Teresa Hoy 
Since decentralized sports betting has more advantages and features than centralized betting, it is the better choice. If the latter can be your hobby, the former can also.
Like many other fields, the rise of technology also influenced the betting world in a good way. Unlike before, it is time for decentralized sports betting, which opens many gates and restrictions.
Using its primary feature, blockchain tech, people can now make direct bets with their peers without relying on any bookmaker. It also gives them the freedom to choose their betting odds.
Seeing how decentralized blockchain is revolutionizing the act of bettingitself, it will only go big from here. So, it is high time you embrace it, too.
Let’s discuss the various features and factors surrounding decentralized sports betting to determine whether it is a viable hobby.
What Is Decentralized Sports Betting
Decentralized sports betting is self-explanatory; it doesn’t rely on any central control for the betting process. It gives way more freedom while making the whole thing much more secure.
Regular sports betting would feel like being caged behind so many rules set by the bookmaker. Sometimes, you couldn’t even bet on certain teams or games since the bookmakers haven’t made it available.
However, decentralized sports betting will allow you to break free of those regulations. The site doesn’t control your betting or doesn’t impose big rules. It has many other advantages, too.
What Is Blockchain?
Blockchain is a new technology that plays an important role in cryptocurrencies, gambling, and other similar places. It is a type of digital record where information about different transactions or odds is stored. Each record of a transaction or betting process is called a block.
A blockchain isn’t just a single unit of ledger but includes many blocks. They are connected by cryptographic hashes like a chain, hence the name- blockchain.
Blockchain is a highly secure database that will ensure that all your transactions during the betting process are being recorded. The data will be transparent to all parties involved.
Decentralized sports betting uses blockchain to enable a much more secure gambling experience. After all, people wouldn’t feel safe to enjoy their freedom if it wasn’t backed by enough safety for their currency and data.
Features of Decentralized Sports Betting
Learning the features of decentralized sports betting will give you a better idea of how the system works. Let’s discuss them below.
Peer-to-Peer Betting
You can hardly enjoy good peer-to-peer betting in centralized betting due to the middleman being there. While placing the bets or taking won money from another player, you would have to trust the one in control.
However, you can now make P2P bets on unique games, game-in-game (mini-games or events during a sport), and specific players. It isn’t limited to that, obviously.
Setting your own bet is also possible, thanks to the P2P betting system.
Ability to Utilize Unique Tokens
Since the whole thing uses a blockchain network, the protocols or betting sites may introduce their own tokens. These tokens can work as unique currencies. You may use them during-
- Placing bets
- Accessing premium services and features
- Voting or spending on protocol governance
- Making transactions during decentralized bets
While you could use tokens or chips in land-based casinos, the same wasn’t as viable online with centralized systems due to the issues surrounding their handling and transparency.
Decentralized Oracles- Key to a Fair Payout without Scams
Picture this- you are betting on a game taking place in real life. The game isn’t being broadcast to your place or on the internet. Now, there is hardly any way to verify what’s happening in the game.
That is where decentralized oracles come in handy. It is like a bridge between real-life and sports betting blockchains, allowing all parties to know the relevant data.
As such, it helps bettors make bets with accurate information. Decentralized oracle information is trustworthy, as it retrieves the data from the original source and verifies its truth.
As such, there is no chance of scamming about false information and payouts.
Transparency and Fairness with the Help of the Cryptographic Technique
Decentralized sports betting ensures that the betting odds and their randomness, team or member information, and other important parts remain transparent. It allows for a fair play.
You see, in traditional betting, it is not too complex for the betting sites or players to cheat the system by tinkering with the betting odds.
However, the same isn’t true for decentralized bets. Here, the protocols use cryptography, where no outsiders can do anything.
Cryptography is a technique that blocks any unwanted people or bots from accessing the codes or information. As such, the data remains secure and transparent to only the bettors.
Sports betting with cryptobets can benefit greatly from this since it often deals with high amounts of cryptocurrencies requiring a secure transaction.
Other Advantages of Decentralized Sports Betting
Some other benefits of decentralized sports betting that the bettors can enjoy are-
- Lower Fees: Because of the lack of bookmarks, the fees in decentralized sports betting are lower, allowing people to make more bets.
- Enhanced Security: Thanks to the blockchains, your currency, personal information, and other assets will remain secure under encryption. It also allows more freedom of control.
- Absolute Transparency: All involved parties can access the blockchain to observe the database related to betting. However, people who are not privy to any information won’t get that access.
So, it gives a high clarity for the transaction, and no party can state any lie because of the apparent data in the blockchain.
- Faster Operations: Unlike traditional betting, the transactions or withdrawals are not managed by any middleman. The whole thing is automated here. It allows for a way faster transfer of currency. Winnings are obtainable within an hour or two.
Can You Make Decentralized Sports Betting a Hobby?
When you think about it, decentralized sports betting is a better one to make a hobby than centralized one. Why so? The answer lies in its freedom.
You won’t have to tie yourself to only big games or large betting. You also don’t have to stick to annoying rules and fear of getting scammed.
While the responsible use of your money falls on you, decentralized sports betting will ensure you can better control your gambling hobby. Moreover, its speedy operations allow for quick withdrawals of money, allowing you to enjoy the sweet fruit of your winnings faster.
Everyone needs a hobby to keep their mind refreshed and joyful during leisure. Decentralized sports betting can very well be that pastime for you.
It is a safer option that allows you to control your bets more and enjoy peer-to-peer bets. We all know cooperation is always more fun than single-person, whether in gaming or betting.
