Blockchain is a new technology that brings many changes in a plethora of industries. Most would have thought that the sports betting industry was not one of such industries, but they have been proven wrong, as a number of online bookies have adopted a widely known application of blockchain, namely cryptocurrencies.
Please Note: This is a Press Release
What is 1xBit?
1xBit first started out as a fiat currency sportsbook, but when it decided to add bitcoin transactions, they made the choice to accept only crypto payments. The platform supports payments in over 20 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dash, and Zcash, thus catering to a broad range of crypto owners.
1xBit is a popular betting and gambling website that features a wide range of sports, leagues, and events, from football to wrestling to snooker and everything in between. The site also offers a variety of bet types for each of the available major sports.
The new UFC section
The 1xBit website features a number of sections which allow the user to make a variety of bets and has recently made a new addition called the “Bets on UFC”. As the name suggests, this new section is focused on events organized by the Ultimate Fighting Championship (UFC), a premier organization in mixed martial arts. The company promotes the sport in a series of globally organized fights, which are also known as fight nights. UFC events make headlines every time, as only the best fighters compete for the prizes and titles, attracting millions of fans from all over the world.
There are hundreds of UFC events which take place every year, and the number will only continue to grow on par with its popularity. This increasing interest from the community has prompted 1xBit to create a section entirely for bettors that are looking to find out more information and place their wagers on UFC fighters.
Are Bookies in for a Blockchain Revolution?
The world of sports betting has been at many times as unsafe as it is exciting. Even though there are some regulations and licensing in place, there is nothing to technically stop a bookie from manipulating the odds and stats it publishes. This can influence the outcome of a bet and increase its probability of losing, which is in the advantage of the bookie.
Another worry that bettors might have is getting their accounts banned or blocked due to some last minute or hidden security policy enforced by the booking site.
Seeing as 1xBit exclusively supports cryptocurrencies, its underlying technology, blockchain, records all transactions and payments. Any member of the network can publicly check these transactions and their respective data to see if they are valid, but no one can ever modify the information.
Unlike with traditional bookies, signing up with 1xBit is easy, and all you need is an email address. New registrants just have to select their account currency and enter their email. In just one click, a password and account ID is emailed to the new user. This is very convenient for bettors looking to preserve their privacy.
Another advantage of distributed ledger bookies is that there are no fees on withdrawals and deposits. 1xBit is an online sportsbook which implements the no-fee model, thus allowing bettors to take their earnings without having to worry that the fees will east away all their profit.
As the platform is a crypto-only bookie, all transactions are processed much faster, as blockchain needs no financial mediation from an outside party.
Cryptos Have Entered the Ring
There have been many instances in which crypto and blockchain projects have made their way into the sports arena.
At the beginning of the year, Litecoin, a popular altcoin, offered its sponsorship to UFC fighter Ben Askren in UFC 235. But this isn’t its first interaction with UFC, as Litecoin became the first cryptocurrency to be featured in the octagon due to its sponsorship for UFC 232: Jones Vs. Gustaffson fight that was back in December 2018.
A more recent case of blockchain and sports deals was covered in 1xBit’s blog. Stratis (STRAT) is a blockchain which created and deploys dApps for private blockchains. The project sponsored James DeGale in the IBO World Super-Middleweight title fight which took place on February the 23rd.
More posts regarding the world of blockchain will be made by 1xBit to keep its interested users updated. So, if you are a fan on MMA and looking to place a wager using crypto, you can access 1xBit’s Bets on UFC section and bet on your winning fighter.