The use of cryptocurrencies has expanded into many industries, including online sports betting and digital assets have started being used as a payment method by most betting and gambling platforms.
1xBit is a betting platform that accepts cryptocurrencies as a payment. The site enables its users to place bets on thousands of different sporting events from Football, Ice hockey, Basketball, Tennis, Volleyball, Table Tennis, American Football, Athletics, Golf, Bicycle Racing, Boxing, Cricket, Baseball, Curling, Darts, eSports, Formula 1, Handball, Martial Arts, Netball, Rugby, Snooker, and Sumo.
The platform supports over 20 types of cryptocurrencies as payment, including popular cryptos, such as Bitcoin, Litecoin, and Ethereum, which allows fast transaction confirmation time as well as more security and privacy.
UFC Betting Now Available on 1xBit
1xBit features several sections which are rather self-explanatory: “Bet on your National Team”, “Match of the Day”, “Betting Exchange”, “Bet on a Tournament”, “Bet Constructor.” The newest section to be added is dedicated to the largest combat sports promotion company to date: Ultimate Fighting Championship (UFC). UFC is the world’s leading company which promotes mixed martial arts, bringing only the highest-level fighters on the roster in their international events.
Only last year more than 400 matches have been organized by UFC. More and more people are starting to show interest in UFC events, and this is why 1xBit decided to create a section just for this sport and those interested in it.
Can Blockchain Improve the Betting Industry?
Ever wonder how sportsbooks calculate possible proceeds and odds? Well, they analyze a broad range of statistics, opinions and apply probability theories to determine what outcome an event might have. Then, profit margins are added to this probability in order to produce the final odds which guarantees a profit for them, regardless of the outcome. By multiplying these odds with the users’ bets, they get an estimate on the possible proceeds that might be.
Bookmakers rake in high earnings when their customers lose their bets, and this can sometimes motivate them to influence their bettors’ actions by specifying certain odds and stats that increase their chances of losing.
Distributed ledger technology can be a solution to the issues of security and reliability found in this industry. Blockchains store all their transaction data on their ledgers and the advantage is that any network member can verify them, but no one can change any detail once a transaction is recorded.
1xBit is a bookie that accepts crypto, and it benefits from a transparent and fair environment provided by blockchain technology.
Another advantage that should be mentioned is the enhanced privacy. Traditional bookies require personal data when you register for an account. This is not the case for 1xBit, as it has One-Click account signup, creating a password and personal account number with just one click. Users are then able to set up their two-factor authentication in order to give their account an added layer of security.
Blockchain could also help improve liquidity rates. Traditional bookmakers incur fees for each withdrawal, which isn’t convenient for long-term gamblers who want to cash out after each win. However, 1xBit does not charge any fees when you deposit and withdraw.
Cryptocurrencies enable 1xBit to perform faster transactions with no additional withdrawal fees as there is no financial intermediary.
Crypto Involvement in the Sports Sector
Cryptocurrency projects have expanded their advertising strategies to include the sports industry. Digital coins have signed endorsement and sponsorship deals with various athletes or sports brands to reach a broader audience.
One example would be Litecoin and its collaboration with kickboxing league GLORY Kickboxing, which allowed GLORY’s official website to sell its merchandise for LTC.
Litecoin also sponsored UFC fighter Ben Askren for the UFC 235. Askren talked about his first LTC payment and sported a #PayWithLitcoin shirt with a visible ‘Litecoin’ label on it.
1xBit’s blog post detailed another recent example of a blockchain project that offered its sponsorship to a sporting event. Stratis (STRAT), a BaaS (Blockchain as a Service) platform for dApp development, sponsored British boxer James DeGale in the IBO World Super-Middleweight match.
Thanks to crypto and blockchain, the industry could get rid of unfairness, weak security, and untrustworthiness. But there is still much to be implemented and done until that goal is reached, and 1xBit has just taken the first step.
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