Take a look at these quick-to-remember and important points about fairness and security issues of the Esports betting and gaming sites, along with the solution measures.
Introduction
Crypto eSports betting and gaming platforms are all the rage among a legion of bettors and gamers alike due to the opportunity they provide them with to earn both money and fun. Considering the same, a number of platforms have emerged over the last few years, with some going on to gain significant traction. Their popularity is no coincidence, as they usually offer either a better user experience or a more attractive betting platform.
While eSports crypto betting sites and gaming platforms continue to have a meteoric rise to fame, security and fairness issues remain a significant threat to these platforms. This could be due to the fact that many of these platforms only operate within the United States, which is still a nation recognized for its lax stance on cryptocurrency and vice-versa. As such, players are often at serious risk of losing their funds or having their accounts hacked by cybercriminals, which can hold their information hostage until they give them up.
In addition to this, some platforms may not be as safe to play on as they claim to be. Due to the fact that these platforms are incorporating new technological measures into their systems every day, it can be hard for players to keep up with all of them.
Security Measures for Crypto Esports Betting and Gaming Platforms
The best eSports cryptocurrency betting sites and Gaming Platforms have expanded into the world of gambling in such a short time that it is hard to fully comprehend everything they might be doing wrong now or later down the line. In theory, crypto and blockchain have some very positive aspects, particularly for online gamblers. It can be used to avoid gambling regulations by offering wagers in cryptocurrency only and also brings with it the promise of anonymity.
However, there is also a dark side to this new technology. In many cases, the anonymity provided by blockchain technology makes it really easy for scammers to get away with their crimes. Recently, there have been many reports of fraudulent information being circulated on various websites and platforms, leading to losses for users.
One of the main issues facing these betting websites is their use of smart contracts, which some experts believe opens the door to malicious attacks that could steal user funds. The reason smart contracts are so appealing is that they allow users to place bets in Ethereum ETH or other cryptocurrencies, which are then automatically paid out after a game or event has ended.
To deal with the issues, Crypto eSports Betting and Gaming Platforms implement various specific security measures such as:
- Encryption: Encryption is really important because it protects the data within the website. This means that if it’s compromised, the information collected will be useless.
- Two-Factor Authentication: This feature is used to protect your account by requiring a PIN code whenever you log in to your account or when you attempt to make a transaction.
- Cold Storage For Crypto Assets: Cold storage is when a third-party provider holds onto your assets. The purpose of this is so that there are no vulnerabilities or potential for breaches via hacking and other ways hackers can get into your wallet.
Even with these security measures in place, there is always the possibility of issues arising from the way these platforms are developed and maintained.
Fairness of Crypto eSports Betting
There are many concerns about the fairness of crypto eSports betting and gaming platforms, especially as there is a lack of regulation on cryptocurrency gambling. When competition becomes too intense, it can lead to unethical behaviors like collusion on some platforms that are expected to be replaced by regulation in the near future. This leads us to discuss how these concerns might affect the everyday consumer who wants only fair outcomes for their bets and the resolution of these concerns.
In eSports, there are two major concerns when it comes to fairness on online betting and gaming platforms. These are sportsbook-style matches, where the site makes money on every bet, versus lottery-style bets, where the site makes as much money as possible but does not guarantee any win for anyone. In the eSports scene, bookmakers have a reputation for being fairer than lotteries because they aren’t getting paid unless a bet is placed. Since consumers are aware of this, they actually prefer a bookie over a lottery because bookies do not have any incentive to fix the match. However, there are some major problems with the way bookmakers are setting odds in the eSports scene.
To deal with the issues said above, as well as potential cheating and collusion, many Crypto eSports Betting and Gaming Platforms have started implementing provably fair algorithms to ensure that the outcome of games is truly random. One of the biggest advantages of Crypto eSports Betting and Gaming Platforms is that the owners have complete control over each aspect of these games. Specifically, they can create a random number generator (RNG) algorithm to ensure that each game has a fair chance of ending in a win for either team. Because the RNG algorithms are verified by blockchain and the source code can be checked by anyone, it ensures that the outcomes are not predetermined.
Although it seems like a lot of consumers don’t trust these platforms that provide fair results, there are actually many people who are hesitant to place bets on any sites because they believe these sites have an unfair advantage over them. However, when people become aware of this advantage and realize that it is actually more likely for a top-tier team to win, these sites have no problem lowering their odds because they have an increased chance to win money.
Conclusion
The security and fairness of crypto eSports betting and gaming platforms is an important consideration for many potential users. Gamers will want to know that their funds are protected, the odds are fair, and they have no chance of being banned unfairly. Crypto betting, in particular, raises some unique concerns because it is often unregulated by third parties like governments, sports leagues, or regulatory bodies. These factors can be deal breakers for many people looking to bet on eSports with cryptocurrency – but fortunately, there are a number of reputable providers who have taken steps to address these concerns while still preserving the advantages offered by this new paradigm in online betting.
While these crypto eSports and gaming platforms are relatively new fields, many of these platforms do not yet have the experience to be considered mature. Some newer eSports crypto betting sites will already have plans in place to continue developing their security and fairness measures. Betting sites with a long history may still be making improvements, or at least be responsive about taking customer feedback and implementing any changes that are needed for improved security and fairness. The eSports Betting and Gaming industry is at an early stage of development, and the number of partnerships between sports betting companies and eSports betting sites remains low. That being said, this will likely change over time as the market matures.