Blockchain and cryptocurrencies have extended their use even in the online sports betting sector. The gambling and betting market is seeing an insurgency in platforms that are implementing cryptocurrencies in order to benefit from their advantages.
1xBit is an online betting and casino website that is among the most recognized platforms in the crypto betting market. Here, thousands of users are able to bet on a large selection of sporting events from all over the world. The service supports payments made in over 20 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dash, and Zcash, and this provides gamblers with faster and safer transactions.
1xBit added a UFC section on their website
A recent addition made to the 1xBit website is a new section focused on the Ultimate Fighting Championship (UFC), the largest promotion company in the sport of mixed martial arts. UFC events receive worldwide media coverage, and fans from everywhere tune in to watch experienced fighters contest for the titles and prizes.
UFC has organized hundreds of events during a single year. Seeing as this sport is continuously growing in popularity, 1xBit thought it would please its fans by dedicating an entire section to it. Hundreds of millions of fans watch the UFC matches, and many of them do not want to miss an opportunity to make some money by betting on their number one contender. For example, on the Nurmagomedov Vs. McGregor fight for the Lightweight title, many fans from all over the world made profits by placing bets on their fighter.
How Do Blockchain-Based Bookies Differ from Traditional Ones?
In order to have an estimate regarding the outcome of each event, sportsbooks analyze a broad range of statistics, gather expert opinions and perform probability calculations. After this, they add their own profit margins to the resulted probability and produce the final odds; this is to make sure they make a profit in all possible scenarios.
As bookmakers are more keen on having their bettors lose in order to reap more profit, they can manipulate how a user bets by giving certain odds and handicaps, staking level variation and limitation, etc. to ensure that the outcome is in their favor.
There is no legal entity that can ban bookies from having their betting rates based on artificial expert forecasts and statistics. Another issue is the banning of user accounts and confiscating their bet earnings, citing that a security policy prompted them to do so.
However, 1xBit is a platform which uses distributed ledger technology, meaning that all of its transactions and payments are recorded on a blockchain which can be viewed or verified by any network member.
Traditional bookies also require a lot of personal information to open an account, but 1xBIT has a fast registration process that doesn’t need a lot of personal data. In addition to providing transparency and fairness, 1xBit is convenient for users that want to maintain their privacy by generating a password when logging in which is then sent via email.
Another advantage of distributed ledger bookies is increased liquidity. Regular bookmakers apply withdrawal fees that discourage long-term gamblers from cashing out their earning whenever they want.
Considering that 1xBit accepts cryptocurrencies, the platform is enabled to carry out transactions at a faster rate as there is no financial intermediate needed. The platform also does not apply any hidden commission fees for withdrawals and permits withdraws of up to 120 BTC. This lets bettors take out their wager earnings whenever they please without having to worry that they will lose money on fees.
Crypto Projects Entering the Sports Industry
Projects from the crypto sphere have entered the sports industry to increase their adoption and media presence by sponsoring different players or sports events.
Litecoin is one of such cryptos. By signing a deal with GLORY Kickboxing, a world-renowned kickboxing league, fans are now able to buy merchandise from GLORY’s official website using LTC as payment.
The altcoin was also promoted in the UFC scene by Ben Askren, a professional UFC fighter. He affirmed his support for the coin and urged the community to also adopt it.
Another recent example of blockchain intertwining with the sports industry is Stratis’ sponsorship deal. Stratis (STRAT) is a blockchain- based dApp platform for private distributed ledgers that sponsored boxer James DeGale in the IBO World Super-Middleweight title match on February the 23rd. More information about this is available on 1xBit’s blog.
One thing is for sure: cryptocurrency and its underlying technology, blockchain, could provide the sports and sports betting industry with many benefits, so 1xBit has incorporated this option for all of its sports bettors, including UFC fans.