Online Sports Betting Evolving with Blockchain

If you have a keen interest in cryptocurrencies, sports, and betting, there is a place where you can find all these elements combined: 1xBit.

1xBit is a multifaceted platform for betting and casino options. The company is one of the most prominent players from the crypto gambling industry, and it features an impressive number of different sporting events on which users can place their bets. These sports are American football, Basketball, Football, Ice Hockey, Tennis, Volleyball, Table Tennis, Athletics, Golf, Bicycle Racing, Boxing, Cricket, Baseball, Curling, Darts, eSports, Formula 1, Handball, Martial Arts, Netball, Rugby, Snooker, and Sumo.

The website continuously adds new events to its list to feature the most exciting fights and sports matches. And over the past months, there are a lot of players betting from Canada

To provide users with the fastest and most convenient betting experience, 1xBit accepts as a payment method over 20 kinds of cryptocurrencies, including Bitcoin, Litecoin, Zcash, and Ethereum.

1xBit Just Added a New Section: UFC

Users are able to explore the site and its various sections which allow them to bet on their national team, a tournament, access the betting exchange, construct their bet or bet on the match of the day. 1xBit has added a new section which focuses on an increasingly popular sport called mixed martial arts. The UFC section is focused on the world’s leading company which promotes mixed martial arts, featuring the biggest athletes and events.

UFC organizes hundreds of matches and events yearly. It is obvious that this sport has millions of fans some of which are into betting, and 1xBit decided to extend their section list and include information and news about UFC.

Online Betting with Blockchain

In order to calculate the possible profits and odds, bookies employ a series of analysis and probability calculations on a wide sample of statistics and expert opinions to estimate what outcome an event might have. The resulted probability is then added to the profit margins that generated the final odds; that secures a profit for the bookie, regardless of the outcome. The odds are then multiplied with the bet amounts, and this helps to estimate the possible proceeds.

Bookies make more money when their users lose the bets. This can lead to a manipulative strategy to influence the behavior of their users by giving out slightly altered odds, promotions, and information that decrease the users’ chance of winning.

However, with blockchain-based bookies, the problems of security and reliability are reduced considerably. When using cryptos, all transaction data is on the blockchain, and this data can be accessed and verified by any user of the network; but the information cannot be modified once it is stored on the chain.

1xBit is a bookie that accepts cryptocurrency, which means that it provides a transparent and fair platform supported by blockchain technology.

Another advantage that should be mentioned is the enhanced privacy. Traditional bookies require personal data when you register for an account. This is not the case for 1xBit, as it has a One-Click account signup that creates a password and a personal account number very fast. Users are then able to set up their two-factor authentication in order to give their account an added layer of security.

Another beneficial aspect provided by blockchain is liquidity rates. Traditional sports bookies inconvenient fees on each withdrawal and this can deter recurrent gamblers from regularly cashing out. 1xBit, however, is not like traditional bookies, as it does not apply any fees when depositing and withdrawing.

The fact that 1xBit accepts cryptocurrencies as its only form of payment can execute transactions at a faster pace without adding any extra fees, as there is no intermediary to settle or manage the financial transaction.

Cryptos Active in the Sports Scene

Several projects from the crypto space have decided to spread their reach by including the sports industry in their advertising strategy. Cryptos have sponsored or have been endorsed by many prominent names from the world of sports.

Litecoin is a crypto coin that has attracted attention for its partnership deal with GLORY Kickboxing, a famous kickboxing league. This partnership enables users to purchase merchandise with LTC from GLORY’s official website.

Moreover, 1xBit posted on its blog that the Stratis blockchain project got involved in a boxing event. Stratis (STRAT), a dApp platform, offered its sponsorship to British boxer James DeGale in his match for the World Super-Middleweight title.

There are many ways through which crypto implementations can save bettors from many inconveniences and issues, and this is why 1xBit took the chance to improve this industry.

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