Generally, the sports betting market is enormous. Statistics show that every year, trillions of USD worth of bets are placed. In 2016 alone, about $70 billion worth of profits were made from legal sports betting, and it is predicted that this figure could rise to $90 billion this year.
However, a massive sum of money is also lost on illegal betting. According to one NBA commissioner, Adam Silver, an estimated $400 billion in bet are placed illegally in the USA alone.
In Silver’s 2014 New York Times op-ed piece titled “Legalize and Regulate Sports betting”, he wrote: “I believe that sports betting should be brought out of the underground and into the sunlight where it can be appropriately monitored and regulated.”
Illegal betting can also be disadvantageous to the one betting in many ways. For instance, there is always a chance of someone refusing to pay up a bet if something goes wrong. In this situation, there is obviously no way for the gambler who has lost his money to appeal or go to the police.
In other instances, gamblers may be enticed into placing a bet for which the outcome has already been decided to be against them.
Blockchain and cryptocurrency now provide the speed and anonymity that most gamblers find appealing. You can withdraw, deposit, wager and get your money back immediately.
While there are obvious problems in the betting world today such as illegal wagering, very high fees, and long winning payouts, blockchain and cryptocurrency give hope for a brighter future. This year, a new Initial Coin Offering is creating a new platform that would address all these betting problems and it called Marginless.
Marginless CEO Lukas Jonaitis says: “Marginless will bring the good old times where individuals will have an opportunity to place a wager against other people directly on almost any sport or other activity. Friends, colleagues and many other sports lovers will be able to get back the control of their bets and place them against a real person. Cleverly developed algorithms seem to rule today’s betting industry, however, the decentralized approach of newly forming blockchain technology-based solutions will change the way we live – making financial transactions, buying products and… betting. At Marginless you can not only bet on sports but create your own bets in different kind of niches.”
We are now hopeful that with exchange projects like Marginless, cryptocurrency and blockchain would be used to its full capacity — enabling users to bet faster and safer at very low costs.