The Sports industry has always been a significant money-making industry. As of recently, with substantial States in the US clearing policies for online gambling along with the betting industry adopting Blockchain technology, the sports industry is predicted to be valued close to around 600 Billion by 2025.
Sports betting apps are starting to adopt Blockchain technology to accurately automate real-time data by using smart contracts that can help sports betting in a variety of ways which include payments, bet confirmations, past event analytics, event recording, and monitoring.
For Blockchain to receive and generate meaningful sports data, they need to be able to connect to external API’s (Application Programming Interfaces) that provide access to and information about back-end business processes. To accomplish this, Blockchains use decentralized Oracle networks like Algoracle to act as a secured bridge that retrieves data for smart contracts then validates that data and quickly delivers it into the blockchain so the smart contracts can consume it.
Algoracle is the first decentralized Oracle to be placed onto the Algorand Blockchain. Algoracle provides a fully functional Decentralized Oracle Network, providing smart contracts access to external data feeds and off-chain computations.
it is also self-sustaining, decentralized and provides secure, scalable, and efficient properties for practical applications in the real world.
Having the edge over its competitors with slow transaction speeds, Algorand is known for its fast transaction speed, efficiency, and lower transaction fees. Algorand can process up to 1,000 transactions per second and takes 4 seconds to achieve finality. For more information visit Algorand 2021 performance.
Developers can leverage the Algorand Blockchain to build on it while being able to use data feeds in their applications, as well as combine other core resources. The Algoracle powered data feeds enable many on-chain functions like settling market bets. The determination of the value of NFT memorabilia, triggering the distribution of bettor funds, accurate sports pricing/results, and much more are all evolving around a tamper-proof source.
This is why sports betting apps are building their apps on Algorand as more and more are being constructed on Algorand to benefit from a scalable, secure, fast, and genuinely decentralized network capable of supporting multiple smart contracts. Many dApps are currently being built on the blockchain, sports app development on Algorand is still in its infancy.
With change always being constant in sports and how this change works and is used separates winners from the losers. Here are some of the use cases on why Algorand is the top choice.
Numerous errors can occur when confirming the consumer's bets. Specific databases could shut down or be temporarily altered or disconnected due to common internet failures. The Algorand Blockchain can provide bet confirmations and accuracy for all bets before and during sports events. These bets will be confirmed and remain unchanged.
Another use Algorand gives sports betting apps is direct payments. The legacy systems that have been used over decades have always been staggering. When winnings need to be moved in one direction, and the consumers want to track their winnings for themselves in the past, they have had to rely on a third party system to receive their winnings, but now the winnings go straight to the Algorand wallet.
Another option for payments could come from using NFTs as payments. Winnings could be sent to the consumer in the form of an NFT. Instead of using actual currency, sports betting apps could use unique sports memorabilia in the form of NFTs or sports-related moments similar to NBA Top Shot or sports merchandise in the form of NFTs. For example, sports betting apps could collaborate with Yesports which creates unique exclusive NFT collectible packs for teams which allows fans the ability to sell, trade, and buy various esport style NFTs all in one spot. These special NFT packs can be distributed to bettors as a winning bonus or main prize.
NFT’s could be disturbed on-chain as it's priced against other trusted memorabilia benchmarks NFT pieces in the space. This could create a dynamic opportunity for the app and help drive better price discovery for these rare NFT assets. Apps could engage with NFT platforms like Republic which is an Algorand-centric NFT ecosystem that leverages “security NFTs” (S-NFTs) to enable investments in everything from real estate to startups to video games in return for ownership and royalty rights or another Algo-based NFT marketplace Artsquare.io that allows investors fractional shares and co-ownership of works from iconic artists’ drawings.
The biggest thing that a sports betting app provides is the results which are the basis for payouts, winnings, and everything else regarding sports betting.
Algorand allows for sports result data that will be input by Algoracle to be stored and aggregated. Algoracle uses its node operators to provide a simple method for verifying the data from various sports event sources and outlets. This data provided could also assist in helping consumers study past events and scores.
Algorand is currently empowering developers by providing critical sports information on-chain premium data. Here are some sports app platforms that are currently being developed on Algorand.
* MercuryLab - is a community-based, carbon-negative sports platform on the Algorand blockchain that builds a global community of sports lovers, Algorand enthusiasts, and partners by embracing transparent business operations.
* Bankrolled.app - Gives game scores, player statistics, pregame futures, trivia, and more for several sports leagues.
As the sports betting industry grows, decentralized applications will need an increasing amount of real-world data on-chain to provide users with the functionality, experience, and sustainable product features as bettors become accustomed to the added benefits of tamper-proof and reliable decentralized infrastructure.
Existing data providers can take advantage of this opportunity to expand their addressable market by simply becoming a part of the Algoracle network. Algoracle provides a seamless experience for data providers, takingaway the technical complexity of blockchain integration and minimizing modifications to existing API infrastructure.
For more information please visit Algoracle
or follow on Twitter @Algoracle.
Goracle will be partnering with HEADLINE. Goracle will be empowering HEADLINE’s Dev Tools with their data feeds.
When we started building Goracle, we chose a name that would clearly identify what we do. We have learned a lot about naming since then.