We all know blockchain technology in its most popular incarnation, that being cryptocurrency. Systems like Bitcoin and Cardano allow for users to send each other currency at low cost and at lightning speeds. But there are many other applications to which blockchain technology can be applied.
In the world of sports betting every penny counts. That’s why a new company called Azuro is looking to apply blockchain technology to wagering on sports. The solution aims to make betting transparent and the fees lower. Currently, the price for booking a bet is around 10% of the bet itself at most sportsbooks. Blockchain technology aims to remove some of the overhead and push that margin down.
There are already sportsbooks which accept cryptocurrency for deposits and withdrawals. But Azuro is looking to make the entire sports betting experience blockchain based. Can they succeed in knocking off the big dogs and at the same time giving customers a satisfying experience? Time will tell.
We know one thing is for certain, that blockchain technology has only begun to show what it can do. Eventually it will replace the way every person on the planet banks and keeps records. It will be how people cast their vote. It will be how they book flights. When it comes to blockchain technology the future is wide open.
