What Is Decentralized Betting?
Decentralized betting is a type of online gambling where bettors use cryptocurrencies instead of a fiat currency. Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and control the creation of new units. Bitcoin, the first and most well-known cryptocurrency, was created in 2009.
Traditional betting sites are centralized, meaning that they are controlled by a single entity. This central authority can manipulate your own odds, cancel bets, and refuse to pay out winnings.
Decentralized betting platforms solve this problem by taking advantage of the decentralized nature of cryptocurrencies.
Because there is no central authority, these platforms are much more resistant to manipulation and fraud.
This makes them a much safer option for any bettor in the sports betting industry, and gives them peace of mind that their bets will be honored.
Due Diligence of Decentralized Online Betting Sites
When it comes to the online betting market, there are a few key things that bettors need to look for in order to have a good experience. Below are the most essential things you should look for:
- Interface and navigation
- Betting on Sports
- Customer support
- Final score
The first thing you need to do is register accounts. The process should be quick and easy, and you should only have to provide basic information such as your name, email address, and date of birth, or nothing at all – this is how it usually works at web3 betting sites.
Registration is usually free, and you should not have to provide any financial information.
However, before registration you should evaluate the general picture of the casino, brand history, license, user reviews and other relevant information.
After registration, you will be able to access the casino’s lobby and explore the different game categories on offer. You may also be able to claim a welcome bonus or other promotional offers at this stage.
The next step is to deposit funds into your account. The process of depositing cryptocurrency is usually very simple.
You will need to generate a unique address for each platform that you want to use. This can be done by clicking on the “Deposit” button and selecting your preferred cryptocurrency.
Once you have generated the address, you will need to send your cryptocurrency to that address. The funds should appear in your account within a few minutes.
Most decentralized betting platforms do not require KYC (Know Your Customer) verification. This means that bettors can remain anonymous and do not have to provide any personal information.
However, some platforms may require bettors to verify their identity if they want to withdraw large amounts of money.
A good decentralized betting platform should offer bonuses to new and existing users. These bonuses can come in the form of free bets, match deposits, or cashback offers.
Before claiming a bonus, users should always read the terms and conditions. These will state the wagering requirements and other important information.
Wagering requirements are the number of times bettors must bet the bonus amount before they can withdraw their winnings. For example, a wagering requirement of x30 means users would have to bet the bonus amount 30 times before they could withdraw it.
It is important to note that not all games contribute the same towards meeting wagering requirements. For example, slots usually count 100%, while table games may only contribute 20-50%.
4️⃣ Interface and Navigation
The interface is the face of the casino, and it should be easy to use. The lobby should be well organized, and it should be easy for users to find the games they are looking for.
You should also be able to filter games and sports by category, provider, or popularity. The navigation should be smooth, and there should be no lag when switching between pages.
5️⃣ Betting on Sports
Once you have found a kind of sport you want to bet on, you will need to load it up and make a bet.
Most sports will have a demo version that bettors can play for free. This is a great way to try out the betting process and get a feel for it before you start betting with real money.
When you are ready to make a bet, you will need to select your stake and click on the “bet” or “deal” button.
When you want to withdraw your winnings, you will need to go to the “cashier” page and select the withdrawal method you want to use.
The transaction fee varies; however, the withdrawal process is usually very quick, and the funds should appear in your account within a few minutes. Many platforms don’t have withdrawal limits.
However, some platforms may have withdrawal limits, which means you can only withdraw a certain amount of money at a time.
7️⃣ Customer Support
If you have any problems while using the platform, you should be able to contact customer support. Most platforms offer 24/hour support, and you can usually get in touch via live chat or email.
You should also be able to find a comprehensive FAQ section on the site. This should contain answers to the most common questions about the platform.
8️⃣ Final Score
The score is based on the platform’s overall performance, including the interface, sports selection, bonuses, and customer support. We also take into account the user reviews when rating a platform.
The score can be from 0 to 10, with 0 indicating a poor platform and 10 indicating an excellent platform.
Benefits of Decentralized Betting
There are several benefits to decentralized betting exchange that make it an attractive option for crypto users, including:
- Great privacy and security
- No need for third-party involvement
- Lower fees
Great Privacy and Security
One of the main advantages of a decentralized betting exchange is that it offers great privacy and security. When you place a bet, your personal information is not shared with the bookmaker or any third party.
This means that in this business there is no risk of your personal data being leaked or hacked. In addition, all bets are placed using the blockchain technology. A blockchain is a public ledger that records all transactions. This means that all bets are transparent and can be verified.
Crypto betting is done on a decentralized network – blockchain technology, which means that there is no central authority overseeing the bets. This makes the system transparent and secure as all the data is stored on a public ledger.
Transparency is one of the main advantages of decentralized betting exchange as it ensures that all the bets are fair and square.
No Need for Third-Party Involvement
With decentralized apps for betting, there is no need for a third party to oversee the bets. This means that the fee is lower as there is no middleman involved.
In addition, it also means that the process is more efficient as there is no need to wait for a third party to confirm the bets.
This makes decentralized sports betting a more attractive option for many crypto users and potential investors in this business.
Another advantage of decentralized sports betting is that it has low fees. This is because there is no middleman involved in the process.
This means that more of the money goes to the winners and less goes to the bookmakers. This makes it a more attractive option for many people.
Decentralized Betting Sites vs. Traditional Betting Sites
The benefits of decentralized betting sites over traditional betting sites are numerous.
For one, a decentralized autonomous organization is not subject to the laws and regulations of any single country or jurisdiction. This means that there is global access everywhere in the world
Another benefit of decentralized betting sites is that they are not subject to the whims of central authorities. This means that they can offer their services without fear of censorship or shutdown.
In addition, decentralized betting sites offer much higher levels of security and privacy than traditional bookmakers. This is because they are not reliant on centralized servers and databases that are vulnerable to hacking and data breaches but work on blockchain technology.
In decentralized betting, deposits and payouts are instant and are made directly between the user and the online sports betting site. This means that there is no need for third-party interference to hold or manage your funds, which reduces the risk of fraud and theft.
Decentralized betting sites tend to have a lower fee than traditional bookmakers. This is because they are not subject to the same costs associated with running a centralized business.
Moreover, in decentralized betting, there is the possibility of withdrawals with zero fees when using WalletConnect to sync the wallet with the online sports betting site.
The decentralized nature of crypto betting also means that there is no need for KYC (Know Your Customer) or AML (Anti-Money Laundering) compliance. This gives one a much easier and faster online sports betting experience on a decentralized site.
Finally, decentralized betting sites offer a much more immersive and interactive experience than traditional online betting sites. This is because they are designed to be used on blockchain technology, which allows for real-time interactions between users.
Sports & eSports at Decentralized Betting Sites
While sports betting is the more traditional form of gambling, placing wagers on eSports is becoming increasingly popular. At decentralized betting sites, you can bet on a variety of different eSports games and matches. Some of the most popular eSports games that you can bet on include:
- League of Legends
- Counter Strike: Global Offensive
There are a variety of different betting markets available for each game. For example, you can bet on who will win a match, how many rounds will be played, or even which team will get the first kill.
You can also bet on regular sports at any decentralized betting platform. Football, basketball, baseball, and hockey are just some of the sports that you can wager on. As with eSports, there are a variety of different betting markets available for each sport.
Whether you’re a fan of sports or eSports, you’ll be able to find plenty of online sports betting opportunities at decentralized betting sites. With so many different games and matches to bet on, you’re sure to find something that interests you.
Decentralized Betting Sites Regulations
The decentralized nature of the crypto betting industry has caused some regulatory issues. In most cases, these sites are not licensed by any gaming commission. This means that they are not subject to the same regulations as traditional online gambling sites.
The following are some examples of the many legal regulatory structures in place to control the industry.
🇬🇧 United Kingdom
In the United Kingdom, online gambling is legal and well-regulated. Sites that are regulated directly by the United Kingdom Gambling Commission can provide their services to UK citizens whether they are located inside or outside the region.
Any gaming establishment intending to provide gambling services to UK customers using digital or virtual currencies that may be exchanged for cash or sold for goods and services must first get a gambling license from UKGC.
🇺🇸 United States
The laws of internet gambling from within the US are undoubtedly complex. Many websites have been serving US citizens for years, ostensibly without incident. However, there was some debate about whether the 1971 Wire Act extended to online wagering and gaming.
This law was enacted to make interstate telephone sports betting illegal, but it included no mention of internet gambling because it was enacted years before the World Wide Web was founded.
The legal environment has shifted once again in recent years. A number of states have passed legislation making online gambling publicly lawful, and several have even provided gaming and sports betting licenses to firms desiring to operate within their borders.
The federal government, on the other hand, states that internet gambling is illegal. The Department Of Justice has made it plain in recent years that you cannot operate an offshore casino online and begin accepting bets with real money from the US.
US Bitcoin casino businesses have been struck particularly hard, to the point that several overseas casinos have begun to geo-block any IP address associated with the United States in order to avoid being caught in the crossfire.
There is legislation in effect in Canada that makes it unlawful for any corporation to provide gaming and betting services to Canadian individuals without first obtaining a provincial government license; however, there is no law prohibiting Canadians from using gambling sites situated outside of the country.
Individual provinces in Canada have the authority to regulate gambling in their respective areas, and some municipalities even run their own internet betting and gaming operations.
Decentralized Betting Sites - FAQ
- ₿ ➤➤ What are decentralized betting sites?
Decentralized sports betting sites are online platforms that allow users to place bets on a variety of events without the need for a centralized authority. These sites use blockchain technology to create a decentralized and trustless environment for users.
- ₿ ➤➤ Is it safe to bet with a decentralized platform?
Yes, it is safe to bet with a decentralized platform. The use of blockchain technology ensures that all bets are processed transparently and securely. Moreover, the lack of a centralized authority means that there is no single point of failure for the platform.
- ₿ ➤➤ How to choose a good decentralized betting site?
When choosing a good decentralized sports betting bookmaker, you should consider a few factors such as the platform’s security, user interface, and the range of events that are available to wager on. You should also check whether the website has a good reputation and is backed by a strong community.
- ₿ ➤➤ Should decentralized betting platforms be regulated?
There are pros and cons to both sides of the argument. On one hand, decentralized betting platforms could be used for money laundering and other illegal activities. On the other hand, these platforms could provide a way for people to gamble anonymously and without government interference.
Ultimately, the decision of whether or not to regulate decentralized sports betting sites will come down to a balancing act between risk and reward.