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Betswap - Defi’ing sports betting

Betswap - Defi’ing sports betting

Smoky casinos are out, blockchain-based sports betting is in!

While sports betting is mostly illegal in Asia, the rest of the world can experience the fun and thrill of it without much thought. Unfortunately, traditional sports betting comes with its own challenges and complications, including increasingly higher betting prices and entry fees, as well as extremely restrictive rules that take out a good chunk of the fun.

Fortunately, there’s a big shift in the sports betting world, initiated by a new betting exchange, Betswap.gg. Betswap.gg is a decentralized betting platform that allows bettors to participate anonymously and safely, from anywhere in the world.

The Basics of Blockchain

If you’re unfamiliar with blockchain technology, you’re not alone. As much as the terms Bitcoin and Cryptocurrency have become more mainstream, there is still a large part of the population that is unfamiliar with the increasingly popular technology.

Blockchains are essentially digital ledgers that provide the infrastructure for cryptocurrencies. In short, blockchains keep track of each transaction that takes place on a certain network. The blockchain is powered by computers throughout the world that must confirm that a transaction is correct in order for the transaction to be allowed to occur. This prevents possible tampering or sham transactions.

Blockchains also utilize smart contracts.  A smart contract is a piece of code set to execute when certain parameters are met. For example, your selected horse wins the race. A smart contract receives the information on which horse won, and distributes the money accordingly. No human interaction or waiting is needed.

Blockchain works by releasing consecutive blocks of code, so if someone changed one block to reflect faulty data, you’d have to change each subsequent block thereafter. This is a tremendous amount of work and requires owning the majority of a blockchain network. In Ethereum’s case, that would amount to owning billions of dollars worth of computers and servers.

Betswap.gg utilizes the Polygon blockchain, one of the fastest and most well-known upcoming blockchains available. So you can rest assured your bets and payouts are conducted in a safe and secure manner. This also ensures users that Betswap.gg will keep incredibly low fees at fast transaction speeds. The betting platform is working to go live on Solana next year, and is set to revolutionize the betting world as we know it.

As mentioned above, sports betting is considered illegal in many countries, but bettors using sports trading platforms built on blockchain like Betswap will not face any regulatory issues, since blockchain technically does not reside or is not part of any particularly jurisdiction or country- its decentralized and scattered around the globe in nature. This opens up the field to all participants and allows free flow access to all.

Blockchain & Sports Betting

What makes blockchain technology so appealing  in reference to sports betting is the anonymity it lends to its users, as well as the fact that it’s decentralized.  This means that there’s not one single organization or authority that holds the power, instead, it’s split amongst users equally.

Two common challenges are resolved by moving sports betting onto a decentralized platform - fewer restrictions and less wait time. You can easily bet and collect on any wins, quickly transferring them out. The other benefit is that frauding bettors is practically impossible through the open transparency and protection blockchain offers.

As the spokesperson for the BETSGG foundation Romy Jasmine says “this new approach to betting platforms will bridge the gap between investors and bettors.” Traditional sports betting exchanges cannot say the same.

How Betswap.gg works

Sign-up is completely anonymous. All you have to do is link your crypto wallet to the site, and start placing bets. Betswap.gg offers both back and lay betting, giving users multiple options to enjoy the platform. Betswap.gg isn’t limited to one area or one sport, You can place a bet on any sport from all over the world without any restrictions!

Unlike sportsbooks, Betswap.gg’s sports betting exchange allows users to have the best of both worlds - being able to choose between backing (being a bettor) and laying (being a bookmaker) a sporting event outcome. Sportsbooks don’t offer this kind of variety and choice, making a sports betting exchange the preferred option for many.

Users can have partial ownership of it through accruing tokens. This allows for the platform to always have the users’ best interests in mind - not to become a profit and greed-motivated business. Betswap.gg also incorporates a burn program that helps to increase the value of the tokens for token holders. Betswap.gg regularly purchases tokens on the market and removes them from circulation, commonly referred to as “burning”.

With this buy-and-burn program, eventually, only 10% of the original tokens will remain in circulation. This means that the cryptocurrency is deflationary in nature, meaning the value should trend up as supply goes down.

Token holders can use tokens to place votes on issues related to the platform and its future, sell their tokens, or keep them as the value increases. By allowing users to accumulate tokens, they are automatically part of the shaping process of the company. This allows token holders to help shape the future of the platform while also benefiting from its success.

Betswap.gg - The Next Step in Sports Betting

Blockchain has revolutionized numerous industry standards. From having to verify your identity and share personal information, to waiting multiple days for a bank deposit. These requirements are an issue of the past as blockchain provides an anonymous platform that can transfer money in an instant. Betswap.gg offers a safe experience that allows both bettors and bookkeepers to conduct business in a secure and transparent manner.

Smart contracts provide an automatic way to bet and collect your earnings without the need for human input. Bets can be placed in an instant, and payouts will be sent directly to your crypto wallet. This is quite a step up from having to transfer cash between multiple accounts, a process that could take days with verification.

Betswap.gg’s Private Sale has been successfully completed with  high demand from investors around the globe.

So whether you enjoy sports betting as a hobby, or do it in a more serious manner, Betswap.gg provides the perfect platform to operate on. Check it out today and see how the decentralized world of blockchain is shaping the future.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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