A Look at the Future of Fantasy Betting
Since the early 1980s, many sports fans have participated in fantasy betting. Creating NFL football teams, NBA basketball squads, and MLB teams, is a pastime for many. As sports betting becomes more popular, fantasy sports popularity has as well. This is especially true for fantasy football, which will drive a $47 billion dollar fantasy sports industry by 2027. With that in mind, keep reading to discover why the future of fantasy betting is linked to Bitcoin and other cryptocurrencies.
Why Cryptos Like Bitcoin Will Become the Norm
Cryptocurrencies like Bitcoin are decentralized
We hear the word decentralization all the time. But what does it mean? Decentralization is defined as a process by which activities, or power, is distributed or delegated away from a centralized group.
When we say Bitcoin is decentralized, we mean that nobody, no entity like a government, controls Bitcoin. Most cryptos are decentralized protocols, which means decisions regarding the protocol comes from community members.
The power doesn’t rest in a single individual or a group of individuals. Vitalik Buterin is the face of Ethereum. But Vitalik doesn't control Ethereum.
When it comes to fantasy betting, decentralization hands control to individual fantasy owners. Each transaction a fantasy owner makes can appear as a specific digital code that only the fantasy owner knows.
Peer-to-peer transactions cuts down on potential fraud
In 2015, a scandal occurred in fantasy betting when an employee at DraftKings pocketed $350,000 on a $25 bet at FanDuel. The New York State Attorney General found that both organizations were using inside information to create teams that led to massive profit.
With cryptos like Bitcoin, because transactions are peer-to-peer and because of the security measure that means 51% of all nodes must agree to an attack, fraud won’t exist in fantasy betting. Cutting down on fraud will ensure players have the ability to bet on an even playing field.
Companies that put their fantasy betting portals onto blockchains will attract more fantasy betting players specifically because they can prove fraud is close to impossible on their chain.
Vast immutable transaction benefits for daily fantasy sports
Immutable means not subject to or susceptible to change. When we say something has immutability, it means it cannot be changed.
Right now, someone can change your fantasy betting team. Once the fantasy betting company goes to Bitcoin fantasy betting, your team, individual transactions that created your team, are immutable, which means nobody can change your team.
This is true because if each player on your fantasy betting team is an individual transaction, it means your team is made up of immutable transactions. Your quarterback, running back, and wide receiver, as an example, are designated by specific, immutable, transaction digital codes that exists on whatever decentralized blockchain on which the fantasy company links.
Daily fantasy player control is higher with cryptos like Bitcoin
Fantasy player control has the ultimate security on decentralized blockchains. When we discuss a Bitcoin attack, we must remember that 51% of all Bitcoin blockchain nodes must agree to attack a single transaction.
So if a fantasy bettor has completed a transaction for each of their fantasy betting players, a single transaction for their quarterback, wide receiver, tight end, defense, kicker, running back, etc., the chances of a 51% attack is zero.
The key for something like this to work in fantasy betting, of course, is to lower the gas fee costs to make it possible. Right now, this can happen on the Bitcoin blockchain but miners would be hesitant to build blocks for transactions of say $1 to $2 dollars.
So there is a lot to figure out. But in theory, a blockchain single transaction based fantasy betting team could work and it would give fantasy bettors ultimate control.
Right now, fantasy betting is gambling, so you should use Bitcoin
Fantasy betting is gambling. So even if true blockchain fantasy betting isn’t a reality, you should still use Bitcoin if possible to make your fantasy bets.
Using bitcoins, or another decentralized crypto, has the same advantages with fantasy betting as with other types of betting, like wagering on sports.
You cut down on deposit and withdrawal fees, credit card companies don’t question what you are using your money for, and transactions are often faster. So use bitcoin to make your fantasy betting plays if you can.
Where to Bet with Crypto
Sports betting odds are available here at Nitrobetting. Create a Nitrobetting account now to place your stakes on any of the top games every week.
This is just one of the many sports betting guides that you can read here at Nitrobetting news. Stay tuned for more previews, guides and articles.
READ MORE: The Growing Popularity of Cryptocurrency in Horse Racing Betting
