The Upcoming Launch of BookiePro and the Decentralization of a $500B Industry
Some of the biggest concerns with online wagering are: Is the website or application I am using fair/accurate/reliable? Will I actually get paid out if I win (too much)?… So what if sports betting could be boiled down into simple computer code where if you bet on X and X happens, you get paid? There is no “middle man” because the other side of the bet is covered by another bettor(s), so in a very simplified way you just need some computer code validating the bets between two or more parties and the final result determination for who gets paid. Wouldn’t then eliminating the casino/website middleman reduce or eliminate the concerns we originally pondered?
Have you heard of Blockchain technology? Essentially it is a digital record of transactions that cannot be altered once a record has been written, and in order for a record to be written, all parties must agree the record is valid. For example, Joe places a bet on the Vikings at -3 vs the Packers, that bet goes into the betting network and accepted by another bettor who takes the Packers +3. The network is run by 100 independent computer operators all over the world running identical computer code which all must confirm the bet is valid, and then writes the bet to the unchangeable record. The same happens in reverse when the final game result is available. The Final score is published by all of the various data feed companies on the internet, and the 100 network computers independently pull those scores and all validate with each other that the final score was Vikings by 7. All bets are then settled and written to the same unchangeable digital record.
Some major implications of moving from a “casino” to Blockchain technology:
– The computer code mentioned above is 100% public and audit-able at all times. Because it is being run by 100 different operators, and all of those operators must validate with each other before a record can finalize, no single person or group of persons can hijack the network to alter bets, change scores, or refuse payment. A normal casino, in theory, can do this at any time, and there are numerous instances of “game malfunction” where a casino has refused to pay out. Computer code cannot make an emotional/devious-type response to refuse payment, its either win/lose based on the bet conditions. And blockchain code cannot be changed on a whim, it must be audited and approved by all 100 computers on the network.
– Blockchain is global, has no borders/restrictions/KYC requirements. Unfortunately, many online operators have tight geographical restrictions and/or the banks you utilize to deposit funds will restrict your money flow depending on your locations legalities, or sometimes you just cant make it to the local betting establishment and no online option is available. Fortunately, blockchain solves these “regional” type issues and BookiePro.com allows all bettors from all over the globe to bet without any restrictions or KYC.
– Ultimately there is no visual or interactive difference to how you bet. All of the above is mostly behind the scenes technical stuff but in reality is the most important part of betting (getting paid!). Its as easy as downloading an app such as BookiePro, place your bet, your bet gets matched with someone taking the opposite side and the winner gets paid when the game score is final. But now your bet is part of a global pool and governed by a set of coded rules, not a casino that is thinking about its bottom line first.
Would love to hear peoples thoughts and feedback on blockchain technology and/or BookiePro.com… While BookiePro has not yet officially launched (est. end of Feb/Very early March) this is a good time to do your own research on everything I have said above. Much of it has been simplified to keep the length of the read easy, and I encourage everyone to research Blockchain, BookiePro and the blockchain it utilizes, Peerplays.com. Like the early internet, it was those who were willing to be adventitious and innovative that struck it rich, and Blockchain technology is being called the next generation of the internet.