As blockchain has seen a rise in adoption from many industries, the sports betting industry has also joined the ranks and embraced an application of this technology: cryptocurrencies. One betting platform that has fully adopted cryptos is 1xBit, which is one of the most recognized brands from the crypto betting space. The service features a wide selection of sports events, such as American Football, Basketball, Football, eSports, and Martial Arts, on which users can place their bets. The list is expanded daily to include the most exciting fights and matches.
As a payment option,1xBit accepts over 20 cryptocurrencies, including Bitcoin, Litecoin, Zcash, and Ethereum.
1xBit just added a UFC section to its website
There are several sections available which enable users to perform a variety of bets, such as wagering on their national team, a tournament, and other options. To its list of sections, 1xBit has added“Bet on UFC”, which allows users to bet and view mixed martial arts matches details, such as handicap, odds, and other stats for its fighters. UFC is a mixed martial arts promoter that features the best fighters and organizes hundreds of matches each year.
1xBit has created this section to cater to fans of UFC matches and their betting needs.
Putting a bet on the blockchain
To create a probability of profits and odds, bookies make use of analytics and probability math based on statistics and expert appraisals to have an outcome of an event. Then, they add the profit margins to this probability creating the final odds which are after multiplied with the value of the bets made on the website to produce the possible proceeds.
Bookies make their income by cashing in the bets that lost. Therefore, if you have more losing bettors, you make more money as a bookie. It can prompt some bookies to deliver slightly modified odds and stats to affect the way users place the bets so that they are more inclined to lose.
But, with the blockchain-based platform, bookies have less trouble with security and fairness as all transactions are recorded on the blockchain, which means that itis impossible to modify data and all network users can publicly verify it.
1xBit is a bookie that only accepts crypto and, as a result, it benefits from a secure and transparent environment that enables convenient betting.
There is also the issue of privacy when it comes to registering for an account. Traditional bookies require to submit personal data that has to be verified then.
1xBit does not have such requirements. Users benefit from anonymity and privacy as the platform has One-Click signup that instantly creates a password and personal account number with just one click. Then, users can activate the two-factor authentication feature to enhance account security.
Liquidity rates can also be improved by blockchain implementation. Sports bookies apply fees for withdrawals, and this can be a disadvantage to users who bet for a longer period of time as they have to pay fees each time they cash out.1xBit charges nothing for its deposits and withdrawals.
The only payment supported by 1xBit is cryptocurrencies. Thanks to this, the speed of transactions is higher, and no additional fees are incurred due to the lack of an intermediary.
The Sporty Activity of Cryptos
There are several cryptos and blockchain projects that have shown their interest to get involved in the sports scene. Crypto projects have offered their sponsorships to various sports events and have been endorsed by athletes.
Litecoin is crypto that has made headlines for its partnership with boxing league glory. Their collaboration has enabled people to buy products from the official site of GLORY with LTC.
1xBit has posted on its blog another example of a blockchain project, Stratis, that has invested in a sporting event. Stratis is a dApp platform which offered its sponsorship to James DeGale in the World Super-Middleweight Boxing match.
There are many advantages that blockchain can bring to the world of online betting, as it can make platforms more secure and reliable. Because of this,1xBit keeps improving itself to enhance the betting experience of all its users.