Betting has changed a lot over the years. With new technology comes new ways for punters to place their bets – getting ever more convenient. Traditional horse racing betting has been the go-to option for literally decades. Still, blockchain betting is starting to be a very viable alternative.
However, it’s really important that you understand the differences between these two. Thus, you can make the most informed decision on which option is right for you.
Here, we’re going to look at some of the main differences between traditional betting and blockchain betting. Thus, you can pick the right one for you.
Centralisation vs. Decentralisation
The main difference between the two has to be the decentralized aspect of blockchain…
Traditional Betting
Traditional horse racing betting sites are controlled centrally. It basically means that a company or sportsbook manages everything that happens. These platforms work as intermediaries when you place horse racing bets online – setting odds, handling all the transactions, and ensuring the process is according to the rules. You simply place your bets through a centralized operator, which regulates and oversees the entire process.
Blockchain Betting
Blockchain sites use decentralized technology – which means there is no need for intermediaries. These betting sites operate on blockchain networks, and their smart contracts govern betting rules, payouts, fairness, etc. Because there isn’t any central authority, you can place bets without relying on one single entity to process your wagers.
Transparency and Fairness
Traditional Betting
One concern people raise over traditional horse racing betting is the lack of transparency. Because centralized operators control all the odds and payouts, you have to trust that the system is completely fair. Obviously, most are completely reputable betting companies that adhere to the strictest regulations. Yet, there have been reports of unfair practices and withheld winnings that you can’t ignore.
Blockchain Betting
Blockchain betting sites are a lot more transparent – thanks to the use of public ledgers. Every transaction, bet, and payout made is recorded on the blockchain, which means you can verify the fairness for yourself. Smart contracts mean that payouts are automatic – based on predefined conditions, which means there’s less chance of manipulation or fraud.
Security and Anonymity
Traditional Betting
In traditional betting, you must provide the site with your personal information. It can ask for bank details, ID documents, proof of address, etc. Traditional platforms store all of the data on the site. That’s why they can be vulnerable to issues, such as hacking and data breaches.
Blockchain Betting
Blockchain betting sites are all about security and anonymity. Most let you place your bets using crypto without the need to enter any personal or financial details at all. It means there’s less risk of identity theft and financial fraud. Moreover, you have a lot more control over your privacy.
Transaction Speed and Cost
Traditional Betting
It’s getting a lot better now, thanks to the introduction of eWallet options like PayPal, Skrill, and Neteller. Withdrawals on traditional horse racing betting sites can still be pretty slow. Banking processes and regulations usually slow down withdrawals. Moreover, withdrawals usually have to be verified and approved before completion. What’s more, some traditional sportsbooks charge transaction fees – which can all add up over time.
Blockchain Betting
Blockchain transactions are usually a lot quicker and come with lower fees because there is no need for intermediaries. Crypto payments are usually processed in minutes, and because smart contracts mean instant payouts, the whole betting experience is a lot more efficient and cost-effective.
Accessibility
Traditional Betting
Most traditional horse racing betting sites face restrictions due to geographical regulations – mainly because of things like licensing issues, etc. So, users in certain countries might not be able to access them.
Blockchain Betting
Because blockchain betting sites are decentralized – it’s more globally accessible. So punters can place bets from anywhere in the world – as long as they have internet access and cryptocurrency. This means that blockchain betting is a great choice for punters who live in countries that have strict gambling regulations.
Regulatory Considerations
Traditional Betting
Traditional horse racing betting is heavily regulated – all over the world. Operators have to jump through hoops and go through all sorts of protocols and procedures to get licenses from governing bodies. This regulation does mean high levels of player protection but can also mean more restrictions and higher costs for those using the site.
Blockchain Betting
Meanwhile, blockchain betting lies in a very gray area. While some countries recognize and regulate crypto gambling, others still don’t have any legal frameworks. As such, you need to know the legal status of blockchain betting where you live.
So, hopefully, you know the difference between blockchain and traditional betting. Now, you can decide which is the right option for you!
The post The Difference Between Traditional Horse Racing Betting And Blockchain Betting appeared first on The Coin Republic.
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