The popularity of betting online in the UK has never been so high. Due to mobile technology advances, most bets are now carried out on apps and not at high street bookmakers. Retails bookies and casinos are closing down as they continue to compete with the digital world. The competition has never been so intense as we enter the age of cryptocurrency and the blockchain.
Due to the vast competition in the sector bettors can find thousands of new betting offers for UK players every month. These amazing promotions have helped fuel the growth and savvy gamblers that have made the most out of these offers have made big profits. It is now not just a case of finding the highest paying odds for the event you wish to bet as to work out which bookmaker offers the best deal, as bonuses need to be included in the calculation when searching for the greatest returns.
Betting sites that have set up online communities and allow players to bet against each other have seen a surge in demand. These social platforms enable betting to take place between groups of friends which has added an extra layer of excitement for many.
Traditional online betting platforms are under threat due to the technological advances created by the Blockchain. The world first major sponsorship between a major football team and cryptocurrency company took place in January between Arsenal and CashBet. This will not be the last and it could fuel a boom in cryptocurrency sponsorship deals with EPL teams.
The Blockchain and smart contracts enable an environment that is fully automated and transparent. That cost savings are passed onto the customers in the form of greater odds and players are even rewarded with free crypto for simply holding onto the coin of the operator. With transparency, fairness, and security far superior, players will soon demand that all platforms offer this. The bookmakers that do not implement these changes will be like the DVD companies that did not change into digital and failed.
The blockchain will eliminate fraudulent gambling companies along with improving greatly the speed of financial transactions which is one of the main complaints at bookmakers. One of the major problems over the next decade will be regulation as technology development is increasing at breakneck speed and the regulators are not able to keep up.
With the ability to give all players who take part in an online betting community powered by smart contract free crypto, it is impossible to see how traditional platforms will compete. Soon it will be computer code running on the blockchain that will run all bookmakers which will eliminate the need for a third party. Gamblers will be able to directly connect with each other and the transaction will be carried out by the block which will take things to the next level.
Conclusion
It is exciting times in the world of gambling in the UK and hopefully, we will see a new type of company using the blockchain to disrupt the major players in the industry. For too long they have been able to dominate the market but now that dominance is under threat by AI and smart contract technology.
