Online betting has never been as profitable as it is today. With the addition of blockchain technology, a new player has been introduced: decentralised betting platforms. These websites or platforms use blockchain technology to offer fairness, transparency, and privacy. The new platforms can really be good competitors for traditional betting sites.
As this is a very interesting topic, our article will explore these decentralised options and how they can influence the industry. We will walk you through all the advantages and drawbacks so that you become familiar with this new concept.
What Are Decentralized Betting Platforms?
As we already mentioned, decentralised betting platforms are websites that run on blockchain technology, providing a transparent, trustless, and peer-to-peer (P2P) space for betting activities.
Traditional betting platforms rely on centralised servers and intermediaries. Yet, decentralised platforms use smart contracts, which are self-executing programs on a blockchain that apply agreements without a third party.
The main benefits of these platforms are that they eliminate the need for intermediaries, reduce operational costs, and increase trust and fairness in the betting process. Some key features of decentralised platforms are:
- Blockchain Use: Blockchain can keep everything transparent and unchangeable. Once all your bets and results are recorded, no one can edit them. So, it ensures a trusting system.
- Peer-to-Peer Interaction: This means that players can place bets and solve any disputes directly with each other. There’s no longer the need for a middleman. Smart contracts manage everything automatically based on agreed rules.
- Cryptocurrency Transactions: All decentralised platforms use cryptocurrency, making international payments fast and cheap.
The Main Technologies Used for Decentralized Betting Platforms
The popularity of these platforms is mostly due to the addition of several blockchain ecosystems and technologies, such as:
- Ethereum is a very popular platform for decentralised apps, offering strong smart contract features and a large developer community.
- Binance Smart Chain (BSC): BSC is an alternative to Ethereum, as it is faster and cheaper. It’s a more common choice for building decentralised betting apps.
- Layer-2 Solutions: Tools such as Polygon will help blockchains manage more transactions at lower costs, so they are great for high-traffic betting platforms.
- Oracles: Services like Chainlink will connect blockchains to actual data, allowing betting platforms to use real events in their smart contracts.
User Trends
In the betting world, interest in decentralising finance (DeFi) has increased as users become more aware of its advantages. Some of the things they follow are:
- Transparency: Users can freely verify the transitions and outcomes that the blockchain provides.
- Trustlessness: As intermediaries are no longer needed, there is a new level of fairness attached to transfers. It also reduces the risk of fraud and manipulation.
- Anonymity and Privacy: Crypto allows users to place bets while maintaining their privacy, which is a massive digital concern nowadays.
Advantages of Decentralised Betting Platforms
In order to compare the two types of platforms, we must be aware of the advantages of both types of platforms. So, let’s look at the advantages of decentralised betting websites first.
Fairness and Transparency
Without a doubt, this advantage surely resonates with what players want nowadays. As we already mentioned, blockchain technology ensures fairness and transparency through the use of smart contracts. The wager happens automatically, eliminating human error or manipulation.
Lower Fees
Bookmakers are no longer needed on decentralised platforms. By removing them, these websites can reduce transaction fees, allowing users to keep more of their winnings.
Global Accesibiliy
You already know that decentralised platforms run on blockchain technology. So, we talk here about a network without borders, and anyone with an internet connection can participate.
Anonymity and Privacy
Most online users also prefer more privacy and anonymity. Unlike traditional platforms, which always require user information, the new system often lets players make bets using only crypto wallets. This anonymity feature is mainly attractive in areas with restrictive gambling laws.
Traditional Betting Platforms: Advantages
It is now our turn to put the spotlight on the traditional betting platform that has been around for a while now. Let’s see what the most valuable advantages are that users appreciate about these websites.
Reliability and Trust
There are traditional platforms that have built reputations over the past decade, providing users not only with services but also with confidence. A good example is BetBrain, which offers great betting services and educational content, which has made users appreciate its transparency and honesty.
Reputable online casinos are licensed and regulated with host efficient mechanics to prevent fraud and ensure fairness.
User Experience
Traditional platforms are certainly more attractive to a larger number of players. With their user-friendly interfaces, live customer support, and accessible payment methods, these platforms surely offer a seamless experience.
Regulation and Consumer Protection
Classic online casinos comply with different laws ensured by regulatory bodies to protect users at all times. These regulatory bodies ensure stability, provide aid for disputes, and guarantee payouts. Regulation often acts as a safety net for users.
Head-to-Head Comparison of Decentralised Platforms and Traditional Ones
We presented you the advantages of both these types of betting platforms, but in order to paint the picture even better, just look at the table below.
| Feature | Decentralised Platforms | Traditional Platforms |
| Transparency | High | Medium |
| Fees | Low | High |
| Regulation Compliance | Limited | Extensive |
| User Experience | Moderate | High |
| Accessibility | Global | Region-bases |
Using this table, you can make the best decision for your betting activities, selecting the platforms that suit you most.
Which Platform Fits You Like a Glove?
As you can see, there are multiple elements to balance before deciding between decentralised and traditional casinos. While traditional casinos offer regulatory certainty, decentralised ones focus more on innovative technology and more transparency.
We believe that a hybrid solution could do the trick, combining the advantages of blockchain with the stability of a controlled system. But this is a fact that is still yet to be confirmed.
Thus, as the online gaming landscape evolves, it is vital to stay informed, agile, and open to new things.