Sports betting has been an everyday gambling activity at most casinos for decades. While betting contributes to the overall ambiance of casinos globally, most of the money and excitement traditionally revolved around slot machines, keno, roulette, and other table games. However, things are dramatically changing with the emergence of online sports-betting platforms.
Online sports betting and gambling platforms have enabled millions of users worldwide to benefit from the sports-betting industry. While speculations and regulatory concerns exist, the overall sports-betting sector is currently seeing an unprecedented surge. Goldman Sachs Group forecasts this online sports-betting industry to reach $39 billion in annual sales by 2033 — up from less than $1 billion. The reason behind this industry’s quick popularity and prominence is partly due to the global COVID-19 pandemic, which forced many people worldwide towards online engagements and interactions.
The recent integration of artificial intelligence and blockchain technology in sports betting is a new trend rapidly growing in the sports betting industry worldwide. Online sport betting platforms are quickly adopting blockchain technology to precisely process real-time data using smart contracts, facilitating settlement of payments, wager confirmations, historical event analytics, monitoring, and event recording for the worldwide sports-betting industry.
This exciting industry is poised to increase from $89.65 billion in 2021 to $99.20 billion in 2022, at a compound annual growth rate (CAGR) of 10.64%. At the same time, the worldwide market for sports betting is expected to reach $144.34 billion by 2026, expanding at a CAGR of 9.83%.
In this article, we will discuss the issues with present sports-betting platforms. We will further discuss how the integration of blockchain technology will revolutionize and shape the future of sports betting.
The Current State of Online Sports Betting
Through online betting, users can now bet on various international sports and games without needing to visit a bookmaker on their local main street. This has significantly improved the ease and comfort of sports betting for everyday users, accelerating the adoption of sports betting worldwide. Online sports betting has also established many betting marketplaces for soccer and other sports, as almost every publisher offers its mobile application for wagering and gambling.
The total market size for online sports betting exceeds $700 billion, with the legal sector comprising $300 billion and illegal gambling approaching $400 billion. This market is expanding at a pace of 13.5% each year.
However, there is a significant problem with current online sports-betting platforms. The centralized nature of available platforms gives only a handful of the ultimate control over digital sportsbooks. This leads to market manipulation and censorship of users from live betting across different platforms.
Similarly, the high cost of adjusting to the complex and ever-changing regulatory betting conditions has effectively shut off new companies from entering the online betting arena. While new platforms are rapidly being introduced, there is only one solution that can solve the issue of centralization and market monopoly: Blockchain.
How is Blockchain Shaping the Future of Sports Betting
The emergence and development of blockchain technology offer a unique opportunity for forward-thinking businesses inside the sports betting industry. This incredible new sector aims to challenge the existing status quo of the massive betting organizations and eventually lead to an online betting ecosystem where self-regulated individuals can autonomously, freely, and democratically bet on as many sports as they wish.
Blockchain-based sports-betting platforms will function without centralized monopolies’ restrictions or regional prejudice. Emerging as a trustless, immutable, and unbreakable system for fair trade and betting on various games.
WiNNit — The Top Decentralized Sports Betting Platform
WiNNit is a novel blockchain protocol that will soon debut as one of the world’s first genuinely decentralized sports betting platform. It aims to provide all users fair sports-betting opportunities, irrespective of prejudice or market manipulation.
It promises to be the first legitimate rival to the leading betting exchanges in the world, where any consumer, anywhere in the world, can link their MetaMask wallet in seconds and begin betting on any sport with the same odds as the big players. WiNNit guarantees the complete anonymity of its users through the power of encryption enabled by distributed ledger technology.
WiNNit sports betting platform will be easy and user-friendly as it will not require users provide personal data such as ID, email, phone number, or other login information to sign up. WiNNit will also allow users to instantly transfer and withdraw their winning credits directly from their crypto wallets. WiNNit’s unique profit model redefines the way the platform’s revenue is distributed, and infinitely expands the possibilities of sports betting.
Advantages Offered by WiNNit Sports Betting:
Here are some advantages of WiNNit over conventional sports-betting markets:
· Peer-to-Peer Betting Platform
· Use of Smart Contracts
· Open source
· Different Betting Themes
· Live Betting
· Quick Trading
· Instant Payouts
· Liquidity Pool for Investors
· Innovative Profit Model
· Transparent and Immutable Results on Blockchain
Utilities of WiNNit Sports Betting Platform
Most importantly, WiNNit team designed the global betting club system which consists of two distinct types of NFT and one fungible governance token, WITT.
1. Bookie NFT: Every Bookie NFT grants its owner the ability to create a Bookie Club. Stake your NFT on the platform to build a betting club where people can place bet, Bookie club owners can stake a certain amount of $WITT for a certain period to share up to 75% of protocol revenue.
2. Highlight Collectibles: Highlight Collectibles Holders have priority to experience the platform’s new gameplay and qualifications for internal testing. Pledge Highlight NFT and a small amount of $WITT to get related dividends of protocol revenue.
3. WITT Token: Governance token of WiNNit protocol, the only incentive and utility token in the ecosystem.
The fantastic and talented team behind the WiNNit sports-betting platform effectively establishes the decentralized platform as the best online sports-betting marketplace and exchange platform. The development of WiNNit synergizes with the current world cup season, the NFT and web3 hype, and the rise of decentralization.
The platform will host a team for international technical assistance, a prize pool for investors and lucky winners, and a fair betting atmosphere with timely rewards and other incentives.
If you would like to be one of the early users to benefit from this exciting platform and have a fair sports betting ecosystem, then WiNNit is the right choice. Join us to make sports betting awesome again!