More and more online sports betting and gambling have started adding cryptocurrencies to their list of accepted payment methods.
1xBit is a gambling and betting platform that has an established name in the crypto betting market and enables users to choose from thousands of worldwide sports events. The service accepts over 20 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dash, and Zcash, allowing its users to benefit from faster transactions and more convenient fees.
The platform has a varied selection of sports betting options: Football, Ice hockey, Basketball, Tennis, Volleyball, Table Tennis, American football, Athletics, Golf, Bicycle Racing, Boxing, Cricket, Baseball, Curling, Darts, eSports, Formula 1, Handball, Martial Arts, Netball, Rugby, Snooker, and Sumo.
1xBit features many sections: “Bet on your National Team”, “Match of the Day”, “Betting Exchange”, “Bet on a Tournament”, and “Bet Constructor”, which enable players to bet on a given sport and earn free-spins for it.
1xBit now added a UFC section to its website
To this list, 1xBit has added a new section, Ultimate Fighting Championship (UFC), that presents related events and matches. UFC is the world’s number one promoter of mixed martial arts, all its fighters and events are top rated, and it has gathered an impressive fan base that is continuously growing.
There are hundreds of UFC events organized each year, which attract the attention of both MMA fans and bettors. 1xBit has added this section with the purpose of helping its bettors have access to information that could help them in making wagers on the outcome of UFC matches.
DLT Bookies Vs. Traditional Bookies
Sportsbooks base their estimates on the outcome of each event by analyzing statistics, expert opinions, and applying probability theories. The final odds are then calculated by adding their own profit margins to the probability.
As bookmakers earn more when their clients lose, they might be more inclined to manipulate the users’ betting strategy by giving slightly altered odds and stats, so that the users have a higher probability of losing.
There is actually nothing that can prevent this tactic. Traditional bookies also have the authority to block user’s accounts and confiscate his or her bet earnings, claiming that this happened because of a security policy.
As 1xBit makes use of cryptocurrencies, the distributed ledger technology on which they are based enables this bookie to have all his transactions and payments stored on a blockchain. This means that all the information stored can be viewed and verified, but never altered by any blockchain member.
Unlike traditional bookies, the platform has a simple form of registration. Signing up for a 1xBit account involves the One-Click method, which generates a personal account number and password. These details can be sent to the user’s email, but this is not a necessary step. Then, the user can activate two-factor authentication to enhance his or her account security.
Higher liquidity rates are another benefit which comes with DLT. The fact that bookmakers charge high withdrawal fees isn’t at all that convenient for gamblers who are looking to bet for a longer period of time to cash out after each win.
Due to the fact that 1xBit supports crypto payments, transactions are settled faster and no extra fees are incurred, as no third party is required to manage the financial settling.
Blockchain Enters the Sports World
Blockchain and cryptocurrencies have been making their way into the limelight for the involvement in sports industries. By sponsoring various athletes or sports events, crypto projects can attract media and public attention and bring more awareness to the adoption movement.
Litecoin is a cryptocurrency that has signed a partnership with GLORY Kickboxing, a famous kickboxing league, enabling customers to use LTC to buy merchandise from GLORY’s official website.
The coin also gained extra publicity as Ben Askren, experienced UFC fighter, talked about how LTC should be used in order to make a payment. He also encouraged fans to accept the altcoin.
1xBit wrote on its blog about another blockchain affiliation with the sports industry. Stratis, a blockchain-based platform for dApp creation and deployment, signed a partnership deal for James DeGale in the IBO World Super-Middleweight match.
The use of crypto and, therefore, the blockchain, has the potential to enhance the betting and gambling industry and its many sectors and, because of this, 1xBit includes UFC so that all its bettors can have a great experience.