Will Blockchain Revolutionize The Online Sports Gambling Market?
By June 17, 2018– Published in on
The market for sports gambling in the USA is estimated to be worth at least $150 billion USD. Until the recent Supreme Court decision to legalize sports betting at a federal level, there was no way for anyone to build a business that centred around sports wagering. Now it looks like states are going to be able to create their own laws for sports betting, and this opens up a number of new opportunities for investors.
Until now the only major market for sports gambling has been Las Vegas. Now it looks like there could be numerous new ways for businesses to break into a multi-billion dollar market. The forms that new sports betting platforms could take are endless, and the advent of Blockchain development creates interesting possibilities for decentralized betting platforms.
Numerous gaming operators saw a jolt higher in their stock prices in the wake of the Supreme Court ruling, but because many casinos operate a relatively outdated business model, the real action in the sports betting industry could be happening online. In other nations like the UK where sports gaming has been legal for years, the online space has proved to be a great source of growth and revenue.
New Tech Could Change Everything
Traditional casino operators will probably make money by adding sports gambling to their businesses, especially in locations where a gambling trip to Vegas simply isn't an option. But the opportunities in mobile gaming are incredible, especially when we look at how popular smartphones have become with people today.
If you have ever been to a place like Hong Kong, where betting on horse racing is a favourite among the locals, it should be easy to understand how quickly online betting platforms could catch on in the USA. Unlike Hong Kong, people in the USA love to follow sports all year long, and with Baseball, Football, Hockey and Basketball, the market for legal sports betting could be much larger that is currently estimated.
That is probably why a forward-thinking venture capital firm like Victory Square is backing the Fans Unite sports betting platform. Instead of paying fees to gaming operators that can be more than 10% of the bet, Fans Unite is working on a sports betting platform that is much cheaper.
In addition to a platform based betting system, Blockchain also opens up the possibility of a direct connection between two parties that could use smart contracts to lock in odds and make bets with very little cost. Now that sports gambling is one step closer to being legal in the USA, numerous ideas like these could be hitting the mainstream in the next few years!
Connections Make The Difference
Like any other emerging industry, the online sports betting space will have some companies that are better than others. Buying into a gaming company directly is one way to go, but companies like Victory Square are publicly traded as well. Investing in a company that has a track record of creating value, and doing some serious due diligence does have unique advantages.
If you want to learn more about how Blockchain could revolutionize sports betting or any number of other industries, the upcoming Extraordinary Future 18 is a great place to be. Canada has some of the brightest minds in the world, and there is more investment in Canadian tech development all the time.
Extraordinary Future 18 will be happening on September 19th and 20th, at the Vancouver Convention Center East, right on the water in Vancouver. You can register for Extraordinary Future 18 now, and secure your space at one of the best opportunities to learn about numerous technologies in one place!