Among the new additions to the industry of online Bitcoin sports betting is an innovative sports book that is built on the Counterparty protocol, enabling bettors to wager on the NBA Finals and FIFA World Cup in Brazil in a decentralized method.
Branded as Xbet.io, this sports betting site becomes the first distributed betting application that gives online players worldwide the ability to place bets on sporting events like basketball and football without the need for a third party or a middleman.
The Xbet.io application, which is based on the Bitcoin blockchain technology and works using the Counterparty protocol, requires bettors to also acquire XCP, the native currency of the said protocol, in order to place wagers on the sportsbook.
This type of currency can be purchased through the traditional exchange services or via Counterparty’s built-in decentralized exchange, according to the Xbet.io’s post on Bitcointalk.org.
Based on the benefits that result from the implementation of the Counterparty protocol, online sports bettors will enjoy wagering anonymously, will keep their funds secure through the absence of any party that manages the funds, and will have the ability to retrace transactions through the system’s transparency which is provably fair.
The anonymity of the players is maintained through Xbet.io’s policy of not requiring credit records, bank transfers, and personal information. Meanwhile, it promotes transparency by opting to publicly settle all bets on the open source Bitcoin blockchain and by signing its broadcast with its public key, according to its website.
While these aspects make the sports betting services offered by Xbet.io faster and more secure, the same advantages can further benefit the technology currently used by Bitcoin casinos online.
Given that casino gambling with bitcoins entails players to transfer funds to a middleman, implementing the same protocol should make all transactions much faster and the system safer for every registered bettor in the system.