Sports betting industry ripe for blockchain technology?

The advent of distributed ledger and blockchain technology across the gambling industry caught the eye of Forbes magazine this week, which published an interesting article suggesting that sports betting firms could do away with centralised house processing, increasing available cash for distribution among players and promotions.

The article details a company working with the concept titled WinFlow, whose co-founder and CEO, Matt Ricci, explained:

“The application of distributed ledger technology can create a completely new user experience and right now there aren’t any active blockchain or DLT-based sportsbooks.”

Ricci went on to reveal that his company is developing a platform using the technology that will be able to offer an innovative rewards program that redistributes profits to its active users.

He specifies the Hedera Hashgraph protocol, claiming that it improves upon the technical limitations of existing distributed ledger technologies with a speed and security that make it an ideal solution for a fully functional and scalable platform.

The Hedera Hashgraph protocol apparently “provides a new form of distributed consensus that seeks to solve some of the challenges and obstacles facing existing networks, with the hope of becoming the world’s first mass-adopted public distributed ledger.”

Ricci believes that a Hedera-based platform will be capable of redistributing 80 percent of profits back to users, making the developed platform a pioneer in sports betting using distributed ledger technology.

Hedera’s global development VP, Jordan Fried, is obviously supportive, telling Forbes:

“Increasingly, organizations and applications want to use Hedera, because it is lightning fast, secure, and fair.”