Bet with Blockchain: 1xBit Sports Betting
Sports betting is no longer a sector reserved to sports fans, and cryptocurrencies are not only for nerds. The collision of these two worlds comes in the form of 1xBit, an online betting platform which supports the use of cryptocurrencies.
1xBit has built itself a reputation since its launch in 2011, becoming one of the leading brands from the crypto betting scene. The platform incorporates a broad array of sports and events on which its users can place their wager. Everything from American Football, Basketball, and Football, to eSports, and Martial Arts is available. Each day new events are added to the list so that bettors have access to the most exciting fights and matches.
In order to offer an enhanced betting environment, the platform accepts more than 20 cryptocurrencies as payment, among which we mention Bitcoin, Litecoin, Zcash, and Ethereum.
1xBit Just Added a New Section on Its Website
The website features a number of sections which permit users to perform several bets, such as betting on their national team, a tournament, and many more. 1xBit brought forth a new section, UFC, which enables users to bet and review information, such as handicap, odds, and other stats for mixed martial arts fighters. UFC is the leading promoter of mixed martial arts, which brings only the best fighters and has the most viewed matches.
Each year brings other several hundreds of UFC matches and, fortunately for sports fans, 1xBit created a special section which allows them to place bets on the outcome of UFC matches.
Blockchain: Can It Help Online Betting?
To create estimates of profits and odds, bookies apply analytics and probability on a spectrum of statistics and expert predictions to evaluate the outcome of an event. By adding their own profit margins to this probability, they produce the final odds. These odds are then used to multiply the value of the bets made on the platform, which generates the possible proceeds.
It is known that bookmakers make their earnings and pay out to winning users with the money resulted from the losing bets. If you have more losing bettors, you have more profit, right? This logic can drive greedy bookies to produce slightly altered odds, promotions, and stats to manipulate in their favor the way a user bets.
But with bookies based on distributed ledger technology, there are fewer concerns regarding the security and fairness of sportsbooks and their practices. By recording all transactions made on a blockchain, this makes all the stored data immutable, transparent, and accessible to anyone.
1xBit is a cryptocurrency-only bookie which offers a secure and transparent medium convenient to all its bettors.
Traditional bookies do not leave much room for privacy when registering for an account. To create an account, you usually have to submit sensitive personal data which then goes through a lengthy verification process.
1xBit, on the contrary, provides anonymity and privacy through its quick One-Click account signup, which generates a password and personal account number with one single click of a mouse. After this process, the two-factor authentication feature can be activated to bring more protection to the account.
Liquidity rates is another important aspect that can be positively influenced by the use of blockchain. Non-blockchain sports bookies charge fees for every withdrawal made, which is rather discouraging for frequent bettors who are looking to cash out right away. 1xBit allows users to make deposits and withdrawals without having to worry about fees.
The only payment option accepted by 1xBit is in the form of cryptocurrencies, and due to this implementation, transactions are executed faster and without additional fees since the financial processing doesn’t have a middleman.
Cryptos Active in the Sports Scene
More and more cryptos and blockchain projects are slowly making their entrance into the sports industry through various advertising tactics. Sponsorships and endorsements by and for crypto projects have started popping up in various corners of this industry.
A recent example would constitute Litecoin and the deal it made with GLORY Kickboxing, a world-renowned kickboxing league. Through this partnership, fans can buy merchandise from the official website of GLORY by using LTC.
A blog entry made by 1xBit illustrated another instance in which blockchain and sports intertwined. Stratis is a blockchain focused on dApp development which sponsored boxer James DeGale in the match for the World Super-Middleweight title.
There are many more examples that can be listed, but we will limit ourselves only to these cases.
The possibilities and use cases of blockchain are what piqued the interest of several betting platforms, such as 1xBit, to make the transition to crypto payments and benefit from adopting this technology.
Disclaimer: This is a Press Release