Blockchain Is Transforming the Status Quo of Betting. Here’s How.

Blockchain Is Transforming the Status Quo of Betting. Here’s How.

Abhinav Raj / Writer
November 22, 2021 2 min read

The emergence of decentralized betting exchanges is signalling a cosmic shift in the iGaming industry, shaking the monopoly of the betting giants—courtesy of blockchain. 

Blockchain technology has arrived in the betting industry like the French Revolution—and blockchain protocols have already begun to storm the Bastille. 

One such protocol—named ‘’ has already offered a glimpse into the future of decentralized gambling. BetSwap is returning autonomy back to people, offering anonymity, security, and reliability. 

Owned and operated by the bettor, the product is, in the most real sense, of the people and for the people. Built as a decentralized autonomous organization, BetSwap is free from the control and influence of the betting giants in the industry. 

“The concept behind arose from a need by the global betting community who have endured for decades restricted access to betting platforms, endless KYC and waiting times, and difficulty in transferring fiat currency back and forth from their banks,” commented Romy Jasmine, a representative for the BETSGG group in a statement to Forbes.  

Photo by Eftakher Alam on Unsplash

While the sports betting landscape resides in the legal grey area thanks to precarious, prohibitive and ever-changing regulatory interventions, platforms built on blockchain technology have no such weakness—as anyone in the world with a MetaMask wallet (and preferably a good VPN) can start betting from anywhere in the world—with next to zero traceability.  

The conception of the decentralized autonomous organization signifies a major paradigm shift from the conventional betting corporation structure. Shareholder gratification would no longer be the central concern of the betting exchange, and owners could have their own stake in the platform and a say in the matters of administrative practices. 

“For the first time, a bettor will be able to own a piece of their own platform through token ownership, and participate in the upside”, Jasmine elucidated. 

“They will have a voice in the protocol’s long term strategic direction and will share with the fruits of fair token ownership, rewards, and long-term demand for the token.”

Blockchain technology has established a new dimension of trading, and now entire markets are stemming from it. Faster, safer and more reliable transactions that do not depend on banking systems could complement the new betting market on blockchain—allowing for lower operating costs and higher margins of profit. 

The blockchain operating model is pushing the frontiers of what’s possible with the internet. It remains to be seen where blockchain takes the multi-billion dollar industry.

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