Bookmakers can harness the power of blockchain

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Blockchain technology is not limited to cryptocurrency alone. Blockchain technology is now being embraced as the driver of innovation. Theses technology has not only disrupted but taken over traditional business models. The best part of it is that there is a competitive advantage.

However, the reason why betting companies in Africa should consider blockchain, its can create additional capital; the biggest challenge that startups and existing bookmakers are facing is raising capital. Banks do not make it easier either in these parts of the world, since the list of requirements usually ends up being impossible to meet and even if you do, the interest rate isn’t friendly and your business idea might not interest the manager.

Blockchain can be used to offer an Initial Coin Offering (ICOs). A good example is Kik which is a chat app. They managed to raise $100 million via an ICO. For instance, the gaming industry in Africa quite fragmented with many small players, meaning accumulators bets is the most popular form of betting in Africa, though, variations in attitude of players, which also increase the spending needs, the industry bookmakers are forced to meet up or consolidate with players demands in terms of latest technological platforms, however, such bookmakers that cannot meet up with these transition could be forced to close down operations due to financial constraints, if the technology is properly harness could save the overall business model of a company.

Blockchain technology if deployed to an online gaming platforms could do a lot in terms financial transparency, fast payments, security, it is important bookmakers in Africa take advantage of these technology, as well as the ever growing online gambling, which is becoming more prevalent particularly, the young African’s are embracing this trend of gambling. Indeed, most African countries still doesn’t have regulated online gambling markets.

Though, blockchain enable on bookies platform can attract new players from other African countries. For example, 1XBET is one of the bookies that have implemented this technology in Africa which virtually accept all players in the region.

Blockchain is the future, better late than, better now than later because the early adopters reap the most benefits. Blockchain unblocks opportunities it is easier to implement and cheap, change on a brad scale using blockchain technology, you can set the rules and others can follow.

Article by Adeleye Awakan
Associate/Editor www.gbc.ng Africa’s leading digital gaming magazine. For consultant on gaming in Africa, Bookmaker’s review, Content, Advertising, and Thoughtful leadership article contact: [email protected], Linkedin Adeleye Awakan.