Sports Betting Could Bring Blockchain Tech to the Mainstream

At Wagerr, we wholeheartedly believe in the power of decentralization. We believe that the technology behind blockchain and distributed ledger can revolutionize, and advance industries of all types. Our goal is to bring this advancement to the gambling and sports betting sector, disrupting traditional operators while providing a superior product and experience to a global audience. Using a decentralized blockchain we will elevate the sports betting industry and usher in a new trust-less era of fairness, availability, and security.

Decentralized blockchain technology is still in a state of early adoption with businesses in countless spheres working to take advantage of the many benefits it provides. Technological advancement takes time, and we believe the true cryptocurrency boom will coincide with widespread adoption, and the everyday use of these technologies by society in general.

Waves Platform CEO and founder, Alexander ‘Sasha’ Ivanov, delivered a presentation at the Genesis Moscow Conference on September 22nd 2017 (video embedded and timestamped below), declaring mass adoption, and ease of use, as the primary methods of advancement for cryptocurrencies in the future.

Gambling, specifically sports betting, is a phenomenally large industry generating over $400 billion in legal revenue each year, and it’s forecasted to surpass $500 billion in 2019. People all over the world like to wager, legally or otherwise. People across the United States travel to Las Vegas to gamble, while a strong push to expand legalization to other states continues. Likewise, people across Asia travel to the gambling haven of Macau to bet.

It is estimated that over 80% of Australians gamble each year, spending over $1,000 per adult annually. Even in a small country such as Ireland, with a population under five million, figures from 2010 show that over $5 billion is gambled each year, over $10,000 per minute. It is difficult to find a more widespread, popular, and lucrative industry worldwide. It truly encompasses the whole world.

What better industry to bring the masses to decentralized blockchain technology, and simultaneously present blockchain to the mainstream. The only way to achieve this, would be to take advantage of all the benefits decentralization provides, which eliminate the unfavorable elements of betting that users experience around the world. As Bitcoin’s godfather, Andreas Antonopoulos describes below (video embedded and timestamped), the benefits of Bitcoin and a decentralized financial system, for both the western world and those less fortunate, the same applies to a decentralized betting solution.

Lack of trust, fairness, availability, and security are issues faced by bettors all around the world.

Those in the United States who avail of the services of offshore bookmakers are exposed to a lack of regulation, and put in a position where they must trust the untrustworthy to bet. Many customers have faced the grim reality of this, waiting endless weeks to claim their funds or worse, not receiving them at all. There is very little room for recourse, and a bookmaker that could be there one day, could easily be gone the next.

Those who gamble in Las Vegas will quickly find that winners are not welcomed if they are lucky. The same applies to those who gamble legally across the UK and Europe. Winning customers are not banned as bookmakers cannot legally refuse service, but instead are limited to betting pennies. Those who use alternatives such as the Betfair Exchange are subject to a winner’s tax of up to 60% of profits once they win ‘too much’. Unfairness has become a staple of the sports betting industry, and until now, nobody has been able to do anything about it.

Even worse, those who gamble in many parts of Asia are forced to do so illegally, with no legal options available to them. This raises an entirely new concern, one of safety. Win, or lose, too much with a black-market bookmaker and you could be putting your health at risk, all because of your choice of recreational activity.

A betting solution utilizing a decentralized blockchain can offer a trust-less, fair, globally available and secure method of betting for everyone. At Wagerr, we are hard at work bringing this reality into fruition.

We use distributed blockchain technology to execute betting contracts, escrow stakes, verify results, and pay out winners. By eliminating central authorities, Wagerr solves the most pernicious problems in the industry. Reducing corruption and risk results in predictable operation.

The gambling world needs Wagerr. Millions of people bet billions of dollars every year, legally & illegally, and when they bet on sports in the underground market, they must trust crooked bookmakers and anonymous, illegal centralized websites that easily take off with their money, or get shut down by government regulators, leaving bettors without pay-outs and any chance to recover their earnings.

The Wagerr system is decentralized, trust-less and self-regulating. These features allow Wagerr to deliver secure, private, and safe sports betting on a global scale. Players avoid high fees, corruption, legal repercussions, and violence, prevalent in today’s industry. Using Wagerr is easy, fair, secure and at the fingertips of every user.

The gambling world does not simply need Wagerr, after so many years of hardships, the one solution it deserves is Wagerr. And on January 15th, 2018 we will deliver it to you.