By: Ashleigh Lauren Johnson

2 min read

Could Blockchain Technology Be Used In Sports Betting With The Hope Of Offering A Unique Betting Experience?

The world is torn when it comes to crypto currency, whether that’s a belief that some obscure alt-coin is the next Bitcoin or whether it’s all a pump-and-dump scheme, the world continues to live on the brink of belief and disbelief when it comes to blockchain powered currencies that took the world by storm in 2009. 

So, it seems only natural with the eruption of the Metaverse, Esports and a greater shift towards virtual living that many professionals, companies, operators and bettors are looking into the benefits of being able to join blockchain and sports betting together. 

With crypto, it’s the technology beneath the bullish and bearish market that stormed the world and grew more popular and useful by the day. Blockchain has a plethora of potential benefits outside of monetary value and exchange, from record storing to tech security and it’s the latter that could be useful to sports betting.

Industry professionals see the brilliance in blockchain technology though it seems that it could be awhile before blockchain is used outside of monetary value. 

Though, what could some of these supposed benefits be, should a broader use of blockchain be adopted by the sports betting industry? 

Blockchain Meets Sports Betting

There are some iGaming operators that currently accept certain cryptocurrencies as the call for digital money skyrockets, though it seems that using blockchain technology for its potential safety benefits could be one way that blockchain is adopted by the sports betting industry, as it’s a means of adding new layers to the data protection of clients, partners and bettors. 

Blockchain has the ability to store, stamp and save data that offers a unique branding on that piece of the blockchain, to ensure that it identifies the owner or subject of the chain. For instance, in crypto this is labelled as an NFT or Token, though the sports betting industry could entirely remove the monetary aspect and offer personalised data storage on their own blockchains. 

Of course, for the most part, the pure essence of Blockchain technology is to host crypto and for this reason it could be quite some time before any extra-curricular benefits for blockchain technology are harnessed, and it could always remain a form of currency. 

Aside from blockchain, sports betting has some industry defining and propelling software, some of which was created and harnessed by Altenar and their partnered operators. 

Blockchain might never reach the shores of sports betting but the ever-forward-thinking technology of Altenar will continue to break boundaries for operators and bettors alike. 

You can discover more about why Altenar is where stability meets flexibility by visiting their website and requesting a demo of their sportsbook. 

You can also request a meeting with Altenar’s top-of-the-range sports betting professionals for a bespoke look into what it means to be a part of Altenar.

You’ll receive access to several data providers, a manual-aspect backend and a customisable front-layer, all the while, being able to offer premium sports and Esports content to your customers.

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