The Phenomenon of Crypto Sports Betting Platforms

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.