The future of betting — Using Blockchain and Ethereum
Hi guys, there has been a lot of hype about blockchain changing the world but no one has really talked about the future of betting using blockchain so I decided to write about it, going over betting in history, social betting, betting during the age of the internet, and blockchain social betting like Bethereum.
Starting with rolling animal bones in the prehistory, gambling has always been a part of human culture. After that, the first six-sided dice was found in Mesopotamia, gambling houses in China were around since atleast the first millenium BC and playing cards appeared in the 9th century.
Before that the Romans and Greeks gambled on sports, gladiators and more. Most historic betting and gambling was ‘social’ with other players, usually friends, for entertainment and a shot at making money. Today friendly bets between friends somewhat exist although low attention span and entertainment at everyones fingertips has made it almost non existant.
The internet changed the betting and gambling scene rapidly, everyone with an internet connection and computer could now gamble internationally with relatively low set up costs. Although the internet definitely gave a boom to betting and gambling, it wasn’t all positive. Not only did the ‘social’ element make place for individualism, broker websites had and have lots of problems. Ranging from hidden fees to skewed odds to withdrawal delays, or simply no withdrawal whatsoever. This is mostly because the websites are based on small offshore countries with low regulation and no transparency.
With blockchain and smart contracts, people will be able to bet and gamble with no trust involved in any party, provably fair odds, instant payouts and transparency. No more sketchy websites that may or may not pay out the earned amount or have hidden fees, say hello to blockchain based betting. So what is going to be the next blockchain betting platform? Realistically there are going to be multiple like any other industry, I haven’t checked out all projects but so far I liked Bethereum most, after that MeVU but BetterBetting looked quite sketchy tbh. If you have any questions or want to discuss, or feel like I missed something, feel free to comment below and ill be sure to look at it.