Placing a Bet on Blockchain
Blockchain transaction processing is usually associated with the Bitcoin cryptocurrency but with the U.S. Supreme Court's ruling in May that now allows states to legalized sports betting, the technology could be coming to a bookie near you.
A report from San Francisco-based Grand View Research predicts the global blockchain technology market will reach $7.59 billion by 2024 as it expands to include companies offering services in the gig economy but also kicking off into sports betting.
FinancialBuzz.com, a financial news service, highlighted the sports betting potential of blockchain in a recent news release where it is being deployed in partnership with Leicester City Football Club, the 2016 English Premier League Champions and FansUnite Entertainment Inc., a portfolio company of Canadian-based Victory Square Technologies Inc.
"We take the saying 'Better for Bettors' seriously," FansUnite CEO Darius Eghdami is quoted as saying in the release. "FansUnite truly is 'Better for Bettors."
FansUnite offers "a blockchain protocol on target to disrupt and revolutionize the sports betting and sports data markets," according to the press release, which describes it as "pioneering a tamper-proof and transparent global store for sports data."
Along with sports betting, FansUnite says its blockchain application can also be used for gamers in the fantasy sports world.
The FansUnite sports betting blockchain product is scheduled to launch before the end of this year, according to the company and will allow "wagering sites around the world to offer bettors lower fees and increased payback percentages directly to the wagering public."
The company said it is beginning by marketing itself to Leicester fans with promotions inside the club's stadium and in targeted campaigns.
"FansUnite has set their sights on powerfully transforming the entire sports betting and sports data marketplaces with their proprietary blockchain protocol and we couldn't be happier to welcome Leicester City to the Victory Square family," said Shafin Diamond Tejani, CEO of Victory Square.
Posted by Richard Seeley on 10/10/2018 at 7:19 AM