Sports betting is a huge industry. It generates billions of dollars in revenue every year and keeps getting bigger. In fact, the worldwide sports betting market was estimated at $138 billion in 2019 by some sources. But even though this is such an enormous market, it hasn’t been able to reach its full potential because it’s limited to physical locations where people can bet on their favorite teams or athletes. However, blockchain technology has given us the ability to do many things that were previously impossible or very difficult. By using smart contracts and cryptocurrencies like Ethereum (ETH), we can now create decentralized applications (Dapps) for sports betting so that anyone around the world can participate in these games without having to leave their home computers.
Let’s get some background information
Ethereum is a blockchain-based platform that allows for the creation of decentralized applications (DApps). These DApps run on smart contracts, essentially computer programs that perform tasks when certain conditions are met.
Ethereum was created by Vitalik Buterin in 2014 as an alternative to Bitcoin, which he perceived as being too centralized and slow. While still in its infancy, Ethereum has already been used to create thousands of different kinds of tokens–from cryptocurrencies like Ether (ETH) or Litecoin (LTC) to utility tokens like Filecoin or Augur Reputation Tokens–and it’s expected to grow even more as more developers use its programming language Solidity to build new types of apps on top of its blockchain technology.
A good way to think about Ethereum is like this: imagine your bank account had access not only to your own money but also to everyone else’s! You could make payments from other accounts if needed; however, since those accounts belong solely under someone else’s name there would be no risk involved since nobody else has access except yourself.
Ethereum sports betting sites
You can find a list of online sports betting sites after thorough research, and you can also find a list of online Ethereum sports betting sites as well – for all this have a look at this expert guide.
The best way to understand how Ethereum and sports betting are connected is by looking at some examples:
A company called *Bethereum* has developed an application that allows users to bet on their favorite teams using the Ethereum blockchain. They’ve created an entire ecosystem for betting with cryptocurrency. The platform allows people from all over the world to place bets in real-time from anywhere with internet access, which means no more waiting until kickoff before you know if your team will win or lose!
Bethereum has developed its own cryptocurrency called *BHR*, which is used as the currency for betting on its platform. They also allow users to deposit money into their accounts using other cryptocurrencies like Bitcoin or Ethereum.
How can Ethereum help with sports betting?
Ethereum is a decentralized platform that runs smart contracts. Smart contracts are applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference. These apps run on a custom-built blockchain called Ethereum Virtual Machine (EVM), which uses its own crypto token called ether.
The EVM is actually just one type of blockchain – there are many others out there – but it’s important to understand why we use it for our gambling platform.
What’s the difference between Ether and ETH?
Ether (ETH) is a token representing the Ethereum blockchain’s currency. Ether can be used to pay for transactions on the Ethereum network, as well as for transaction fees on this network.
The difference between Ether and ETH is that when you see the word “Ethereum”, it refers specifically to an entire ecosystem built upon smart contracts and decentralized applications (dApps).
As an example, let’s say you want to purchase a crypto collectible in the form of an ERC-721 token. You can do this using Ether (ETH), which is the cryptocurrency that powers the Ethereum blockchain. This transaction will then be recorded on the blockchain and cannot be changed or edited by any party involved in the transaction.
A common misconception is that Ether (ETH) is the same thing as Ethereum, but this isn’t true. Ether (ETH) is a cryptocurrency that can be used to pay for transactions on the Ethereum blockchain and can also be traded for fiat currencies.
The benefit of using Ethereum for sports betting
Ethereum is a decentralized platform for applications that run exactly as programmed without any chance of fraud, censorship, or third-party interference. Ethereum was invented by Vitalik Buterin in 2013 and has since become the second-largest cryptocurrency by market capitalization (after Bitcoin).
Ethereum enables developers to build & publish next-generation decentralized applications (dApps) which are based on blockchain technology. These dApps run on a custom-built blockchain called Ethereum Virtual Machine (EVM), which allows them to be programmed using smart contracts.
You can use ETH to bet on your favorite team online
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud, or third-party interference.
Ethereum was invented by a young programmer named Vitalik Buterin in 2013. The Bitcoin blockchain records transactions between two parties efficiently and in a verifiable and permanent way. Buterin saw that this could be extended to record not just financial transactions but virtually everything of value. In 2016 he wrote the “Ethereum white paper” describing the technical design of Ethereum.
Because of its use of blockchain technology, Ethereum has been described as a type of “decentralized internet”.
Conclusion
Ethereum is a great option for sports betting, and it has many benefits over other cryptocurrencies. You can use ETH to bet on your favorite team online and earn more profits from your investment. If you want more information about how Ethereum works or want to know about the best sites that accept this currency, check out our guide!
