There’s a reason that over 754,000 people decided to switch to betting on the blockchain in the last quarter alone. That’s because the blockchain comes with its own unique benefits that conventional betting just can’t compete with. For the user, blockchain betting looks and feels the same as classical betting in online casinos, however under the hood there is a whole lot more going on.
It’s fair to say that the blockchain makes the process of betting for players safer, more transparent and even fairer. But that’s only the tip of the iceberg. Let’s explore why bettors are switching to the blockchain, how this new architecture is more appealing to bookmakers and why one particular protocol is leading the way in this brave new world of fair betting.
Why bet on the blockchain?
Traditional online casinos and gaming sites are often accused of foul play, with allegations of odds fixing, limiting successful players and unfair bet settlement. The blockchain automates all of these activities as well as the process of timely payouts.
Imported data cannot be tampered with, once it’s on the blockchain it’s practically impossible to mess with the code. As the blockchain is decentralized, all of the user’s activity and personal data appearing on the blocks is reconciled across thousands of nodes globally. In order to tamper with this data, someone would have to walk through thousands of doors, metaphorically speaking, which would consume huge amounts of energy, making it not a worthwhile pursuit.
Contrast that with an online casino that tends to use a single server, giving cybercriminals the ability to access or change information just by walking through a single door. This decentralized framework means that there are no intermediaries or middle men between the player and the sports book, or the player and his peer.
On top of this, a user need not supply his personal data to a blockchain casino, his wallet address is enough. This cuts out the process of KYC, which is a great things for both the bettor and the casino. KYC in online gaming is a legality, where the casino must understand who the player is. The player must identify himself and verify he is who he says he is, whilst also sending his scanned credit card and identity documents, These are all saved on the casino’s server, rich pickings for a cybercriminal. Blockchain casinos spend huge amounts of time and money verifying users via KYC and AML processes. Plus, many bettors start the KYC process and give up halfway or are blocked due to discrepancies. Therefore, cut out the KYC process and as a casino you are increasing your player conversion level, while protecting the anonymity of your players.
Privacy, simplicity and security are no small thing for a bettor. For a bookmaker, being based on the blockchain comes with its own unique benefits too, such as gaining access to a much deeper pool of liquidity than would normally be available, and much lower costs generally. Entry costs for investors and entrepreneurs looking to set up or invest in a blockchain casino are much lower too.
Enter Azuro Decentralized Betting Protocol
Azuro is a decentralized betting protocol that is governed by a DAO. This Decentralized Autonomous Organization automates decisions and facilitates cryptocurrency transactions, ensuring fairness and safety. The DAO, as an automated code, eliminates the interference of humans and makes it impossible to manipulate odds, and gaming data. Using the DAO means that bettors can send their funds anonymously and the bettors are provided with gaming tokens to use across the Azuro ecosystem.
Azuro’s native token gives users the ability to take part in the future vision of the project, via governance rights. It also protects the user’s deposits against fraud and match fixing. Users can place bets with the token and bring liquidity for passive income. For those holding this utility token, they can enjoy better odds than non holders with lower spreads and the chance to redeem bonuses and cashback promotions.
Azuro Oracle Data Imports and Liquidity Pools
Investors can use their holdings to invest in liquidity pools, which prove to be a no risk way to protect a user’s funds against low liquidity events yielding unfair odds. These algorithms mean that fixed odds are always updated and fair, by for instance adjusting the slippage in the case of a large bet in a low liquidity event.
Smart Contract Deployment for Cash Flow Routing
Smart contracts are deployed for the entire cash flow process, from securing the betting funds and payouts and connecting the bettors funds. This ensures that fund transfers and payouts are trustless, transparent and highly objective between all relevant parties.
Front End White Labels
Casinos and bookmakers can bridge with Azuro and offer this front end to their own players, whie taking advantage of the enhanced liquidity, DAO protection and cash flow routing automation that Azuro brings.
Users engage in peer to peer play by bringing NFTs for each bet to the marketplace. Those who bet with NFTs can take part in competitions, win badges and appear on the leaderboards. Those who win, stand the chance to win unique NFT items and collectibles.
Azuro converges many bookmakers to bring liquidity to each event, and odds are calculated by averaging the fair odds generated from across these bookmakers. The smart contracts ensure an accurate bet and win process across the entire funnel. Players can take part in a range of promotions and competitions and the user experience is engaging throughout.