Online bettors wagered some 45 million euros on the Rugby World Cup in just the first three weeks of play. In August, globally, a record number of women bet on the FIFA Women’s World Cup in soccer, the most-viewed women’s sporting event in history. A staggering $35 billion (that’s with a “b”) in bets were laid on the men’s tournament last year.
Since it shifted online in the 1990s, the age-old practice of betting on sports has spread across the globe and is in the midst of a major boom. While this is a boon for the industry, it also demands that responsible companies take steps to ensure that the needs of customers are not trampled in the stampede for profit.
With blockchain technology, we can make that happen.
The total sports betting market, now worth an estimated $85 billion globally, is expected to expand by more than 10% a year between now and 2030.
This growth is benefiting from a range of tailwinds. Jurisdictions across the West are legalizing online betting, despite recent moves by regulators in the United Kingdom, Australia, Canada and elsewhere to tug on the reins. And in developing economies such as India, growing internet penetration and the rise of a young, tech-savvy and moneyed middle class is fueling expansion.
Adding to this narrative is a surge in investment in major sports, which is adding gloss and sophistication to everything from football to…
