Just last month, the Supreme Court of the United States officially struck down its longstanding federal law that prohibits gambling in sports events or popularly known as sports betting which is being foreseen to change the landscape not just in the gambling industry but in the world of sports as well.
Recently, the Professional and Amateur Sports Protection Act (PASPA) announced that the legalization of sports betting would still be authorized in a federal level; meaning, the individual States won’t be able to impose a law on their own when it comes to the legalization of it otherwise permitted by the federal level except for Las Vegas, Nevada where sports betting and all sorts of gambling is legal there, and freebet became talk of the town already.
However, the State of New Jersey questioned the federal ban by creating an argument stating that there has been a violation to the Tenth Amendment where the Supreme Court sets a prohibition to federal laws that compel states to bring out federal dictation with regards to the legalization of sports betting.
The legalization of sports betting in the United States brought in a mixed reaction but most importantly it brought excitement and probably more money in the gambling industry as sports fans, punters and gamblers alike are rejoining to hear this news and this also opened an opportunity for all stakeholders and parties to capitalize to profit in this new era of gambling in the United States.
With this, it has created an opportunity for the blockchain based projects to create startups using bitcoin technology that will be utilized as the currency for sports betting considering that a lot of gamblers nowadays are turning into the mobile format of casinos and sports betting for the reason of convenience.
BLOCKCHAIN BETTING
After it was created in 2009, Bitcoin has gained enough popularity to take over the world. This virtual currency has become the new convenient way for people to do different transactions for different purposes and it’s not surprising that even the gambling industry have also adapted to cryptocurrency transactions such as bitcoin that is why with the legalization of sports betting in the United States, bitcoin would surely be utilized to its full capacity anytime soon.
However, bitcoin’s system encountered several setbacks particularly in its security aspect where malicious software and hackers tried to steal funds from various individuals in the past year that is why the people behind the cryptocurrency industry have developed the blockchain technology to provide a safe haven for bitcoin users which is completely secured.
Blockchain can’t be denied as an ingenious invention. Blockchain works by allowing digital information that can be distributed but not plagiarized or copied by anyone, instead, blockchain literally blocks any record from the transactions that was made through cryptocurrency including the identity of the people involved in the transaction as well as their location and the amount that was transacted. Once it’s been completely blocked, this will be added to the chain in its system for safekeeping.
It’s a no-brainer that Blockchain will be highly used once the legalization of sports betting in the United States will be fully implemented because it is aimed to improving betting game itself, Blockchain technology has the potential to handle itself with full control that provides a full transparency when it comes to payouts and other protocols.
When it comes the format of gambling using Bitcoin through Blockchain technology, the payments and other transactions related to sports betting and other forms of gambling, may it be online such as freebet, will be made even easier through using digital wallets by using your Bitcoin funds. For winnings and payouts, you can send it back to your wallet without the involvement of any third-party system like PayPal to name a few. This will also prevent your bank from reading your transactions that are prohibited in its terms and conditions.
However, it still remains to be seen how stakeholders will give their support to using Bitcoin in sports betting but the clearest thing right now is that a lot of them are gaining interest in using this technology to obtain transparency to regulate the ledgers for sports betting.
