Online punters bet around €45 million in the first three weeks of the Rugby World Cup。In August, the number of women betting on the FIFA Women's Soccer World Cup hit an all-time high, making it the most watched female sporting event in history.。Last year, bets for men's soccer were as high as $35 billion.。

Since the switch to online betting in the 1990s, sports betting has spread all over the world and is in a phase of vigorous development。While this is a big plus for the industry, it also requires responsible companies to take steps to ensure that customer needs are not trampled in the fight for profits.。

With blockchain technology, we can do that.。

Blockchain Technology and Sports Lottery

At present, the global sports lottery market is worth about $85 billion and is expected to grow by more than 10% per year between now and 2030.。

This growth has benefited from a number of positive factors.。Despite some recent moves by regulators in the UK, Australia, Canada and other countries, jurisdictions in Western countries are legalising online betting.。And in developing economies such as India, rising Internet penetration and the rise of a young, tech-savvy, wealthy middle class are driving the expansion of the gaming industry.。

In addition, investment in major sporting events is surging, from football to cricket.。For investors around the world, ownership of sports leagues and teams is increasingly becoming a sound investment.。

Profit and customer benefits

Although it is absolutely reasonable for companies to take advantage of this popular trend, many sports lottery companies are eager to maximize profits and ignore the interests of their customers。However, with the help of blockchain technology and new ideas, the competitive environment can be rebalanced to make it fairer and allow users to have more fun.。

Currently, many of today's sports lottery companies operate too opaque and rely on arbitrary rules to bind winning bidders.。

While promoting responsible betting and supporting players are important moves, some rules are designed simply to maximize profits.。For example, some betting centers will set potential revenue caps on customers who have won too much money, and even limit or prevent customers from using the service.。

Fair competition

Restricting access in cases where fraud or other illegal activity is suspected is perfectly understandable。However, companies tend to go to extremes, setting limits on everyone who wins or those who win too much。

In traditional financial services, some of the best and most important customers are the people who are best at dealing with the market。We must manage portfolio risk ourselves and not try to limit their activities。

Enter the blockchain

Blockchain technology is the innovative technology behind the decentralized Internet, which can be achieved if it is matched with the right policies and practices。

First, blockchain technology uses a distributed ledger to make the flow of funds more transparent, and bettors can see what's going on inside the sports lottery company.。Compared to sports lottery, investors in traditional markets have access to more and higher quality data and movement information。In the long run, this access can decide whether to lead or fall。

Second, blockchain allows for self-custody of assets, making tracking easier and protecting gamblers from fraud and theft by less cautious operators.。Moreover, in some models, blockchain can also allow gamblers to get some of the rewards that once belonged only to sports lottery companies.。

Betters become bookmakers

Finally, for the first time, blockchain allows punters to play the role of a sports lottery company, the "dealer" in industry terms, bringing a new twist to an old game.。

Compared to ordinary bettors, sports lottery companies have two major advantages。

The first is the odds they offer。There are many differences between what the industry calls "true odds" and the odds that sports lottery companies offer users, depending on where you live.。But whether you call it "vigorish," "vig," "take" or "hold," the difference is the same: the financial advantages of sports lottery companies。

Sports industry will continue to grow

Sports lottery is becoming increasingly popular around the world, and it is clear that as more sports lottery companies emerge and compete for profit margins, online betting is destined to become a common way for users to participate in major sports events.。

Therefore, responsible providers should think seriously about how to create a fairer and happier future for everyone.。With the help of blockchain technology and its advantages, we have the opportunity to reshape the competitive environment and greatly improve the experience of gamblers。