ICO Explores Completely Uncharted Waters of Sports Betting

More than 80 countries have laws that legalize gambling. Sports betting occupies the largest market share in the global gambling market. In fact, it makes up for 40 percent of the revenue that is generated worldwide according to the Global Sports Betting Market report by Technavio. The report states that annual revenues are in the region of $400 bln each year. Certainly sports betting is a popular pursuit; a Statista survey indicates that half of people 18 years or older have placed a bet on a sports event at least once during their lifetime.

Online bookmaking has certainly taken off, but the element of trust needs work. New developments such as Blockchain technology and smart contracts can redefine sports and other betting. Blockchain has proven itself time and again in critical areas such as finance, banking and even medicine. The benefits it has lent to these sectors allow for trust to be created in areas where it has been missing.

Early bird gets the worm

However, as of now there is no crypto bookmaker on the market. This means that a pioneer has the complete opportunity to capture and create the market. The success of the project would create an option for potential investors, who will be tempted by the reliability, verifiability and transparency that Blockchain and smart contract technology provides. The new entrant could leverage technology and leap ahead, while opening up new horizons for players, who have access to ‘online betting’ but are still unsure if they are getting a raw deal.

The key is transparency

Ethereum’s powerful smart contract features are ide