If you’ve ever signed up to a sports betting app, you’ll know the amount of work that users can face. From verifying your identity to registering a new card and waiting for your funds to be in the account, the process is fraught with difficulties and potential problems. Sports betting operators face the same challenges from the other end as they battle to weed out the fraudulent accounts and secure all received funds. Get it wrong, and they can find themselves in a lot of trouble. To change this, we’re utilising blockchain technology.

We use the same technology which is used to manage cryptocurrency exchanges and apply it to the betting industry. A decentralised betting and prediction market is safer, more secure and more cost-effective than the current systems in place. At the same time we provide a huge amount of freedom and flexibility, which means that the accounts cannot be blocked or restricted for winning too often, for example.

The betting industry is seriously lacking in honesty and trust. Odds are set in secret and are set too much in the favour of the bookmaker. This makes it difficult for users to keep track and make informed decisions. We recognised that an open prediction market was needed so users can easily identify which experts to trust. By using Blockchain technology to log predictions, it becomes impossible to alter or change their prediction history.

Once a prediction is deployed to the blockchain it is immutable. A user cannot go back and change or delete their prediction. Those with a track record of strong predictions can then rise to the top while those with poor records will drop off radars. This kind of betting prediction platform has already been used during the 2018 World Cup in Russia with great success

Cutting out the middleman means handing over the control of the users. This reduces costs and returns betting to the people. Our users have the chance to build their own markets and become betting operators. This kind of peer-to-peer sports betting system increases transparency as the odds will no longer be set in the middleman’s favour. What’s most interesting about this new approach is that it is not only limited to sports. Bets can be placed on anything, including financials and prediction markets.

Another area of the bookmaking business that can benefit from the introduction of blockchain technology is cash flow. This is often an ongoing headache for operators but is virtually eliminated with our platform. With peer-to-peer sports betting built on blockchain technology, this issue is eliminated. Users place their bets with a BX token, which is solely created to serve the complex requirements of betting, and receive their winnings in this currency directly after the outcome of the bet is determined and are able to process them immediately. No more waiting for a crashed system to return your winnings.

The sports betting market has been plagued by issues since the explosion in interest. We aim to fix a broken system and restore trust to the industry. We want to make sports betting work for everyone and start a long overdue revolution in a deadlocked industry by giving back the power to the crowd. A decentralised system is what is needed to ensure transparency, restore trust and ensure that betting experience is free and without any limitations.

To find out more, head on over to our website at https://bx.bet/en/