Sports prediction is an industry that is continually growing in popularity and size especially as the internet now permits participation from remote centres and independent individual gadgets.
Sportsbetting has grown so much that it represents about 30 to 40 percent of the global gambling market, which also includes lotteries, casinos, poker and other gaming. This market size implies a significant chunk of the over $400 billion of the global gross gaming/gambling yield each year.
Limitations in prediction market
Despite the huge economic value and enormous opportunities that is revealed in the global prediction market, the existing limitations within the industry are proof that there is a lot of potential yet to be explored.
The centralized nature of traditional sportsbooks implies that users must deposit money, while earning no interest and tying up funds for long periods of time. Also within these systems, although wagers get graded nearly instantly (so users can keep betting), cashouts can take days or even weeks to process. For investors, this period of redundancy would feel like money lost. In addition, if the sportsbook collapses and defaults, there is no recourse for users to reclaim their money.
Despite solving the issue of trust, liquidity remains a major issue in the Blockchain prediction markets. Markets like Gnosis and Augur may take up to a week to grade wagers and resolve contracts but just like the above mentioned scenario, money tied up in a contract can’t be deployed, hurting users’ bankroll growth.
Information is everything
In the prediction industry, information is power and expert analysis are tools that assist participants in finding opportunities within the industry. The current industry composition where multiple sportsbooks function independently and in a form of competition with each other for followers is unhealthy for the industry. What this implies is that there is no sharing of information between internal analytical departments and this competition leads to exaggerated information by over-enthusiastic “experts” in attempt to woo followers.
These and other limitations have necessitated the creation of improved systems that would make for a healthier and more robust industry.
Changing by innovation
Blockchain technology is changing the way things are done in various industries and sportsbetting is not left out. By implementing the Bancor protocol, BlitzPredict provides liquidity for users, thereby freeing up the hitherto tied up funds within the systems. This is a development that will be appropriate for participants who are in for the money. The platform is also providing a suite of smart contract tools that will enhance user interaction between sportsbooks and prediction markets. Users will be able to set up smart contracts to execute when specified criteria are met. The goal is to bring the power of an advanced betting syndicate’s tools to the users
By constantly refreshing the odds like a stock market ticker, the platform ensures that users will always get the best odds available for a given bet. BlitzPredict streamlines the process to make prediction markets as simple to navigate as traditional sportsbooks.
Better incentivized service
Through the above mentioned Bancor protocol, users will be able to instantly exchange tokens without needing to use an exchange or find a buyer. BlitzPredict aggregator and liquidity reserve will ensure that users always get the best odds and receive guaranteed instant payouts.
Incentivized predictions will encourage genuinely motivated analytics from experts whose predictions will be publicly tested on the transparent blockchain platform. The commitment of these experts by staking the platform’s underlying token BPZ will also encourage deep research, given rise to a mutually beneficial ecosystem for all participants.
Apparently, exploring the unlimited potential of the sportsbetting industry is an exercise that is made possible by blockchain technology. Being able to access betting platforms from anywhere in the world isn’t just enough. Having the right tools that will enable better informed predictions while enjoying unlimited liquidity is the dream of every participant. This is a dream that is being realized by the innovation brought about by BlitzPredict.