Bitcoins, Blockchains and the next stage of online betting

  • Gregory Conroy

    Great post Steve, but I think the enthusiastic predictions for when some of these changes will happen are ambitious. There certainly will be a niche using these types of services as soon as available but to reach the mass market of retail punters will take quite some time I think … punters who live and breath the opportunity will be the first movers and those not able to get set currently, also quick adopters. But any marketplace requires a diversity of participants for it to be healthy and we’re talking about the loss making recreational (retail) punter here. I know from my early days at Betfair that even with “20% better odds” it was not enough to capture the clicks, let alone wallets, of the recreational punters. They aren’t interested in the complexity and are creatures of (losing) habit. They really want simplicity, speed and choice to offer them engagement and the hopes, dreams and anticipation that comes with a bet. The pros will naturally gravitate to those places that they can exploit, and regulated, monopolistic tote markets like in Japan, Hong Kong and France which are teaming with recreational punters are very inviting. But, as usual, interesting technological times in this space which has a history of leading and innovating.

  • wah

    Thanks for the article I think I’ll take a punt and buy a small share in this bookie just so I can market it (as an affiliate) eventually. Although I would imagine if it’s successful anyone will be allowed to do that.
    Slightly unrelated but I think one of the most important things in life (and gambling business) is a want to learn and a willingness to make mistakes.
    ps I think I’m half assing to many things at the moment I guess I’ll find out soon.

  • Hey Greg,
    I do agree with you. The mug punter will still be attracted to the bookmaker who offers him refunds and free bets. They do not care about getting the best price. But just like with Bitcoin, as more and more people talk about it and use it, it will grow and potentially become the major way people transact. But it will be a very slow process.

  • I doubt affiliates will work for these new types of bookmakers, as their is no single entity making a profit. They all have ICO’s (Initial coin offerings) and this is one way to own a part of the platform and receive returns.

  • YT Account

    Thanks for this very informative article Steve.
    Out of curiosity, so do you think buying some Btc today could be a good investment? I am talking about long-term, something like 10 years.
    To me, it seems tempting, and (as a long time reader of your blog) as I am aware you invest outside of betting, would it be something to look into? I still don’t think Btc will be adopted by everyone, but with worldwide governments controlling money transfers, more and more … yeah seems tempting to me. Do you have an opinion about this? Thanks, and thanks again for your blog! 🙂

  • I think in 10 years time it will be worth $0 or 5 figures per coin. The odds on either would be 50/50. So if we are looking at it as a value bet, I think there is value there.

    I just saw this today. “Bitcoin now accounts for between 17 percent and 25 percent of online gambling transactions in the North American market.”

  • YT Account

    Yes, I agree with you. And let’s not forget about China either. 🙂 Thanks for your reply mate!