Sports betting has undoubtedly been a favourite pastime in the UK for a long time since it was legalised in the 1960s. Over the years, sports betting has grown into a huge industry. This is evidenced by the known fact that the total revenue garnered by the UK gambling commission in the last three years, 2015 to 2018, stood at £3.25 billion. This made sports betting the second highest source of revenue among all other gambling activity.
From the amounts paid to the gaming commission, it is evident that sports betting is indeed a significant and worthy contributor to the growth of the gambling industry.
Most bookies cater to different sports. Some sites are known for sports betting, horse racing, basketball, major league soccer or for cricket. The availability of this variety serves to cater to the tastes of different sports bettors and is a key reason why sports betting is big business in the UK.
The sports betting industry has been quick to embrace blockchain payments, in an attempt to enhance the experience offered to players. Owing to the amounts transacted in sports betting, some bookies are considering the possibility of adding more trust and transparency.
The fact that blockchain technology is a sales ledger of some sort, it is not easy for hackers to manipulate. The end-to-end encryption offered by blockchain is poised to reduce incidences of fraud, which often cost bookies and players significant losses.
Another attraction to blockchain technology is the anonymity it offers. Players only need to remit their money to the designated address, without filling personal details, as it would have been the case with traditional money transfer options.
A good number of sportsbooks accept crypto payments, although most of them are based outside the UK. The good news is, that interested players in the UK will soon be able to transact using blockchain, as the British government is trying to come up with proper cryptocurrency regulations.