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Revolutionizing Sports Betting by Harnessing the Power of Blockchain Technology

CryptoCurrencyWire Editorial Coverage: Which sporting industry is enjoying explosive growth, both on and off the field? Would you be willing to place a wager on your guess? If you said, “Yes,” to that proposition, you aren’t alone. According to a market research report from Technavio, the sports betting market occupies the largest share in the overall gambling market, accounting for around 40 percent of gambling revenue generation around the globe (http://nnw.fm/4lcAh). Annual revenues are in the region of $400 billion each year, according to the report, but it is also well-known that some critics are concerned about betting’s purported lack of security and transparency. Companies willing to forge a new path and create innovations in this highly lucrative industry are betting blockchain technology has the winning answer for critics and players alike. Victory Square Technologies, Inc. (CSE:VST) (OTC:VSQTF) (FWB:6F6) (VSQTF Profile) is joining a growing list of blockchain technology companies willing to put money on the table, such as Riot Blockchain, Inc. (NASDAQ:RIOT), NetCentsTech (NC:CC), BTL Group (TSXV: BTL) (OTC: BTLLF), and HIVE Blockchain Technologies Ltd., (formerly Leeta Gold Corp.) (OTC: PRELF).

Blockchain technology and cryptocurrencies are taking the world by storm, and the multilevel gaming worlds of live and fantasy sports venues are entering that vortex with a vengeance.

In a report on the global online gambling market, Statista notes a consistent growth rate over the last few years from around US $20 billion in 2009 to more than US $40 billion last year (http://nnw.fm/W3vW8). Blockchain provides the sports betting community with the security of knowing its investments are being guaranteed by smart contracts underpinned by a secure and trusted payment platform. Fantasy sports enthusiasts, as well as those who attend live gaming events, are part of an active, online social network of people who enjoy the excitement, banter and potential winnings of betting and playing a part in the world of sports. What is often lacking in sports betting, however, is convenient payment options for sports fans.

Victory Square Technologies, Inc. (CSE:VST) (OTC:VSQTF) (FWB:6F6), a venture builder that creates, funds and empowers entrepreneurs, is one company addressing this need.

As an initial investor and incubator of companies utilizing blockchain technologies — the powerful and transformative technology behind cryptocurrencies like Ethereum and bitcoin —  Victory Square is well positioned to be at the forefront of an industry that, according to numerous research reports (http://nnw.fm/tm9lT), has nowhere to go but up — especially as online gaming stretches its reach across the globe.

Blockchain technology is a form of distributed ledger technology that employs an encrypted or encoded database of transactions in the form of blocks arranged in chains. The technology makes transactions virtually immutable, and has the potential to increase transparency for regulatory reporting, to minimize risk and to improve contractual performance — exactly what millions of sports enthusiasts betting on their favorite teams want when jumping into the game.

Victory Square’s early investment into FansUnite, a leading social sports betting network readying an ICO with a sports betting token called a “FAN,” is a prime example of Victory Square’s increasing reach in the market.

“Blockchain technology and the inherent security it provides will enable us to push every envelope we can to build the most dynamic and responsive social sports betting platform,” FansUnite co-founder and CEO Darius Eghdami stated in a press release (http://nnw.fm/UKz3N). “The opportunity to secure data through Blockchain certainly appeals to the accountant in me and we are confident it will become the gold standard among sports betting sites around the world.”

FansUnite is also breaking new ground with the introduction of Fan Tokens, an in-game currency purchased with the cryptocurrency Ethereum (http://nnw.fm/9jBcu).

These aren’t Victory Square’s first moves to take advantage of market opportunities created by blockchain technology. The company made several early partnerships and investments in the space, including its incubation and investment in BTL Group (TSXV: BTL) (OTC: BTLLF) three years ago. BTL, which was the first public blockchain technology company, is now a $250 million company offering blockchain solutions across multiple industries with particular focus on the finance, energy and gaming sectors. BTL’s showcase product — Interbit — is a blockchain platform that facilitates the rapid development of business applications that dramatically improve efficiency. Some of the world’s largest institutions are using Interbit to explore new opportunities on private blockchains.

Riot Blockchain (RIOT) is a like-minded company focused on developing the future with blockchain technology and the use of cryptocurrencies, with a focus on the bitcoin and Ethereum blockchains. In an announcement Dec. 4, Riot reported that one of its strategic portfolio holdings, goNumerical Ltd (dba “Coinsquare”) had closed a CAD $10.5 million investment at a CAD $110.5 million post-money valuation. The new valuation for Coinsquare, a leading Canadian digital currency exchange, is over 3 times the valuation from Riot’s investment in September 2017 (http://nnw.fm/2Vnl4).

Also supporting cryptocurrencies and other innovative payment methods is NetCents Technology (NC:CC), a next generation, electronic online payment processor that also supports multiple traditional currencies. NetCents states it is utilizing its existing delivery ecosystem to introduce a proprietary coin, the NetCents Coin, that will have its initial releases in Canada and Europe. The digital coin will be operated under a structured coin release to prevent price speculation, will be backed by a Treasury Reserve Account, and will be structured with counterfeiting prevention and fraud risk detection, leveraging next-generation algorithms (https://net-cents.com/).

Another company in the arena is HIVE Blockchain Technologies Ltd., rebranded from its former name, Leeta Gold Corp. (OTC: PRELF), a cryptocurrency mining firm that is drawing attention from all quarters because of its exclusive partnership with Genesis Mining, the world’s leading cryptocurrency mining hashpower provider (https://www.hiveblockchain.com/). Hive continues to pursue further blockchain opportunities, which includes holding onto the option to acquire at least three additional data centers in Iceland and/or Sweden from Genesis.

As these blockchain players continue to carve their niche in the industry, Victory Square is widening its reach. Earlier this week the company unveiled its most recent portfolio company, VS Blockchain Assembly, Inc. This Victory Square-incubated company is a dedicated blockchain and crypto investment and advisory services firm providing financial, technical and management services to developing early-stage blockchain technology companies. Blockchain Assembly also aims to enable existing technology companies to accelerate the integration and implementation of blockchain into their growth plans.

“Recognizing that technology companies are prioritizing the integration of blockchain into their core technology, and utilizing token generation events (TGE) or initial coin offerings (ICO) as new ways to raise capital and acquire customers and early adopters, Blockchain Assembly has been built to service this market opportunity,” Victory Square CEO Shafin Diamond Tejani stated in the press release (http://nnw.fm/4Uluc).

The company’s initiatives represent a portion of the incredible opportunities of blockchain technology for application in sports betting and a variety of other high-demand industries. Blockchain technology and the development of digital currency payment solutions could be a promising investment option available to those wagering on flexible innovations.

For more information on Victory Square, visit Victory Square Technologies, Inc. (CSE:VST) (OTC:VSQTF) (FWB:6F6).

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