Fantasy sports sites like DraftKings and FanDuel have blurred the lines between casual gaming and gambling. These platforms bring in significant year-over-year revenues, with DraftKings reportedly earning $300 million in just entry fees in 2014.
For those interested in higher stakes, there may be the possibility of engaging in sports betting. The practice has recently been put back into the spotlight in the U.S. due to New Jersey’s push to overturn the Professional and Amateur Sports Protection Act (PASPA). A favorable decision for New Jersey would not only help legalize the practice in the state, but it may also serve as a precedent for other states to follow.
Analytics has largely demystified many gambling activities including sports betting. The biggest data and analytics proponents would argue that that winning wagers is largely a function of probability rather than luck. Careful analyses can improve their odds or, in the least, help them choose the most profitable wagers.
Access to such information is what blockchain startup BlitzPredict aims to provide sports bettors. Existing betting aggregation services such as Odds Portal and Oddschecker already provide helpful features such as odds comparisons and calculators. Both even offer tips and handicap information. BlitzPredict seeks to improve on these by leveraging blockchain to bring ease and trust into betting.
The platform allows bettors to use its own BPZ crypto tokens to securely place bets through partner sportsbooks (where legal). This helps circumvent the problem of bank roll funding and payouts common to betting sites. Bets made using BPZ receive automatic payouts once an event completes. Blockchain smart contracts could even be used to define certain conditions and automatically place bets when these terms are met.
The service also promotes analytics and community engagement. Many have already questioned the value of paying for handicapper picks since they do not really assure wins. Even popular handicappers have been called out as shams due to the apparent arbitrariness of how they arrive at their recommendations. While BlitzPredict users can also pay for access to analyses and predictions, the blockchain offers transparent records so bettors may identify which ones truly have winning records.
One can simply look at the success of Kayak and how it aggregates everything concerning travel and tours. Aside from enabling users to search for the best prices for a wide variety of travel services, Kayak’s other advanced trip management functionalities such as price forecasts and chat bots help in making travel and vacation planning easy.
Sports bettors may also benefit from aggregation. With the hundreds of sports betting services available globally, bettors have the option to find the best lines for any given sporting event. However, maintaining accounts across betting services could already be quite the chore. Having an aggregator to consolidate all of these makes the process more convenient.
The great thing about aggregators is that they can help level the playing field for bettors. Even in sports betting, the system is built for the house to always win. However, by combining analytics and betting information, bettors may make more informed decisions. This puts them in a better position to win compared to simply relying on guesswork or good luck.
If New Jersey gets a favorable ruling, the U.S. gaming market could only expect further growth. Legalized sports betting could generate $6.03 billion yearly by 2023 as more bettors enter the scene. Sites like BlitzPredict will encourage these new bettors make use of analytics and aggregator services as part of their betting routine so that they can make the most out of their wagers.