When the betting world meets blockchain.

AS you probably already know, the technology behind cryptocurrency, blockchain, is thriving into a florid future.

The strength of blockchain is that it doesn’t need any third parties: it’s decentralized. The possibilities blockchain technology can offer are endless. 

When people are talking about the future of blockchain, they are talking about decentralized apps, also called “dapps”. These apps are built with smart contracts, mostly on so-called blockchain platforms. There are a lot of blockchain platforms, all having their ups and downs. However, undoubtedly the biggest of all is Ethereum.

Ethereum was founded in 2014 and has been the 2nd biggest cryptocurrency ever since almost uninterruptedly. There have been several great projects launched on Ethereum, and one of them caught many eyes lately.

Just like blockchain, betting is built solely on math. If we do the math, we can see that all traditional betting brokers are designed to make you lose on the long run.

Without this, no broker would survive. However, when we use blockchain, we don’t need a third party. Using blockchain technology, the broker doesn’t necessarily have to take into account that the house has to win on long term.

Since the platform is fully automatic and running on the blockchain, the odds are calculated based on how many people are betting on the different outcomes.

So, if 100 people bet on Manchester United V Tottenham, and 80 bet on United, the returns you’d get if Manchester United wins are automatically lower than the returns you’d get if only 20 out of 100 people had bet on United. This leaves a door open for odds that vary largely from odds on traditional betting sites.

By instance, on last weeks game PSG V Real Madrid, there was a 5/1 on Real Madrid, unthinkable on any other betting site since it wouldn’t be profitable without blockchain technology. Learn to make use of these loopholes, and you will undoubtedly outgrow the profits you’d made had you bet on Unibet.

A simple question that comes to mind is: ‘how does the platform make profit then?’ This question is easy to answer, but hard to understand. The platform, takes a small percentage of all wages: 3-4%. Without this, the platform would be vulnerable for potential spam attacks.

This is the reason every cryptocurrency expect IOTA has fees as well. Talking about safety: CryptoSportz, the platform, is technically the safest ‘betting broker’, because blockchain is impossible to hack. They removed the time- and energy consuming processes of a traditional broker by building it on the blockchain.

The smart contract doesn’t care who you are or what your bet size is, it simply knows that you bet on your team and that your team won, therefore you’re owed the ETH in the contract.

So, you’re probably thinking: sounds fine, but I don’t want to make another account and go through these endless verification processes again and again. Well, I did too. However, luckily you don’t need an account, you don’t need a registration, you don’t need to make a deposit, you only need an ETH wallet and MetaMask. If you don’t have installed MetaMask yet, I suggest to watch this video:

When you have MetaMask on your browser, the platform automatically recognizes your account value, and you can simply place your bets by just indicate with how many ETH you want to bet. Betting has never been so easy.

It’s not a token, it’s just a platform built on the Ethereum blockchain.

The platform has a referral system. Don’t panic!!! No BitConnect 2.0. Your Ethereum actually never leaves the smart contract. Besides, the platform is transparent for everyone.

On the image below, you see a screenshot of the contract a few days ago. You can see exactly how much ETH is being spent, and when the bets have been placed.

Screen Shot 2018-03-14 at 5.47.44 PM.png

To move on, the referral system works following: A ‘captain’ shares a unique referral link with his friend or followers, and every person who comes to the site using that link will always be remembered in the system.

If someone makes a bet, the smart contract checks if that particular person joined the site via a referral link. If so, the person’s captain automatically receives 1% of the bet value in his ETH wallet, and the platform will receive 1% less. You can become a captain yourself by just pasting your ETH address in a field that looks like this:

https://www.cryptosportz.com/land/ “your ETH wallet address ”

And what do we know about referral systems?

The early captains make the most profit. Since CryptoSportz is still very fresh, This is another fun example that blockchain technology has various applications.