that requires the submission of personal data. However, 1xBit has quick One-Click signup that instantly generates a personal account number and password. The personal number can then be delivered to the user’s email. At this stage, the users have the opportunity to enable two-factor authentication in order to make their account more secure.

Another aspect that can be improved by distributed ledger technology is liquidity. Usually, each withdrawal incurs a fee but, unlike traditional bookies, 1xBit has no fees placed on deposits and withdrawals. This fact lets the bettor cash out whenever he/she wants, and there is no need to be worried about fees eating into the profit.

By using cryptocurrencies exclusively, the 1xBit platform can process transactions at a higher speed, and there are no extra costs associated with using a financial intermediary.  

Let’s Get Digital

Blockchain and cryptocurrency projects have sponsored various athletes and sporting events, and they have also been endorsed by players that are keen on digitalization.

Litecoin is a digital currency that has received attention for signing a partnership with famous kickboxing league GLORY, which lets customers use LTC to buy products from GLORY’s official website.

But, this is not the only time Litecoin shined in the sports industry. Skilled UFC fighter, Ben Askren, detailed in an interview how he used LTC to make a payment, and expressed his excitement for Litecoin’s sponsorship for the UFC 235 match.

1xBit posted on its blog another sponsorship of this kind. As a blockchain dApp platform, Stratis offered its support to boxer James DeGale in his match for the IBO World Super-Middleweight title.

The fairness, security, and efficiency of betting platforms can improve through the applications of cryptos and blockchain, so 1xBit keeps on improving itself to only offer the best services to its users.

This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.


Follow Us on Twitter Facebook Telegram

Check out the Latest Industry Announcements
 

 

 

Submit a Press Release

Industry Announcements

  • Bunzz Raises $4.5 Million Seed Round To Expand Its Smart Contract Hub for DApp Development
    January 24, 2023
  • Dogecoin and Shiba Inu Better Watch Out – Floki Just Had Three Big Things Happen for It
    January 24, 2023
  • Crypto Marketing – What Initiatives Will Bring More Value and Users in 2023
    January 23, 2023
  • Make Crypto Payments on BChat Web 3.0 Messenger – BChat Integrates Beldex Wallet
    January 22, 2023
  • KEY3.id Supports Multi-Chain Transaction, Partnership With KuCoin Wallet, CoinHub Wallet and Wallet3 To Launch 2023 Lucky Transaction Campaign With Over 30,000 Participants on Social
    January 20, 2023
  • Deposit EUR/GBP at Zero Percent Fees With Newly Launched SEPA/FPS Channels on Bitget
    January 19, 2023
  • Coinbase Lists Kava, Advancing Ethereum–Cosmos Interoperability
    January 18, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$23,007.16
$23,007.16
0.27%
Ethereum
$1,570.26
$1,570.26
1.74%
Cardano
$0.381781
$0.381781
1.9%
XRP
$0.409098
$0.409098
1.02%
Dogecoin
$0.087837
$0.087837
0.84%

Spotlight

  • Miami Mayor Is Still Receiving Bitcoin Paychecks, Says His Salary ‘Is Actually Up’ Despite Ongoing Crypto Winter
    January 21, 2023
  • Largest Crypto Hedge Fund in the World Says DeFi Will Drive the Next Crypto Bull Market
    January 24, 2023
  • Billionaire Dogecoin Advocate Elon Musk Doubles Down on Offer To Eat Happy Meal on TV if McDonald’s Accepts DOGE
    January 27, 2023
  • Crypto Strategist Who Nailed 2023 Bitcoin Rally Says Real BTC Move Is Yet To Come – Here Are His Targets
    January 23, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl