Are you searching for decentralized sports betting platform development services? If yes, you are on the right page!
As the name suggests, a Decentralized betting platform allows bettors to place bets directly without third-party interference. With millions of people placing bets on their favorite teams and sports, the demand for blockchain-based betting platforms is rising like none other. They are now offering unmatched security, transparency, and accessibility to a lot of sports betting games worldwide.
In this blog, we will deep dive into decentralized sports betting platform development, including its advantages, features, factors, etc.
Table of Contents
Now you must be wondering about what decentralized sports betting is all about. Let us tell you that it is an umbrella term for sports betting which is powered by blockchain technology. It removes the role of intermediaries, or third-party bookmakers, which means you can directly bet on your favorite sports or athlete in a matter of a few clicks. Besides that, the transactions that are stored on the platform are highly secure and immutable. Moreover, users get enhanced security and credibility for their personal and financial details.
Here are the features of a decentralized crypto sports betting platform that you must be aware of before launching your own platform:
| Features | Description |
| P2P Betting | As the name suggests, a decentralized betting platform removes the role of intermediaries for betting activity and thus creates a democratic and fair betting aura. |
| Smart Contracts | Smart contracts are the main concept of such betting which automatically holds and distributes funds, ensuring bettors with a fair gambling experience. |
| Anonymity | It offers bettors and punters to act anonymously when placing bets which means your personal information or identity remains confidential. |
| Low Fees | With the use of cryptocurrency payments, these platforms charge fewer fees as compared to traditional betting setups. |
| A Wide Range of Betting Options | It allows bettors and punters to act anonymously when placing bets which means your personal information or identity remains confidential. |
| Fair Gambling | These platforms make the best use of cryptographic algorithms which ensure fair outcomes and betting results without bias. |
| Decentralized Tokens | Some shared betting platforms have their own native tokens, which can be used to place bets, receive discounts, and earn rewards. They are generally Ethereum-based tokens. |
People often ask questions like what are the benefits of decentralized sports betting. Keep scrolling to know how it can be lucrative for you, no matter who you are; punter or bettor.
By removing the role of intermediaries like bookmakers or betting agencies, users can bet on accessible, inclusive, and cost-effective platforms.
Since everything is recorded on the blockchain network, the platform offers enhanced security and transparency by making everything accessible from records to transactional information.
Using these platforms is not rocket science and hence involves customizable filters which offer flexible and tailored betting experiences.
Blockchain sports betting platforms offer users global accessibility which means sports fans from across the globe can use the platform without any restrictions or geographical boundaries.
Unlike traditional sports betting platforms, decentralized betting websites offer users greater security via immutable records and trackable data.
Don’t be overwhelmed by the advantages of the decentralized crypto sports betting platform, make sure to consider all the factors behind its development to avoid mistakes or confusion.
Here is the list of important things you must check out before hiring a sports betting software provider:
Decentralized crypto sports betting websites should integrate user-friendly interfaces and elements that are capable enough to provide users with a personalized and enhanced betting experience.
The payment processing system should be fast and efficient and thus remove the time-consuming process of making payments or withdrawals.
A blockchain sports betting website allows users to exchange tokens in place of real cash or currency. Tokenization ensures fair and open betting, which means no manipulation or changes are made when it comes to the value of the token or betting results.
Cryptocurrency sports betting websites must offer users end-to-end customer support which helps them at every stage from registration to betting and withdrawal. These factors include live chat, email support, and phone support.
Before hiring a sports betting website development company, make sure to check whether or not it follows regulatory or legal compliance. Regulatory and legal compliance is necessary especially when you are closely working with cryptocurrencies and sports betting.
It’s time to develop your decentralized betting platform! Make sure to follow the below-mentioned steps to avoid any kind of mistakes or confusion that might occur along the way:
The first and foremost thing you must do is market research to understand the potential threats, opportunities, and weaknesses. Determine your target audience, competitors, and market trends to define your development strategy accordingly.
Based on your market research and analysis, make sure to define the features and framework of the platform, and ensure to make it user-friendly and interactive in nature. Decide on the type of sports and payment systems you are going to integrate.
When developing a blockchain sports betting platform, you must select a blockchain network that can handle the expected transaction volume and provide necessary security and scalability.
Smart contracts are the core pillars of decentralized betting platforms. They execute logic and rules within the betting platform to ensure that the platform is secure and reliable.
It is the phase where actual development takes place which includes the design and development of the interface and the integration of advanced technologies and tools within the ecosystem.
Another important phase is testing & QA which tests and checks out the quality and performance of the platform in the most professional way. Our QA engineers use strategies like integration and performance testing to remove all the errors and loopholes of the platform.
Herein, the platform is launched via marketing strategies like digital marketing campaigns, email marketing, YouTube marketing, etc. Even after the launch, the performance of the platform is tracked to ensure timely updates and upgrades.
It is nearly impossible to define the cost of a decentralized sports betting platform until and unless we don’t know your project details and features. On average, a decentralized sports betting platform costs around $30k to $35k with basic features and functionalities. However, the cost may shoot up to $40k and even more depending on the complexity and advancement of your project and details. Here is the list of factors affecting the overall cost:
As one of the best sports betting development companies, BR Softech is here to keep up with all the personalized development requirements. We can help you to be prepared for the future and become future-ready for all uncertainties via tech-enabled decentralized sports betting platform development services. Choose us to get:
Crypto sports betting exchange is a platform that lets users bet on different types of sports betting games using cryptocurrencies.
Here is the list of the best blockchain betting sites:
BC Game
Coins Game
Bitcasinos.io
The future of sports betting lies in a decentralized system, wherein bettors or punters can place bets directly without involving the role of bookmakers or betting agencies.
