The most popular type of gambling is sports betting. It accounts for 40% of the gambling market. Every second US resident over the age of 18 has bet on sports at least once, according to public data. In general, you can bet on the outcome of any event, including sports match results, changes in cryptocurrency exchange rates, Eurovision victory, and Christmas weather. This article will discuss the future of online betting. We’ll get started.
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People have been betting with each other since ancient times. Spectators in Ancient Greece bet on the outcome of the Olympic Games; in Ancient Rome, they bet on the victory of gladiators and charioteers. There were no bookmakers back then, so bets were placed directly by spectators.
Two millennia later, bookmaking emerged in the United Kingdom. William Ogden began taking bets on horse racing in 1790. William predetermined the ratio of bet size to winnings for each horse. Leviathan Davis and Fred Swindell established the first bookmaker’s office in 1850. The company’s founders made sports predictions and distributed leaflets with winning odds throughout London.
Thirty years later, bookmakers sprouted up in the United States, France, Germany, and Russia. Bookmakers worked on the same principle as they do now: they found bettors and guaranteed payments to winners in exchange for a margin – profit from bets.
Due to the large number of illegal offices, the capitalization of the bookmaker market is unknown. According to some estimates, the global betting market was worth $104 billion in 2017. Online gambling accounts for $45.8 billion of this total.
Players began placing bets on their mobile phones in the early 2010s. In 2016, 80% of such bets were placed in bookmakers. It is expected that by 2025, nearly 70% of all gamers will be using mobile devices.
The online transition did not make bookmakers’ work more transparent. Bookmakers frequently refer to program malfunctions or suspicious activity in the player’s account. All of this necessitates the development of more transparent betting models. As a result, experts believe that blockchain and betting tokenization are the industry’s future. This is related to both the growing popularity of cryptocurrencies and the problems encountered by traditional online bookmakers.
Because information about bets is recorded in the register, and it is impossible to change the results of a played bet, the benefits of blockchain and tokenization of betting cannot be overlooked. And it makes no difference what kinds of bets you prefer. Whether it’s ipl betting 2024 or eSports betting. Blockchain eliminates the human factor as well as the influence of third parties in the processing of bets, the display of results, and the payment of client funds. Blockchain bookmakers can provide bettors with options that traditional solutions cannot. Players, for example, will be able to sell or rent their tokens.
The main benefits of online betting are a large number of bookmakers, mobility, and comfort. Players are no longer bound by betting points; they are no longer required to check match outcome tables and wait in line to win. Bets and payouts are completed in a matter of seconds. Last century’s bookmakers could only dream of this.
For a long time, well-known betting companies such as 1xbet beting have been actively implementing these technologies. After all, the main asset of any self-respecting company is the development of client relationships based on complete trust. This development has a positive impact on the industry as a whole.
Betting has progressed from betting between Ancient Roman citizens to online betting on eSports. At the same time, the industry is actively evolving and becoming more friendly. Bookmakers work with a large number of users and make a profit, while players receive payment guarantees. Blockchain protects both parties’ interests. You can bet big money on betting becoming even more technologically advanced in the next ten years.
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