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Betmatch is making the most of blockchain technology for crypto sports betting

Chayanika Deka

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Betmatch is making the most of blockchain technology for crypto sports betting
Source: Coin Traffic

Since its inception, the industry of sports betting has required a certain degree of trust as far as ensuring the accurate recording of betting data is concerned. Traditional crypto sportsbooks run the risk of introducing human error upon bet placement – whether intentional or unintentional – which can lead to the loss of payout for the user. If a bettor has no access to the backend of a betslip then they likely have no recourse should such an error occur during the payout process. Betmatch is a new type of crypto sportsbook that aims to solve this problem by using blockchain technology itself to store betting data in a secured and transparent manner.

A Working Product with a Blockchain Solution

The team behind Betmatch formulated the idea of using the blockchain to introduce transparency into sports betting from a unique perspective, which allowed them to implement an idea that had previously gone unexplored. Ivan Chebotaev, CEO of Betmatch said,

“Our experience in digitizing classical business models is what allowed us to quickly identify the shortcomings in the existing control systems, management, and functionality of absolutely all of our competitors. This is the only working solution on the market, so in some ways, we were not only developers but also researchers.”

The Betmatch platform functions using its own private blockchain. This allows for increased transaction speeds made free for Betmatch users. Blocks contain information about the type of bet, its odds, outcome, and associated wallet IDs. This allows any user to ensure that Betmatch is acting in a reliable and transparent manner. Transaction data is “anchored” to Ethereum by writing the transaction hash of every 100th block to the Ethereum blockchain. The main advantages of recording betting data in such a fashion can be summarized in the following points:

  1. Database transparency: Every bet can be tracked by the bettor, and a bet’s terms are visibly recorded as part of a smart contract.
  2. Complete anonymity: A blockchain allows for the acceptance of bets that do not require KYC.
  3. Client transparency: Allows for greater openness to users as they can research or reference relevant information about the Betmach team, or contact them with regards to a specific, easily-referenced problem.
  4. Easy introduction of functionality updates: Since Betmatch has vowed to work tirelessly to update their platform, they can easily expand its functionality through means of updating their client software, including updates based on the needs and suggestions of their clients.

The Necessitation of Invention: Speed

Why does Betmatch use its own blockchain? According to Ivan Chebotaev,

“The emergence of blockchain betting has been a logical development. However, the main idea was rather the particular technological solution designed to increase transaction speed, since the appearance of blockchain betting was only a matter of time, depending on how long it took to sufficiently develop this technology.”

Ivan added,

“We decided to start by solving this problem ourselves instead of waiting for a global solution to the blockchain bottleneck problem to appear. This is what we consider to be unique about Betmatch.”

Betmatch accepts BTC, ETH, LTC, and its own token, XMB [Betmatch Token] for placing bets. In addition to sporting events, Betmatch also offers a selection of e-sports on which to place wagers, as well as its own casino. Signup is instant and requires only an email address to get started.

Visit betmatch to register an account and begin discovering the benefits of betting with blockchain-level transparency.

Disclaimer: This a paid post, and should not be treated as news/advice.

Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.

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