Decentralized sports betting - The future of crypto betting
The future of cryptocurrency is here. With blockchain, you can see its applications all over the world, and crypto betting is not falling behind. You can see it with decentralized sports betting platforms. These are changing the way we bet and will become the next step to a decentralized and community-driven bet activity.
Dexsport.io is an advanced decentralized sports betting tool for you. We are the first and only decentralized sports betting platform that is currently working on the main BNB chain. We promise you a platform without counterparty risk and deliver high-speed transactions. Also, we offer the best benefits to our gamblers as unlimited bets, deposits, and withdrawals without fees, no taxes, and no government control.
After you read this guide you will know
- What is Blockchain
- What is Decentralized
- Benefits of Decentralized
Sports Betting compared
to the traditional ways
- Best crypto wallets
you should use
- Games you can find in crypto sports betting
What is blockchain?
Blockchain is a system of databases that is stored and shared between a series of computer networks. All the information contained is duplicated and distributed in a way that is incredibly difficult to change, hack or cheat.
The information is divided into a node of blocks that are connected to each other. And each time a transaction is made, a record of that transaction is added to all nodes that are involved. Even though Blockchain technology has tons of uses, it is best known for its role in the cryptocurrency industry. Bitcoin, Ethereum, Litecoin, Dash, Monero, and more crypto assets use this technology to process transactions in a fast and safe digital environment.
The most important feature of blockchain is its security and the possibility of total control thanks to its decentralized record of transactions. This means that you have complete transparency in processes that involve money. This is the reason why decentralized sports betting is getting more popular and why we chose to develop our web3 sports betting website based on it.
What is decentralized sports betting?
Decentralized sports betting is a new betting model that doesn't involve traditional bookmarkers. The betting platform is based on an open-sourced model that involves the blockchain. Web3 sports betting sites don't have an actual owner that is running the platform because all players involved are part of it.
The open-source nature allows anybody to work in it and make it better. So, bettors are the ones that create markets and odds. Those who want to participate will choose whether to bet against the person that created the market or not. The decentralized sports betting platform doesn’t charge high fees. They usually take 1% or less of the betting action.
Sports betting vs Traditional bookies
You may be wondering why you would need decentralized sports betting platforms when you already have the traditional Bitcoin bookies. The truth is that this technology could take Web3 sports betting to a whole new level and bring benefits completely to the community. In Dexsport we are making sure of that. So, below you can see the many differences between decentralized sports betting and traditional Bitcoin bettings.
When it comes to governmental control, a Blockchain-driven web3 sports betting platform gives players total control over their assets and bets. Anyone can bet with friends without the need of a bookmaker. You won’t have to worry about regulations or any kind of intervention on web3 sports betting platforms because both assets and betting actions belong to the community.
This also means that you are completely responsible for your assets. You must take good care of them and don’t access strange websites that may ask permission to your wallet. In contrast, you have the traditional Bitcoin bookies. These platforms follow certain betting rules and regulations from governments to ensure people’s safety.
They are the ones who determine the odds and fees for placing a bet.
Decentralized sports betting platforms take smaller fees, known as vig as well, compared to traditional sportsbooks that normally collect around 5% (10% from the losers) averaging the sum of each gamble.
Since the bettors want to lower that percentage, they prefer to go to decentralized gambling platforms, where they can find lower fees.
Generally speaking, these platforms collect around 1% or less from the sum of the betting actions.
In our decentralized sports betting site, fees for withdrawing or depositing are none. This is because we don’t involve the usual sending process to your wallets.
The only thing you have to do is click "withdraw the funds" and the money will go immediately to your wallet with 0% fees.
Traditional crypto betting sites usually block or restrict countries that don't belong to the same territory license due to jurisdiction’s laws where those countries operate.
This means that if a gambling site operates with a license from the UK Gambling Commission, and users from other countries want to bet on it, they probably get restricted.
That is not a pleasant situation for bettors, but it is totally understandable for traditional Bitcoin bookies who only want to comply with the laws of the territory they are operating.
On the contrary, decentralized sports betting platforms do not come with the same regulations because they don't have the usual central operators and also try to avoid restricting any countries.
Beware that you may be located in a country where there is a total restriction for crypto matters. This means that you won’t be able to bet even on these decentralized platforms.
On Dexsport, you don’t have to worry about country restrictions. We are open to all countries.
One of the hardest things in crypto for sports betting is finding a trustable traditional platform to gamble.
Let’s be honest, it is kind of hard to trust a platform that you don’t know and is based kilometers away from you. You don’t know if the deposit is going to be completed or if you will be able to withdraw your profits.
Sometimes, even when everything goes well, the website declines your card because your bank thought you were paying on a shady site.
This doesn’t happen with the web3 sports betting platform. Every time you deposit or withdraw you can personally check the crypto address the platform has in an online scanner.
This scanning process will vary according to the cryptocurrency you’re using. For BNB, you use the BscScan.
However, in Dexsport we work with smart contracts. This is a contract that is stored on the blockchain and it executes automatically once you comply with certain factors.
This means that everything that was stated will be quickly processed. This includes fair best and instant payouts. It’s a better and improved way to ensure that everything will run as smoothly as possible.
It’s all pre-established so you don’t have to pass through bad situations like not getting your profits.
The advantage of using blockchain technology in the decentralized gambling sector is that you have instant deposits and withdrawals.
Actually, with our web3 sports betting platform, all deposits and withdrawals are made in seconds because you connect your wallet via Walletconnect.
This means that we don’t involve traditional processes that normally other web3 sports betting sites involve, like the usual blockchain confirmations that sometimes take way too long.
You own your money and your transactions are completely anonymous. So banks or countries don’t have any kind of control.
In the case of traditional betting sites, these will have to follow the betting laws of the countries they are registered in. This means that it’s harder to fund your account on these platforms.
Sometimes they may even reject your credit or debit card because of country restrictions.
The best thing about web3 sports betting is that you don’t need to pay taxes in most countries.
For example, Australia, the UK, and Canada are tax-free, whereas in the USA you need to pay Income Tax for Winnings.
Traditional betting sites also have to pay some taxes in case you use regular payment methods such as credit/debit cards, among others.
Thanks to the blockchain, decentralized platforms and sports betting sites have become the best trustworthy and transparent spaces for bettors.
Blockchain is the responsible creator of a new provably fair bet system that allows the players to see the random number generator, making these sites more reliable and transparent.
Instead, there are more chances to find fixed games on traditional Bitcoin betting sites, these being not as reliable as decentralized peer-to-peer gambling.
Decentralized betting — kinds of sports
In the past, the only gambling option for bettors was making a wager, staying watching the game until the end, and waiting for the result of their bet if they won or not. Those games are now obsolete and the sports games at crypto esports betting sites are growing and evolving very fast. Down below we reviewed different kinds of sports that you can find at decentralized betting sites and how they work.
The market of eSports games started as an entertainment industry, initially played for the adrenaline for difficult games or for fun.
However, nowadays, the industry for online video games became really popular and now people conceptualize this as competitive sports. This is what is called eSports.
The most popular eSports where you can gamble right now are League of Legends, DOTA 2, shooter games such as CS: GO, Valorant, and more. Here you can see what they are about.
Decentralized betting games don’t change much. This is why you can play traditional sports on these platforms.
Depending on the platform you’re playing on, you can find Football soccer, Tennis, Hockey, Basketball, Handball, Rugby, American football, Bandy, Baseball, Cricket, Darts, Snooker, Volleyball, and more. There is no need to explain these disciplines since they are well-known around the world.
League of legends
This game is about facing two teams in a 5vs5 arena. There are tons of heroes and abilities players can choose to face each other.
The basic game is about destroying the other team’s Nexus, a mystic artifact they are guarding.
Gamblers will have to bet on the victory of one team and other options that you may find. This is one of the most popular games in E-sports betting crypto.
It’s similar to League of Legends but instead of destroying the Nexus, you must blast the Ancient inside the enemy's Stronghold.
Gambles can also bet for one team’s victory or defeat.
This is a multiplayer first-person shooter video game (either on LAN or online). It consists of two teams confronting each other, the terrorists and the counter-terrorists, both teams made up of 7 players.
Each team will have to get ready and arm themselves with top-notch weapons to endure hard maps and the constant pressure of being eliminated.
Gamblers can bet in different sectors. For example, they can select which team will be the winner; if they win in one round or in which map they will win.
They can also choose what team made the most kills in one round, what team made the first kill, and the total bombs disarmed or placed.
Rainbow 6: Siege
Also known as rainbow six, R6, and R6S. It's a multiplayer 5vs5 shooter video game with three game modes: bomb, hostage and secure the area. Teams have roles and must follow indications according to the type of game mode in order to win.
The bettors can place their bets on one of the teams that they think it will win.
Valorant is a mixture of CS: GO, Fortnite, Overwatch, and Apex Legends. This is a character-based tactical shooter, so you will have to use the characters' weapons and skills to come out victorious.
In the web3 sports betting platforms you can place bets for actions like: headshots, first kills, and more. You also can choose who are the best players and place a bet on them.
Rocket League is a Football soccer game with cars. Teams can be formed with up to 4 players. The basic idea of this video game is to use strategy and communication to score during the time limit.
Gamblers can place bets on the team that score the most, the MVP, and more. It all depends on the markets and open odds in the web3 sports betting platform you’re playing.
Virtual sports are computerized software that plays a game with the goal of emulating a real-life sport. The first virtual sport recognized was a code that could run a fantasy baseball game, created in 1961 by John Burgenson for an IBM 1620 computer.
The game basically consisted of two teams that could play automatically by a code of probabilities and statistics, which gave a result generated by a random number creation algorithm.
These days, virtual sports are developed under the same concept and core elements. Still using random number generation (RNG) for random results in the games that are played automatically by a game software with probabilities and stats codes for each team.
The first rule you have to keep in mind is that the team with a large lead will tend more to run the ball and try to run down the clock. Also, the team that is trailing by a wide margin might need to throw the ball more to catch up faster. The way these factors influence the betting decisions in live play is huge, so pay attention.
Being one of the favorites gambling "live" sports, the matches, while not typically high-scoring events, still offer plenty of intriguing items to wager on.
The range of gambles is wide and can be for teams or individuals.
This game presents the biggest action for live sports betting because it has a lot of scoring. On some sites, the betting lines are constantly refreshing all over the game.
Also, some of those decentralized online casinos can offer more than 2.200 live betting lines into the 48 minutes game.
Since these lines are changing constantly you need to be prepared as a bettor.
The sport was made for data analysis. Nine innings are full of statistics and math, where your strategy and the betting lines will change with every pitch.
Remember to listen to the announcers and don't be afraid of early deficits, while keeping that in mind you will be able to make your best wags.
Looking at this game can be intimidating and overwhelming for beginners bettors, but the truth is, live betting on horses is based on the information that you need to learn in order to give your best gamble in the game.
You can start investigating the horses and the jockeys. Also, find information about the horse’s owners, the best player that had won in the past, and why they won.
With this advice, you can start playing your bets on live horse riding.
Last but not least, hockey is still one of the most common live sports betting.
This game has less scoring compared to basketball, American football, and baseball, and has fewer subcategories to bet on than football soccer.
Hockey betting lines movements focus on the actions that happen in the first moments of the game and how teams respond to those movements and early advantages.
Crypto wallets for decentralized sports betting
When you are participating in web3 sports betting sites that involve crypto you must use a crypto wallet to manage your funds. There are tons of wallets in the market, the thing is that you can’t choose the first one you find. You must evaluate the pros and cons of each one before making a choice. Below you have the 2 best decentralized crypto wallets that we suggest according to our experience.
Decentralized sports betting is the new way for you to start participating in blockchain sports betting. The difference is that these platforms don’t have any kind of control over your assets and your actions.
You are free to choose where to bet, how to bet, and how much you bet. Not only that, you can create your own markets so that other people that are interested can join you and start betting.
Decentralized sports betting sites allow users to develop markets and odds thanks to their open-source nature. They also have incredibly low transactions that benefit all kinds of players.
Blockchain is a system of decentralized storage where transactions’ records are saved
It’s based on a community effort since the databases are saved and duplicated among blocks and nodes that connect each other.
This way all the information is secure and is not possible to hack. The decentralized prediction market and sports betting sites use Blockchain networks to work properly and they maintain gamblers’ autonomy while they're using the platforms.
Web3 sports betting platforms like Dexsport are based on blockchains. In fact, we have developed our own DESU chain to provide better and more secure service when using our token.
This web3 sports betting platform has several games where you can bet instantly once you connect your wallet.
You don’t need to wait for confirmations of any kind or complete a boring process of account creation. You only need to follow 2 steps to connect your wallet to our platform to start betting.
Thanks to the direct connection to the BNB chain, our decentralized sports betting platform processes payouts or deposits instantly without having to follow the regular cash-out procedures.
There isn’t an absolute answer here. Decentralized sports betting are better for you if you want complete autonomy of your assets and you wish to experiment with a new way of betting.
This includes the possibility of having new games and forms for betting and fewer vigs. You are the one that must take care of your cryptos and protect them from possible scams and other bad situations.
On the other hand, traditional crypto betting platforms aren’t that bad if you aren’t into new technology but you still want to be part of the crypto betting revolution. You will be paying a few more fees and have less control over your assets but you may end up feeling a bit safer.