Allowing sports fans to bet on their favourite sports has been around for as long as sports betting itself. Before the advent of the internet, sportsbooks would give you the point spread for a game, and you would place a wager on whether the total amount of points scored in the game would be higher or lower than the number given. Nowadays, most sportsbooks operate much like traditional gambling establishments, offering fixed odds bets, or “fixeds,” as well as laying down odds on the total amount of points scored in upcoming games.
While the concept behind a traditional sportsbook is still accessible to the modern consumer, the infrastructure has changed. With the rise of the “pens” (or “punters”) phenomenon in the early 2010s, the industry began adjusting to the changing landscape. Nowadays, the majority of top-tier sportsbooks offer an innovative take on the traditional betting point system, incorporating elements of blockchain technology into their offering, while also maintaining all of the accessibility that made them so popular in the first place.
What Are Blockchain and Sportsbooks Linked To?
Blockchain and cryptocurrencies in general, have been around for decades, and have only recently begun to permeate into mainstream culture. While the underlying technology behind most cryptocurrencies has been around for a very long time, it was only with the advent of the internet that the mainstream public began to take notice of and adopt these innovative financial products. Similarly, the sports betting industry has only recently begun to experiment with blockchain technology, primarily in the area of eliminating intermediaries and improving transparency.
In a traditional sportsbook setting, you would have a group of individuals, known as “bookmakers,” operating behind the scenes, laying down odds on the outcomes of sporting events, and handling all of the action, settling bets, and collecting winnings. Bookmakers have always been seen as an essential part of the sports betting ecosystem, as they are the ones offering the bets, and people have always had a need to talk to someone when placing an order. However, in recent years, the role of the traditional bookmaker has begun to change. With the rise of “pens,” a new breed of sportsbooks has emerged, that does not employ any sort of intermediary to take on customer orders, nor engage in any sort of conversation with them. Pens are fully autonomous, operating on a cryptocurrency-based platform, and integrating blockchain technology into their operations. This has opened up a whole new realm of possibilities for the sports betting industry, as well as the broader community of cryptocurrency enthusiasts and digital nomads that are attracted to the space.
Betting On The World Cup 2022 Is Backed By Top Tier Sportsbooks
Betting on the 2022 World Cup in Germany has been backed by many top tier sportsbooks, with Over Under, for example, laying down big odds, in excess of 18.0, that Saudi Arabia will bow out in the Round of 16. The majority of top tier sportsbooks are now stocking up on World Cup odds, as it is expected to be a very popular tournament, with massive global interest. Germany is widely considered as one of the best countries to watch the world cup in, with some of the world’s best footballers, and fantastic weather making for some breathtaking games. This year’s tournament in particular has the potential to be one of the biggest yet.
How Does The Blockchain-Based Betting Point System Work?
The blockchain-based Betting Point System (BPS) was first introduced in 2016, and was developed with the help of input from professional sports bettors, and the cryptocurrency research and analytics communities. The BPS solves a number of problems that plagued the traditional betting point system, and offers a much more efficient and flexible way to wager on sporting events. While the system was initially designed for use within the esports industry, with its roots in the world of Counter-Strike: Global Offensive (CS: GO), it has found widespread acceptance among the broader sports betting community.
BPS is a completely autonomous ecosystem, that connects sportsbooks, online casinos, and various other platforms, such as social media, that have an affiliate program or promotional deal with a sportsbook. Essentially, casinos, betting exchanges, and other intermediaries are no longer necessary, as everything is decentralized, and operated through a sophisticated incentivized mesh network, powered by the Bitcoin (BTC) blockchain.
Deciding on the right amount to wager, and knowing when to exit a game, are no longer matters of chance. All of this information is available to you, the user, at all times, on the blockchain, and can be accessed via an application called a “walletech” wallet, or through a personal computer or mobile device. By removing the need for bookmakers, and ensuring that your personal data is always secure, the BPS brings a new level of transparency and trust to online sports betting.
The Future Of Digital Nomads In The Sports Betting Industry
Blockchain and cryptocurrencies in general, have opened up a whole new world of opportunity for the sports betting industry, as well as the broader community of cryptocurrency enthusiasts and digital nomads that are attracted to the space. Punt on the 2022 World Cup, and you could potentially fund your travel to Germany, with the profits from your wager. Alternatively, you could look for the next big market trend, and begin trading, or investing in, cryptocurrencies, with the profits from your betting habit.