Gambling and Betting go back to two thousand years when through the Greeks it spread to Romans who placed bets on Gladiator games. Findings on ancient tombs and writings also point toward the existence of gambling and betting.
In the late 18th century organized betting was sanctioned turning the earlier considered sin into a vice which eventually turned into a harmless and entertaining activity. As a consequence of the introduction of the Internet, several forms of online gambling became accessible on a wide-ranging scale.
The beginning of the 21st century saw huge participation in the gambling and betting industry, approximately four out of five people in Western nations gambled at least occasionally.
Presently, sports betting is the top-most trending activity in the world and with the growth of technology, it has accelerated drastically. Today, bets can be made through mobile phones, laptops, and computers from anywhere and anytime.
The global online gambling market was estimated at USD 57.54 billion in 2021 and is expected to reach USD 63.53 billion in 2022. From 2022 to 2030 the global online gambling market is expected to grow at a CAGR of 11.7% and will reach USD 153.57 Billion by 2030, as per a report from http://www.grandviewresearch.com.
Furthermore, the reports point out that the adoption of bitcoins has contributed to increased cryptocurrency usage for gambling. This also takes us towards decentralized betting. Before we get into that, let me briefly explain what is betting.
To bet is a verb that means to gamble and for thousands of years, people have been placing bets on the outcomes of things or any activity. The six-sided dice pre-exists since 3000 B.C. which is almost 5000 years ago.
As per Market Business News, “Betting is the action of gambling money, possessions, time, or something else on the outcome of something, such as a game or race.” In simple words, Betting is an act of risking money by guessing the outcome of any event, game, or any other future event.
But don’t you want to know how betting companies make money? The first thought would be through keeping the money lost by people placing bets and losing but in every event there are people who win. So the bookmakers have to make sure that make the company profitable and mostly the burden of this falls on the players placing bets. The bookmakers and players are always at odds with each other and the power in this scenario is in the hands of the booker.
In most cases, when players are winning their betting limits are decreased and betting limits for players losing is increased or cumbersome KYC procedures are set in place making it difficult for players to withdraw their winnings. But things are not difficult for just the players, Bookmakers need to get different industry licenses and face liquidity issues and this is where decentralized betting comes into the picture.
Smart contracts are created on Blockchains with pre-calculated actions to be executed based on the trigger making the whole betting process trustless. Thus making sure the bets are not made void or not permitting the booker to make any changes to the odds. Payouts are also handled through smart contracts making it easier for players to receive their winnings hassle-free. Thus making betting through Blockchain an obvious choice.
Presently, Blockchain offers predictions markets – but odds change and users don’t know the actual risk or reward, P2P – but provide low liquidity, and centralized bookmakers accept cryptocurrency. Still, there’s no novel solution there as crypto is simply a payment method.
To provide a solution for this Azuro Protocol was created.
What is Azuro?
Azuro is a DAO governed, betting protocol with the GNOSIS chain network as its first network for mainnet. It aims to become the base infrastructure of betting dApps in the future.
Azuro’s mission is to make Betting transparent, fair, fun & responsible. The protocol is tailor-made for sports betting.
The protocol enables trustless and risk-free betting eliminating the need for a centralized party who has the power to cancel the bets and hold the bettor’s funds with the power to block the funds.
The solution provided by Azuro is based on:
A. Using oracles to import odds and results.
B. Using one main liquidity pool for allocating funds to different events based on popularity.
Importing odds and results through oracles triggers competitive initial odds for events thus making the odds clear and to protect the liquidity providers the odds do fluctuate.
Liquidity can be provided by anyone and is not event-specific which results in ample liquidity and provides safe profitability for all the liquidity providers.
Azuro helps bettors retain their money within their crypto-wallets and diminishes the possibility of declined payouts, or limitations of accounts. The protocol also breaks down the role of the bookmaker into smaller bits, democratizing the business of betting as a whole. It enables anyone to benefit from its liquidity pool provision, front-end management, data provision via oracles, and decentralized (DAO) governance.
Collaboration between Azuro and EPNS
Azuro’s mission consists of creating a trustless and transparent betting protocol that democratizes the entire betting process. It does the same through its liquidity provisions and smart contracts thus making the whole betting process fun, safe, profitable, and at the same time affordable for its users.
Smart contracts help with instant payouts for its users combined with an unmatched user experience, therefore, fulfilling its promise to maintain complete transparency.
For a protocol that wants to remain truly transparent, there should be a direct communication channel between the protocol and its users. The collaboration between Azuro and EPNS will create a seamless and direct communication channel between the protocol and its users.
EPNS protocol will send decentralized push notifications to the Azuro protocol users who subscribe to the Azuro channel created on the EPNS protocol. Users can receive push notifications through the Chrome extension app of EPNS or mobile application or decentralized application directly to their linked digital wallets.
Azuro users will be able to promptly participate in new events or opportunities as and when they arise and the collaboration will ensure the users don’t miss out on important notifications.
Through this collaboration, the Azuro protocol can take its goal of providing a safe and transparent experience to its users a step forward thus justifying its user’s trust in the protocol.
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