The future of sports betting in the United States is looking quite rosy at the moment. This is thanks to the Supreme Court ruling that states had the right to individually decide whether or not sports betting would be allowed.
Previously, this had been disallowed in general by an act passed in 1992. The latest ruling, however, nullifies that act. The ruling has been lauded by opponents of the act. PASPA was a hotly contested issue – with opponents citing that it impinged on the liberties enshrined in the American constitution.
Naturally, it will take a while to start seeing real changes. At the present, only seven states have actually had a new bill passed in favor of legalization. Change is afoot in 16 other states as well – they are just waiting for the bills to be passed in their legislature.
For more about the history of this process and to understand more about the implications of this extremely important ruling, Onur Unlu and his team have published an interesting infographic you’ll find below. He’s the founder of NJ Games so you can rest assured that they know what they’re talking about.
What Caught Our Attention?
It’s all interesting, but for our purposes, we are most interested in the potential application of the blockchain tech here. Blockchain-based applications could potentially be an ideal way to smooth the regulation of the industry and also make the logistics of betting easier.
With blockchain, all results would be indelibly recorded and available for all to see. As statistics would be updated in real time, odds could be more accurately calculated and payouts could be guaranteed.
In fact, with the use of smart contracts, the betting process could practically become automatic. You would lay out the terms of the bet in a smart contract. The other party to the bet would accept the terms by digitally signing the contract.
When the results are recorded, the money is automatically transferred to the winner. The contract would execute without interference from either party. Overall, blockchain tech could be an ideal fit for this burgeoning new industry.