One doesn’t need to look farther when looking for entertainment. The sporting industry is one of such avenues where entertainment is paramount. Little wonder many take the industry’s activities to heart. The surge of adrenalin that pops up when major sporting events are ongoing is one that surpasses any other entertainment. The recently concluded 2018 edition of the World Cup had proved that football is leading the sports industry and its profitability had not shown signs of wearing off.
With high rates of viewership and profits garnered from sports activities, channels were opened up to help end-users gain their quota for rooting for club-sides and countries. The terminology known as betting has become norm in the sport industry and it is common practice for supporters to place bets on certain sports and games with specific amounts. The industry is commendable because it offers you earning opportunity from your support. However, it is pertinent to note here that who gets what is dictated by bookmakers. It is therefore not surprising for users challenging the outcome of their bets. The answer is simple – they were shortchanged!
The betting industry is touted to hit $56 billion by the end of 2008. It is therefore disheartening that it had not being able to meet existing pain points. From lags in funding accounts to delayed payouts, the betting industry that hitherto had been considered illegal is not in best position. To this end, Bitgoals was developed as decentralized platform based on blockchain technology to wrestle control from centralized bookmarking sites.
Full-Scale Decentralization
The major aim of this project is to redistribute transaction commitments among participants. By enabling cryptographically verifiable code, the platform had created room for verification of transactions. This in turn breeds trust among users. On the hand, there will be unification of all parties who will also have equal treatment and revenue-sharing.
The Role of the Blockchain
The blockchain had been around for a decade and during this time; it had leveled in many scenarios. Bitgoals brings this technology to hitherto non-accessed betting industry. The technology will bring its decentralized approach in disrupting the already-centralized bookmakers.
On the issue of delayed payout and account funding, the smart contract leveraged by Bitgoals will facilitate transactions and release and credit funds in real-time. Also, it will make transactions open for all to see just as it cuts off intermediaries that might try exerting influence in transaction results.
Why Bitgoals is better
Aside redistribution of powers, the platform publicizes all data making it impossible for falsified results. While cutting off third-parties, there will be reduction in fraudulent transactions and increase in transactions. There are also rewards for users who place their bets on different games. The platform doesn’t stop at solving existing issues but also token incentives to be issued to deserving users.
Users also have mono-wallet that allows them access different games from one account. Likewise, you don’t have to have sleepless nights over limits placed on betting amounts. Bitgoals allows you bet with any amount you want. Another significant upside is limited chances of data theft. With backing from smart contracts, token holders are anonymous and hence, their information is not released to any other party.
Legalizing the System
Perhaps the illegal tag around the neck of the betting industry had scared many off for fear their actions might be viewed otherwise. To this end, Bitgoals had taken steps towards authentication of the platform. The platform had already formed synergy with prominent companies in the industry in addition to partnerships with verified bookmakers. It also has basic infrastructure to pioneer such venture as this.
Use Cases of Bitgoals token
Conclusion
The platform is no doubt deploying the blockchain to another use case and has what it takes to bring revolution to the betting industry. What might have passed for an illegal system is being legalized by Bitgoals with companies in the sports industry and other investors in the betting space.
There is also disbursement of rewards among users as opposed to centralized hold on same. Finally, Bitgoals helps to pull the billion dollar betting industry to better heights.
For more information about bitgoal, kindly visit:
Website: https://bitgoals.com/
Whitepaper: https://bitgoals.com/wp-content/uploads/2018/05/Bitgoals_WP.pdf
Twitter: https://twitter.com/BitGoals
Telegram: https://t.me/BitGoals
Facebook: https://www.facebook.com/BitGoalsSTP
Bounty Thread: https://bitcointalk.org/index.php?topic=4447485
Writer: Crypto4ruby
Writer’s bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1788350
ETH Address: 0xD99EF6C53409b43020BA0427e24b8682af8A9A59