Posted on: August 9, 2022, 10:24h.
Last updated on: August 9, 2022, 01:35h.
Sports betting software provider Pinnacle Solutions is advancing blockchain use in the sports betting space. It has partnered with the Azuro platform, a decentralized betting solution.
Through the partnership, Pinnacle will make its sports and eSports prices available to Azuro for further distribution, according to a company press release. Subsequently, operators connected to Azuro’s blockchain protocol will gain access to the feeds.
The Azuro protocol, capable of deployment across multiple blockchains, facilitates interactions between independent data providers and operators. This network reliably offers thousands of net betting markets to end users using smart contracts to facilitate transactions and enhance integrity.
Pinnacle Pioneers Blockchain Betting
As one of the first data providers of the Azuro protocol, Pinnacle Solution will be instrumental in providing its reference pricing capabilities at global sporting events to users. All front-end and back-end activities are processed on-chain securely and continuously.
Azuro bills itself as the first decentralized, blockchain-based betting solution. Tapping into Pinnacle’s network will enable it to advance the use of blockchain in mainstream betting and attract new interest.
This partnership with Azuro is an excellent example of how blockchain can take our industry further. We are excited to integrate our prices into the ecosystem and provide a multi-jurisdictional user base of decentralized bettors with our world-class prices,” said Pinnacle Solution BD Director Rohini Sardana.
Pinnacle’s established presence in the eSports ecosystem will also boost the initiative. Data from Grandview Research puts the eSports space at a valuation of $2.1 billion last year and growing. It is experiencing a compound annual growth rate (CAGR) of 21.9%, which will continue through 2030. As a result, interest from operators will increase exponentially as well.
Azuro is already available for gaming providers and operators. The new Pinnacle solution feed will be added within the next few weeks.
Decentralized Betting Gains Steam
The Pinnacle-Azuro solution will expand the use of blockchain in sports betting once it catches on. However, there have been previous initiatives to capitalize on the benefits of blockchain to give the technology a more prominent position in the gaming space.
Decentralized betting site Bookmaker.xyz, which fully uses blockchain technology, appeared recently, accepting bets on soccer and eSports. Like Pinnacle’s solution, it also runs on Azuro.
Because of blockchain technology, all transactions on the site occur with no centralization and provide anonymity and security for users. In addition, the bookmaker can provide fairer odds. It is impossible to alter information once it is written on a blockchain. Therefore, bettors and operators have confidence in the presented data, including odds, payouts, and more.
In addition to soccer and eSports, there will soon be an opportunity to bet on tennis and MMA on Bookmaker.xyz. Players need a Web3-enabled wallet, such as MetaMask, to place bets to connect to the bookmaker’s platform.
There’s also BetDex, a decentralized sports betting protocol that arrived last November. Its developers are still fine-tuning the system. But BetDex includes former FanDuel executives to give it a stronger start. FanDuel co-founder Nigel Eccles, Varun Sudhakar, and Stuart Tonner spearhead the project.