Polychain joins HotStreak to streamline sports betting using blockchain
Blockchain technology has been making waves in recent 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 such as Abra and Chainlink, has just announced that it will put its money into HotStreak Sportsbooks, one of the leading sports betting sites 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 is also no secret that it is one of the most corrupt. And it’s certainly no secret that technology has been at the forefront of changing the way we do things since before the Internet. So it should come as no surprise that blockchain technology, already used in 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 engage in some form of legal or illegal betting on sporting events each year. And with projections showing that growth will only increase over time, many are looking for alternative ways to make money from this lucrative industry. Enter Polychain Capital, which recently announced its partnership with peer-to-peer (P2P) platform HotStreak. The company hopes to harness the power of blockchain technology to allow users worldwide to bet without intermediaries and without having their information readily available for exploitation.
We are thrilled to join forces with PolyChain Capital, says Kresimir Bozovic, CEO of HotStreak. This partnership will help us stay true to our core value proposition: Decentralization means no one owns your data.
The future looks promising not only for sports gamblers, but also for those hoping to eliminate corruption in a major global business sector!
Blockchain pays off
Sports betting is not just about the game anymore. With the rise of e-sports, and more people gambling online and with their mobile devices with apps like the Pari app available for 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 that invests 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 to expand its services outside 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 about 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 on sporting events safer and more enjoyable for everyone. Sports games must become simpler, more fun and much more efficient, he says. In this industry where things take too long to happen and investors don’t get returns fast enough, you need a way to make things happen fast.
Sports games must become simpler, more fun and much more efficient, he says. In this industry where things take too long to happen and investors don’t get returns fast enough, you need a way to make things happen fast.
What this means for sports fans
Sports gamblers are often frustrated by the lack of transparency and profitability they face when placing bets. With blockchain, fans can be sure that their money is going to the right place and that they are getting accurate odds. This means more money for players, better odds for gamblers and more out of your investment. 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 foray into the world of blockchain-based gambling. Recently, Polychain announced that it had invested $5 million in Unikrn, an e-sports betting company. Polychain’s investment follows the strategy of investing at least 10% of its portfolio in startups that build on top of blockchains for various purposes such as payments and data storage. With this latest investment, PolyChain has decided to support Hotstreak, which is the first decentralized app (dApp) for sports betting.
Hotstreak will be equipped with Ethereum smart contracts that will allow people to bet on sporting events without the need for a central bookmaker or operator. The decentralization will ensure fairness because there will be no third parties taking a cut from games. Also, Hotstreak will use matching technology so that users can hedge their bets if they wish. Furthermore, Hotstreak also promises low fees with only 1% taken from each winning bet.
Image by Clarence Alford from Pixabay
