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Betmatch Employs Blockchain to Revolutionize Sports Betting

Sports betting is usually a risky endeavor as you can lose a bet that you rightfully won because of factors, such as the human error that may be intentional or not. This factor makes the $40 billion industry scary to enthusiasts as it is dependent on a few individuals who record the data. If anything goes wrong, it becomes a turmoil claiming one’s legitimate winnings.

Betmatch.io, a famous crypto sports betting platform, has not been oblivious to this reality as it has come up with a blockchain solution to assure bettors that their winnings cannot be manipulated, ripped off, or canceled.

According to Bitcoin Exchange Guide, Betmatch views blockchain as the perfect technology needed in revolutionizing the sports betting sector based on the distributed ledger network availed. Blockchain will provide every bettor with optimal transparency as he/she can see the entire bet terms.

Betmatch’s CEO, Ivan Chebotaev, noted:

“The emergence of blockchain betting has been a logical development. However, the main idea was rather the particular technological solution designed to increase transaction speed, since the appearance of blockchain betting was only a matter of time, depending on how long it took to sufficiently develop this technology.”

He also added:

“We decided to start by solving this problem ourselves instead of waiting for a global solution to the blockchain bottleneck problem to appear. This is what we consider to be unique about Betmatch.”

Blockchain will be instrumental in transforming Betmatch as it will prompt significant anonymity. Expressly, this platform will be made to accept bets, whereby KYC or Know Your Customer will not be required.

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Azuro Closes $4m Funding Round to Build Decentralized Betting Protocol

Azuro, a decentralized betting protocol, announced on Monday that it has raised $4 million in a funding round contributed by participants, including Hypersphere, Gnosis, Merit Circle, SevenX, and Quiet Capital.

Azuro, a decentralized autonomous organization (DAO) building a protocol for blockchain-based betting, aims to disrupt traditional online betting with a more transparent decentralized alternative.

Traditional betting firms go to great lengths to make betting unfair and opaque, Rossen Yordanov, a core contributor to Azuro project, said in a statement. “The problem is incentive misalignment. Profits are zero-sum, so many betting companies go to great lengths to create unfair and opaque environments for the players,” he stated.

The key mission of the Azuro project is to replace traditional centralized online betting exchanges such as Bet365, 1xBet, 22Bet, MarathonBet, BetWinner, 888sport, Betsson, sportsbooks, and others, which are often seen as predatory and profit-motivated.

In this way, Azuro is working to disrupt the $200 billion betting industry through blockchain smart contracts and web3 technologies to bring full transparency to the sector and increase liquidity in betting markets.

In the recent past, Azuro launched its mainnet on Gnosis Chain. The fund raised will be used to expand it to more blockchains, with Polygon its main target currently, as well as create a non-fungible token (NFT) bets marketplace and add further betting markets, the company said.

Hypersphere co-founder Jack Platts explained why they backed Azuro in the funding raise: “Betting markets are one of the few applications where crypto was always supposed to shine. So far though, none have been able to crack the nut of bootstrapping liquidity for popular betting disciplines. We believe Azuro’s team can finally make that promise true.”

Azuro leverages prediction markets, non-fungible tokens (NFTs), DAO governance, and liquidity pools on its backend to minimize costs associated with the betting process for users.

The latest funding brings Azuro’s total fundraising to $7.5 million. In January, Investors, including AllianceDAO, Arrington Capital, Ethereal Ventures and Delphi Digital led fundraising of $3.5 million for the project.

Decentralized Sports Betting on Blockchain

Betting is a common practice across a broad range of a variety of fields, including the sports industry, casinos, and others. The latest development by Azuro shows the entry of decentralized sports betting platforms is beginning to revolutionize the way people place bets.

Decentralized sports betting is a new type of betting mechanism that is set to revamp how traditional centralized online betting sites operate. Run by profit-oriented individuals, conventional sportsbooks and betting apps are known for charging high fees and taking advantage of users.

Decentralized betting platforms are built on an open-source approach that incorporates blockchain technology. Furthermore, decentralized web 3.0 sports betting services normally don’t have actual business people who run the platform as there is no central authority in charge. In the platform, all users actively participate and decide whether or not to wager against the person who launched the market.

Lastly, decentralized sports betting platforms do not levy exorbitant fees and are regarded as safe because all data is stored on the blockchain, providing another layer of transparency.

Taiwanese Authorities Caution Against Crypto Betting for 2024 Presidential Election

In light of the fact that Taiwan is getting ready to hold its presidential election on January 13, 2024, a crucial advice has been given to the people of Taiwan about betting on cryptocurrencies. A thorough investigation into the use of cryptocurrency platforms for betting on the result of the presidential election has been begun by the authorities in Taiwan. This inquiry has brought to light the ethical and legal considerations that are associated with such behaviors.

There is a significant amount of anxiety among the authorities in Taiwan over the use of bitcoin betting websites. In the midst of the enthusiasm surrounding the impending election, this notice is being sent with the intention of discouraging locals from participating in gambling activities that might possibly be unlawful. This warning is being issued as a result of events in which Taiwanese individuals have purportedly utilized such platforms, which has led to a more comprehensive examination into these activities.

A total of seventeen people have been put into custody as a direct consequence of the serious action taken by the Taiwanese authorities against internet betting on the presidential election. Over five thousand five hundred dollars worth of USD Coin, a cryptocurrency that is tied to the United States Dollar, was taken away from people who were jailed as a result of the raid. This action demonstrates the government’s commitment to combatting unlawful internet gambling, particularly in situations where it crosses with the electoral process.

The utilization of Polymarket, which is a decentralized betting platform, is at the heart of this matter of contention. It has been determined that Taiwanese residents consistently choose it as their preferred option when it comes to putting wagers on the presidential election. The absence of a central authority or control mechanism that these platforms possess presents regulators with a unique set of issues due to the decentralized structure of these platforms.

The caution against the use of cryptocurrency betting platforms serves as a reminder of the legal limitations and ethical issues that are involved in activities of this kind. This warning comes as the presidential election in Taiwan begins to draw closer. A increasing worldwide trend of analyzing the junction between cryptocurrencies and conventional industries, including as politics and gaming, is reflected in the aggressive position taken by the government of Taiwan.