Decentralized Betting Platform: A Million Dollar Revenue Industry

Decentralized Betting Platform: A Million Dollar Revenue Industry

Jonathan Raabe (Technology Advisor)

September 5, 2022

I bet you must have even once tried to get involved in betting, not professionally but into the friend circle or with your colleague or with anyone. 

Decentralized Betting Platform

Betting is one of the oldest things people are doing or additive to it, back to the ancient days when the kings bet in various sports. As time changed, the betting style also changed.

Now, most betting applications are mainly by the houses, or we can say from the middleman. No one can get their earning amount directly. They have to pay a commission after winning any amount.

The continuous development of technology has filled the loophole and omitted the middleman from the betting application.

A decentralized betting platform is an upcoming solution, and many users are joining the platform to earn maximum and give almost no commission. 

In this blog, we will discuss the scope of building a decentralized betting platform, how you can make the platform, and how you can earn from the platform.

To learn about the decentralized betting application, you can directly fill out the form above. Our executive will explain the complete idea of the business and how you can generate revenue from the platform. 

Let’s get into the in-depth on the sea. 

Cryptocurrency Exchange Software Development Company

Scope Of Decentralized Betting Platform

Much like the upward push in the reputation of cryptocurrencies and the blockchain era in the latest years, the online gaming enterprise has burgeoned as the government preserves to legalize playing online, especially sports activities with a bet activity. 

To know the scope of the decentralized betting platform, we have to take the example of the traditional betting platform parallel and one of the recent technology betting applications. One of the recent examples we can take is Dexsport, a decentralized betting application. 

Number Of Users 

The traditional betting platform charges its users after winning or losing on the platform. On every betting, they acquire a commission, but the decentralized betting application is completely commission-free and makes the place without any third person on the platform.

The commission-free platform and no third-party involvement attract the users to such platform. In the coming years, the billion dollars marketplace of online betting will shift to the blockchain platform. 

Decentralized Betting Platform

Blockchain For Decentralized Betting Application

SectorMarket Share
Banking29.7%
Process manufacturing11.4%
Discrete manufacturing10.9%
Professional services6.6%
Retail6%
Others35.3%

Source: Statista

Blockchain is the most secured invention till now, and the stats shown above prove that not only the people but the global business sectors are trusting the blockchain for the development of the business. So, keeping the leg into the blockchain marketplace that too with the billion-dollar business of betting will be the best possible decision for the startup.

Another stat below from Statista will describe how fast users join the platform and how they invest either for business or in the business.

YearSpendings on Blockchain Solution
20170.95 billion
20181.5 billion
20192.7 billion
20204.5 billion
20216.6 billion
202419 billion

Free From Cyber Threat

The governmental institutions and other business sectors accept the blockchain platform because it is the safest technology available today. The blockchain-based platform is fully decentralized, so there is not just one source from which the cybercriminals can fill their bags; another thing that makes the blockchain a secure place to exchange or invest.

Million Dollar Business

The betting platforms companies are making millions a month by providing the platform to global users to invest, play or bet on their platform. Just as sports betting, they accounted for about $3.36 billion in Great Britain in 2020. As is one of the most influential countries in the world, and in the year 2018, they legalized betting in their country. While taking the gross of gambling as an example, the total value is over $400 billion.

Further, we will discuss the betting platform and an idea about what kind of application you can build for decentralized betting so that it can reach the maximum number of betting lovers. Later, we will learn you can generate revenue from the decentralized betting platform.

Must-Have Features In Decentralized Betting Platform

The features of any application are the major reason users join the platform and actively participate. If you are planning to attract users with the in-game betting opportunity, that will be wonderful for your business.

Here is why you should take care of the features and all sorts of games you can put into the application.

Sign In Feature

First of all, the sign-up feature is important as the user gets registered on the platform and can create their own customized platform according to their own. With the sign-up feature, the betting company will get to know about the user and their presence in the betting sector. If any cheater joins the platform, the company will have the opportunity to omit them from the platform.

Crypto Wallet 

You can consider Crypto Wallets as the backbone of the betting application. All the betting, exchange, investment, or withdrawal will be made on the platform with the crypto coins. Without the help of crypto wallets, users cannot exchange their fiat money with crypto coins. For transaction purposes, you can also use one of the popular cryptocurrency wallets, Metamask. Or building a crypto wallet app like Metamask would be much beneficial for the platform.

Gaming Platforms

Gaming platforms are the backbone of the betting application. The users will join the platform to make money by betting on the platform. Keeping the games is mandatory if you want to make the platform interesting. Gaming can be of any type war card games, AAA kind of gaming, board games, etc.

  • War games: this kind of gaming platform excites the users, and the win always is a mysterious one. When things go mysterious, the prices get high. If the gaming platform is creating mysteries, then the number of betting gets increases on the platform. 
  • Card Games: card games are one of the oldest forms of betting from the ancient days till the new age of casinos, and Web2.0 online gaming includes card games. The more predictive one will be, the more one have a chance to win. The more a user wins, the more they invest in the platform. 
  • Table Games: the next exciting thing in which a maximum of the users join to bet is the table-based games like table tennis, snooker, etc.
RisngMax Inc. is with a 150+ core team of developers and designers with experience of more than a decade. With the betting application development, we also provide marketing and free consultation to startup companies. Feel free to get in touch with us to know the complete details.

You can keep multiple other games in the application to reach the maximum number of users. The more you can do can tie up with other gaming platforms.

Multi Cryptocurrency Wallet Development

Revenue Model From Decentralized Betting Platform

The stats above show you that the betting platform will be the best possible startup. Here are some of the ideas by which you can generate revenue from the platform.

Advertisement

With interactive classified ads, sports activities commercial enterprise proprietors can remove or do away with the boundaries and inspire bookies or sports activities enthusiasts to download your cricket betting app. This version is essentially utilized in combined monetization so that you can strive for distinctive varieties of classified ads to power customers toward your sports activities software, such as – Notifications, banners, rewards, or interstitial ads.

The greater powerful your marketing and marketing techniques will be, the better the profit.

Brand Promotion

Brand advertising is a critical monetization method to inform, persuade, influence, and persuade the decision-making manner of the customers to select your utility over others. This well-deliberate logo advertising trick yields a hit commercial enterprise effects and generates extra ROI from your cricket utility.

The funding made at some stage in logo advertising or advertising of your sports activities making a betting app will gain blessings within the coming time. It will make your software program extra accessible amongst new customers while retaining the prevailing ones engaged. The equal applies to different packages, including stay streaming apps and extra.

These are the outcome-pushed monetization techniques that groups can force to force higher commercial enterprises to take advantage of cricket by making bet packages or choosing custom internet development. The monetization techniques may be equal for each app and internet.

Decentralized Betting Platform

Commission

Commissions are essentially charged on prevailing bets, and the corporation prices the Vigorish for putting the bets. Both are giant assets of profits for any sports activities having a betting service. So, to uphold the popularity of a truthful bookie, you may price much less Vigorish than the relaxation of the sports activities app proprietors withinside the market. It will appeal to greater customers on your sports activities by having a bet utility and assist you to earn a well-timed fee for his or her in-app activities, having a bet, and greater.

Hire Decentralized Betting Platform DCevelopement Company

One should keep various points in focus before hiring any betting development company. There are multiple companies available in the marketplace for the development of the decentralized application but knowing about the company’s service and how much they really know about the platform development & also whether they will deliver the project on time. These are some of the minor /major questions that you should have in mind as a client. Below you will know what factors one should take care of. 

Choose Who Provides Consultation

After fully viewing the business platform on blockchain technology, move towards the second option. Choose those companies which provide consulting services to their clients. 

Not all companies giving blockchain programming administrations have the staff to offer discussions to clients. So, make, beyond any doubt, choose a company that gives interview administrations.

Delivery On Time

The energetic and developing industry of betting applications witnesses newcomers each day. A single delay can take you steps behind within the marketplace. This requests opportune dispatch of arranged ventures. Select a company that conveys blockchain ventures on time.

How will you get to know that a specific blockchain improvement company will meet your deadlines? The perfect way” perfect way to discover this is by reaching their clients. Take their criticism approximately the punctuality of the company you’re arranging to select.

Non-Discloser Agreement (NDA)

This is very necessary for any business people to understand that you are hiring someone. To develop the betting, you must provide all the information about the business or startup. Each of the businesses acquires some USP, which helps the business grow, and providing them to others would be a great risk. Before hiring any blockchain development company, ensure they are ready to have a non-disclosure agreement with you. 

Conclusion

The decentralized betting application is a million-dollar market and, in the future, will be a billion-dollar market. Always be ready with the future technology and future vision to make maximum profit from the application. Keeping an eye on the future is necessary, and holding the hand of the technology is essential if you are planning to keep your toes in the business marketplace. Blockchain technology is taking up the market; almost all sectors are joining the blockchain to keep their business ahead of time. 

Build a decentralized betting platform to get maximum benefits and users from the platform.

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