How LUCKY.io is using blockchain for sports book

Even if you don’t bet on sports you will know the scene from “Back to the Future”, when a sports almanac, featuring all the results between 1960 and 2000, changes the destiny for everyone involved and shows just how impactful odds can get.

This almanac would, in fact, be very handy if you are planning on winning a future (in this case future but past) bets. But let’s be honest， even if you have the results in front of you, it is not always easy to see what’s what. There are just so many on them. Sports book is, by definition, big data.

If you’re into iGaming, you probably already know how complex it can get. While a slot provides just a few outcomes based on the combination, a sports game can have an infinite amount of situations and therefore also an infinite amount of outcomes.

Each game can place odds on a wide variety of different events and each of them can have a great variety of outcomes. Just in football alone there are: full time, half time, free kicks, corners, substitutes and many, many more potential outcomes of one single game. Have you ever thought about who counts the corner? Does anyone actually do it? And if that really is someone’s full time job, who’s the person doing it how?

The answer is: with difficulty. Unfortunately it often affects the customers who are the ones that suffer from these mistakes. Recently, for example, a man by the name of Denver Broncos placed a $100 bet that won him $82 000. A lucky draw you would think, but when he went to claim that money, he had to face a really harsh sports book reality.

While holding the winning ticket in his hand he was told “no” said he wasn’t entitled to his winning because their automated system had generated the wrong odds. But calculating the odds was, in fact, a really human mistake as this story soon ended up in the press and finally got Denver his win.

But there are better ways. With new technology arriving at the doorstep, there’s now no risk of a human or even automated mistake. With blockchain a sports book can create a system where the outcomes and generated and players are paid up automatically if the conditions of these outcomes are met - what we commonly know as ‘smart contract’. It is a feature that has struggled to find a use case in the world of blockchain, but sport book is its perfect host. In this world, a tremendous amounts of results and predictions are generated and having an automated system that can move everything forward clearly and accurately. This system is long waited and we had no hesitation with implementing this solution.

Another interesting feature of blockchain or, rather, a pararle technology in the use of oracle network within the blockchain environment. This method adds a decentralized approach for adding data onto the database, allowing users to get paid for the data they add to the network. By having access to a wider datasets, the predictions can be more accurate and the odds placed in a much more fast-forward manner.

And with speed, we can obviously do a lot. At this moments in time, data is traveling between many data providers, agents, regulatory bodies and operators. It makes it slow and insecure, where by in Blockchain all transactions are anonymous and it’s instant both when it comes to deposits and withdrawals.

These points won us hands down. We could not see a reason for why LUCKY.io shouldn’t the casino with the right setup from the very start. If you think about it, what if it wasn’t the almanac but blockchain that arrived back to the future - surely the person who got it would be luckier!