As most bookmakers transition from traditional sportsbooks to crypto betting, the online betting sector has recently experienced several developments. As more decentralized platforms enter the market, blockchain technology is catching up with the industry.
And as a result, sports fans are tapping into the idea of decentralized sports betting. According to recent data, sports enthusiasts are twice as likely as non-fans to claim they are aware of blockchain and crypto as a digital asset class, which proves the above.
Some of the most critical use cases of blockchain that aren’t just for fans are:
– To minimize fraud and counterfeit products, memorabilia authenticity is verified.
– Development of blockchain-based identities that provide users with rewards in return for supplying enterprises with insightful and actionable data.
– Create better cross-partner loyalty programs that inspire fans to undertake particular behaviours or buy certain things by incentivizing and rewarding fan interactions.
– Athletes’ capacity to pay for their training in exchange for future earnings, loyalty schemes, or other incentives
– Tokenized sports or esports teams boost a sports team’s liquidity by allowing more investors to buy shares or sections of the company.
Sports fans further benefit from decentralized betting in a variety of ways:
1) The creation of blockchain-based identities opens up new and meaningful experiences while also generating unprecedented net value in higher fan revenue, asset crowdfunding, digital collectables, and verifiable superfan celebrity.
Consider a verifiable superfan to be a fan profile or a license provided by a sports organization. To boost engagement and income, sports companies would be able to collect more meaningful and actionable data on their followers.
1) Loyalty incentive systems based on blockchain technology will encourage higher levels of engagement and deliver real-time reward payouts and redemptions.
By establishing a user identity across all digital touchpoints and enabling the trade of digital assets, blockchain improves loyalty rewards. For example, rewards programs that employ Ethereum can develop cross-partner networks that allow loyalty incentives to be used with linked companies.
Along those lines, Betswap is certainly becoming the number one platform and marketplace for sports and esports betting thanks to its decentralization and a high degree of transparency.
Since Betswap doesn’t use cash, it bypasses most online betting regulations while being transparent at the same time. Getting started on Betswap, the best part is that there’s no need to provide personal information or even create an account. Bettors can get started in seconds by just connecting a crypto hot wallet.