Disclaimer – This article is written by the BlitzPredict Team.
The sportsbook arena is an old, yet a popular method for gamblers across the world to try their luck and bet on their favourite sports teams and players in return for monetary gains.
There are many online sportsbook websites that provide easy wagering to players. But what many people do not understand is how these websites silently hold on to their money and delay cash-outs. As a result, users lose out heavily in the long-term.
Blockchain technology is being widely adopted across the globe in a range of multi-faceted businesses. It has become a popular choice for developers of the world to transform any business or any service into more secure, more robust, faster fool-proof system.
It is not simply a transaction exchanging platform, but rather a self-sustaining eco-system that can fuel itself using the local in-house currency called ‘tokens’.
Think about the liberal policies that the government has implemented, that have fooled people for hundreds and thousands of years in the name of trust. This will help you to understand the importance of blockchain and the value of an impenetrable system that guarantees trust.
Blockchain technology has helped transform many businesses into much more secure versions of themselves.
Many users have also expressed that they prefer the companies that have employed blockchain algorithm in their functioning, as it makes them feel more confident that it is a safe place to invest their money.
The Underlying Problem with Existing Sportsbook Websites
Many online sportsbook websites have dealt with multiple safety issues. One of the most prominent of these issues is one is pending payments.
The websites operate like centralized authorities that ask the users up-front to first deposit the money into their online accounts. Users don’t get any interest on the deposited money, and funds are tied up in their accounts for a long time.
Another issue with the current reward system is that the players might earn the money instantly if their bet is approved, but the cash-out takes a long time. This delay can cost the player heavily, as he might have gained a better interest in that money, had it been locked up in a bank account instead.
While solving the issue of trust could be solved by more sportsbook companies adopting blockchain technology, this alone is not enough. Adopting blockchain still does not solve the liquidity problem.
Yet another common problem that players face is finding the best line. To find the best possible deal, many people opt to make multiple accounts at different websites. While this is a good way to maximize returns, the entire process can be hectic and time-consuming.
Lastly, the sports analytics industry is fragmented and divided. The existing sportsbooks, teams, and betting syndicates keep the information hidden from outside entities. This way they end up competing independently for a common goal, instead of co-operating and generating more revenue from it.
How Can Technology Solve These Problems?
To solve the problems mentioned above, a system or rather an eco-system is needed where the experience of the users of using the portal is enhanced and the process of cash-out is simplified.
This portal must also provide a healthy and viable comparison between the best possible lines so that users do not waste time in creating multiple accounts.
One such platform is known as BlitzPredict, a collector of prediction markets and sportsbooks. It works like a stock-market ticker by providing the users with the best possible bets.
Using the sophisticated Bancor Protocol, it will ensure that the users get instant pay-ous with very little delay and that they also get the best-ever wagers. Bancor Protocol is a standard for new-age cryptocurrencies and smart tokens.
As well as providing liquidity reserves to the users to enable quick cash-out, the low transaction rates will also help users to get better and attractive deals. Major sports analytics experts are enticed to contribute to their platform, which will help them create powerful and accurate predictive models.
The process of using the platform has been streamlined and made more secure. The aim is to enhance the overall user-experience with a state of the art design.
As a player, all one needs is transparency, justice with the money spent, and quick cash-outs. Every one of these requirements is being entitled and taken care of by this portal.
To fuel their network, the team has come up with their own tokens, known as BPZ. They are ERC-20 tokens, built on the Ethereum platform. Currently, one Ethereum equals 25,000 BPZ.
How Is This Different From Current Sportsbooks?
The noteworthy features, that make BlitzPredict distinct from all others are:
- The high-end aggregator
- Liquidity (enabling quick cash-out)
- Smart contracts
- Expert analytics communities
- In-house tournaments
The BlitzPredict aggregator will constantly collect information from prediction markets and existing sportsbooks and provide it to the users in an efficient and streamlined manner.
Because it is a customizable platform, the player will see the best odds, and best lines on the network so that they can make the safest bets possible.
Wherever legal, the platform will enable users to wager from partner sportsbooks and other websites as well. The liquidity reserves of the company will allow quick transactions and a sufficient cash flow within no time.
BlitzPredict also implemented smart contracts which will be enabled by blockchain technology. This will allow users to set up any bets that they would like to place automatically.
The players will also be able to see expert predictions and an analysis for the future of a team or performance of a player.
The BPZ tokens that players will spend will be paid out to these experts in exchange for their services. Using the company’s existing BPZ, in-house tournaments will also be organized. In those tournaments, all users will be given the opportunity to earn free BPZ.
These features make BlitzPredict one of the most revolutionary and tech-savvy start-ups of this time.
The much-anticipated BlitzPredict token sale started only a couple of days ago, on January 22nd , 2018.