Blockchain technology has made waves in the past few years due to its potential to revolutionize the financial sector. According to BetON, Polychain Capital, an investment fund with millions of dollars invested in blockchain startups like Abra and Chainlink, has just announced that they will be putting their money into HotStreak Sportsbooks, one of the leading sports betting websites in North America. HotStreak will help Polychain streamline its sports betting process by using blockchain technology to verify bets faster than ever before and make payouts more transparent and secure than ever before.
Why Sports Betting?
It’s no secret that sports betting is one of the most profitable industries. It’s also no secret that it’s one of the most corrupt. And it’s certainly no secret that technology has been at the forefront of changing how we do things since before the Internet came around. So it should come as no surprise that blockchain technology, which is already being used for everything from banking to healthcare and insurance, could be used for something as lucrative as sports gambling.
Recent studies have shown that over 50% of Americans participate in some form of legal or illegal wagering at sporting events each year. And with projections showing that growth only increases over time, many are looking for alternative ways to make money off this lucrative industry. Enter Polychain Capital, who announced their partnership with peer-to-peer (P2P) platform HotStreak recently. The company hopes to harness the power of blockchain tech to allow users around the world to bet without middlemen and without having their information readily available for exploitation.
We’re thrilled about joining forces with PolyChain Capital, says Kresimir Bozovic, CEO of HotStreak. This partnership will help us stay true to our core value proposition: Decentralization means nobody owns your data.
The future looks promising not just for sports gamblers but those who hope to eliminate corruption in a major global business sector as well!
Blockchain Pays Off
Sports betting is not just about the game anymore. With the rise of esports, and more people betting online and with their mobile devices with apps such as the Pari app download on the google play store. It has become more about being smart with money than following the game. Polychain Capital, a venture capital firm investing in crypto assets and blockchain-based companies, has taken notice. Today they announced that they will be backing HotStreak Inc., which will use its Blockchain technology to streamline sports betting.
The company is also looking into expanding its services outside of the US as well. We are thrilled to partner with Polychain, said Eric Klassen, CEO of Hotstreak. They understand our vision for the future of sports betting and are excited by what we have achieved so far. Hotstreak’s vision resonates deeply with us at Polychain, said Olaf Carlson-Wee, founder and CEO of Polychain Capital. We look forward to working closely together to make gambling at sporting events safer and more enjoyable for everyone. Sports betting needs to become easier, more fun, and way more efficient, he says. In this industry where it takes too long for anything to happen and investors don’t get returns fast enough, you need some way of making things happen quickly.
Sports betting needs to become easier, more fun, and way more efficient, he says. In this industry where it takes too long for anything to happen and investors don’t get returns fast enough, you need some way of making things happen quickly.
What This Means for Sports Fans
Sports gamblers are often frustrated by the lack of transparency and profitability they encounter when placing their bets. With blockchain, fans can be confident that their money is going to the right place and that they’re getting accurate odds. This means more money for players, better odds for gamblers, and more out of your investments. To take advantage of this opportunity and turn $10 into over $4 million with just one successful bet, sign up for HotStreak now!
Final Thoughts
This is not Polychain’s first venture into the world of blockchain-based gambling. Recently, Polychain announced it had invested $5 million in Unikrn, an e-sports betting company. The investment by Polychain follows its strategy of investing at least 10% of its portfolio into startups that are building on top of blockchains for different purposes such as payments and data storage. With this most recent investment, PolyChain has decided to back Hotstreak, which is the first decentralized app (dApp) for sports wagering.
Hotstreak will be equipped with Ethereum smart contracts which will allow people to bet on sporting events without needing a central bookmaker or operator. With Hotstreak paving the way, the future of decentralized sports betting apps looks brighter than ever. The decentralization will ensure fairness because there won’t be any third parties taking cuts from bets. Moreover, Hotstreak will use matching technology so users can hedge their bets if they choose. Furthermore, Hotstreak also promises low fees with just 1% taken from each winning bet.
Image by Clarence Alford from Pixabay
