With fantasy sports gathering more than 60 million players and having a total worth of more than $7 billion, it’s easy to say that it’s no doubt a huge and booming industry. The market has been dominated by two major players, DraftKings and FanDuel, holding around 90% of the entire fantasy sports niche. Many have now turned to reading the latest crypto signals review in order to stay ahead of the industry.
However, translating this industry into a blockchain can actually bring more potential, making it a ripe platform for cryptocurrency investors and crypto trading enthusiasts. The question is, how exactly can blockchain and cryptocurrencies shape the future of fantasy sports? How will it look like? Can it really improve the industry, or will it be more of a risky gamble?
What the Fantasy Sports Industry Look Today
As of now, there’s still no clarification about the fantasy sports industry being classified as gambling. Most people would claim that you need skill instead of luck to win a game, while others say that it’s gambling since you place bets on an uncertain outcome. Regardless, fantasy sports are legal in a lot of countries.
How exactly does it work?
The process is simple. First, you have to enter a league then place a buy-in if you want to play using money. After joining a league, you’ll participate in a draft where you choose players from a roster and create your own team.
The performance of each player during the week’s games in real life will be a determining factor to the amount of points you can earn. The objective is to get as many points as possible so you can get a chance of winning a cash prize once the season ends.
Fantasy sports actually started with small gatherings and bars among family and friends. However, the introduction of the internet allowed to industry to become more widespread and let people from all around the world compete against other people regardless of their location.
There are private and public leagues. Private leagues can be played with your friends or family and can only be entered via a direct invitation. In most cases, you can play for free or for small cash prizes.
Public leagues, on the other hand, is where you play with other people from around the world, thus giving you a chance (albeit very slim) of winning larger prizes.
How Blockchain Can Affect Fantasy Sports
The blockchain technology is already functional in various real-world markets. In fact, transactions and tradings such as Bitmex trading and the likes are already in circulation. However, can it affect the fantasy sports market in a positive way?
Fantasy sports rely mainly on statistics and the weekly performance of real-life players. These will then determine the amount of points you can get on your virtual data. In the event that incorrect or tampered data is fed into the system, the final outcome will become inaccurate.
Blockchain can potentially patch this possible issue by bringing almost perfect data integrity. As a result, there will be no scandals of trust which in turn can prevent gambling platforms from manipulating the system to their advantage.
Basically, these are how blockchain can help shape the future of fantasy sports:
- Provide a more secure environment by eradicating the need to rely on human trust via automation through smart contracts. Once a smart contract gets activate, even the gambling websites can tamper with it.
- Create a smoother fund transfer and even removing any risks regarding the distribution of funds. This will also mean no third-party involvement, no hidden terms, and quick money transfer.
- Offer a fair environment where the players can see that gambling platforms won’t be able to secretly manipulate the system.