How Web3 sports betting solves the cash-out process?

Published: October 24, 2022
How Web3 sports betting solves the cash-out process?

Manny is a Nigerian football fan and makes his money betting on sport events in one of Nigeria's most popular online bookmakers. Manny and his brother both set records by winning N80 and N81 million naira respectively. However, they were only able to withdraw 30 million before Sportybet locked their accounts and confiscated their winnings.



There are countless similar stories to Manny and his brother's that punters all over the world have experienced at the hands of traditional bookmakers. The primary intent of sports betting was to reward fans for their passion and the risk they took on the bet, but the current centralised betting system has ensured this remains a far cry. Hence a pressing need for a decentralized betting system.


Decentralized sports betting is an entirely distinct betting system that excludes traditional bookmarkers. Decentralized sports betting platforms like UBET Sports eliminates the bookmaker and replaces them with a group of people, called liquidity providers.. It is decentralized because all players have equal rights to become a bettor or a bookie (liquidity provider). Additionally, all bet transactions are broadcasted to the blockchain so it is totally decentralized. 


The advantages of decentralized sports betting over traditional bookmaker are as follows:



Smart Betting - Web3 sports betting platforms, unlike traditional bookmakers, have many ways to earn to suit participants of different risk appetitelow-risk options such as staking in the liquidity pool and earning interest are available as well


Easy Payouts - Traditional bookmakers require specific documents in order to open, verify accounts, and make withdrawals. The procedure is tiresome and time-consuming. Betting on web3 platforms  because it is automated, requires only your Crypto wallet to get started, and rewards are credited real-time to your crypto wallet.


The system is transparent – Transactions on the blockchain are immutable, secured, and publicly visible to all, and the odds are determined by smart contracts. As a result, any avenue for fraudulent manipulation of game odds, payouts, and results is eliminated.


Low Fees – Bettors can take advantage of extremely low transaction fees.


Remittances – With Web3, the bookmaker is global thanks to the usage of cryptocurrency, which eliminates currency conversions and allows for easy access and speedy deposits and withdrawals.


Unlimited Bets – Traditional bookmakers place limits and restrictions on betting market options, whereas Web3 sports betting offers unlimited access to market options and bets.


The future of sports betting is Web 3.0 betting, which is already creating waves in the industry. In light of this, we introduce UBET Sports.


UBET will be the future sports betting platform for you. In this regard we warmly invite you to participate free in the UBET Beta tournament, which will take place throughout the FIFA World Cup. You can stand a chance to win $2,000USDT (1.5 Million Naira) in cash prizes. 


At UBET Sports, we commit to staying true to our goal of bringing the sports betting industry unrivaled levels of security, transparency, and accessibility through the use of blockchain technology. To discover more about us, kindly visit our website: and follow us on Twitter. You can also earn cash rewards by actively engaging on our Discord community via Sparkwave.

Latest News
Hire the right candidates on MyJobMag
News Categories