The Azuro protocol, a leading decentralized betting platform, has announced a new partnership with Pinnacle Solution, a global sports betting supplier.
Azuro is betting big on the growth of blockchain betting and the partnership will allow it to get access to some of the most popular sports betting markets.
📰 Pinnacle Solution Agrees Blockchain Partnership With Azuro
The award-winning sports betting supplier @Pinnacle will provide their market-leading sports & esports prices feed to front-end operators connected to the Azuro protocol.
👇 Full Storyhttps://t.co/Hpo7SmuLni
— azuro (@azuroprotocol) August 9, 2022
The partnership will also see the platform introduce eSports betting on its decentralized betting ecosystem. Pinnacle Solution is also one of the first major data providers for Azuro.
What Does The Partnership Mean For Azuro?
The Azuro protocol has been working to democratize betting ever since it launched. The platform believes that it has created a versatile model that will first address the challenges associated with the centralized betting industry. Secondly, the system also deals with some of the shortcomings of blockchain prediction systems.
Nonetheless, the partnership with Pinnacle Solution will achieve two key things. First, it will help boost the credibility of Azuro as a serious betting platform. Also, partnering with such a high-profile market supplier will enhance visibility for the broader decentralized betting industry.
Secondly, Azuro will be able to leverage the experience that Pinnacle Solution brings and expand its betting markets further. This will eventually enhance the user experience significantly.
Azuro: Key Growth Milestones
The Azuro protocol has reported a steady uptake of decentralized betting since its launch. For starters, the platform has so far surpassed $100,000 in total bet amounts.
🚀 Over $100,000!
Another amazing milestone for the Azuro protocol and again a huge thanks to @bookmakerxyz
> $100k has now been bet on the 1st Azuro front-end and we haven't even introduced all of our features yet.
So much more to come from the Azuro ecosystem. pic.twitter.com/4emcR2l10y
— azuro (@azuroprotocol) August 9, 2022
Although this is a tiny fraction compared to the huge traditional betting industry, it is a big milestone for Azure. The platform has also seen over 10,000 bets placed in total.
Moving forward, the platform will now look to bring in more and more credible betting data providers. Providing a more diversified pool of betting markets is an important step in maintaining a certain level of excitement among Azuro decentralized bettors.
Can Decentralized Betting Disrupt Online Sports Betting?
Decentralized technology has become one of the most consequential technologies in the last few years. Blockchains are disrupting video games, finance, and a host of other traditional centralized sectors.
But can they actually make a dent in online sports betting? The online betting industry is growing very fast right now in fact, this report by Grand View Research notes that it will hit $153 billion in market value by 2030.
Well, to better analyze the potential impact of decentralized betting, it is important to first of all highlight some of the key challenges associated with traditional online sports betting.
First, while most platforms have done well to be as open as possible, the industry is yet to reach the transparency levels it needs. Secondly, delayed payouts and limits as to how much you can bet are quite problematic. Online betting has also been subjected to increased regulation and over-taxation over the years.
How Decentralized Betting Solves This?
The great thing about decentralized betting platforms is that they are fully transparent and 100% verifiable. Users can know how odds are calculated, how winnings are settled, and so much more.
Secondly, Azuro in particular has created a dual system that offers decentralized classic betting and improved blockchain prediction markets. The platform offers highly competitive odds, instant payouts, and full anonymity. This is not always guaranteed with traditional betting platforms.
Besides, at the moment decentralized betting is not regulated. This could help guard against over-taxation albeit it brings an added element of risk. All these could of course change in the future, especially if the industry becomes huge. But for now, things are looking up.
Challenges of Decentralized Betting?
Although Azuro and other decentralized betting platforms are trying to offer users a seamless experience, there are still some fundamental challenges to note. First, how do you scale decentralized betting?
The amount of blockchain infrastructure needed to transform this nascent industry into a $100 billion market does not even exist right now. Secondly, the barriers to entry for decentralized betting are high.
This has often been a major challenge for most blockchain projects including P2E and metaverse games. For example, to bet on Azuro, you will need to have some basic background in crypto including how to set up wallets.
For a traditional online betting service, you just need to open an account. It’s way easier to do this than to set up a decentralized betting account.
Azuro: The P2e and NFT Angle
The Azuro Protocol appears to be well aware of the limitations of scaling decentralized betting. As such, the platform is pursuing a complete NFT and P2E integration to expand its potential betting market.
First, the platform will allow users to convert their bets into NFT collectibles. These NFTs can then be sold in an in-built marketplace within Azuro. There is also a plan to add a GameFi element into the betting.
This is actually the most interesting part about Azuro. In the future, it will be possible to bet on the outcomes of NFT and metaverse games. For now, it is not clear if Azuro plans to build its own blockchain gaming metaverse or just partner with existing games.
But expanding betting to P2E games is one of the most promising paths to expanding growth. Besides, the Play to earn space has been quite hot right now. Even during this year’s crypto winter, a host of major P2E games have launched with billions of dollars invested in the industry.
How Does Azuro Work Anyway?
The Azuro betting platform has three main aspects. The first one is you the bettor. The second key players are the front-end operators.
These are basically individuals who run a betting front end on top of the Azure ecosystem. They are the link between the bettor and the data providers.
Speaking of data providers, this is the third main aspect of Azuro. Just like Pinnacle Solution, they provide betting data including odds and results.
There is a plan to bring in liquidity pools to support the expanded functionality of Azuro in the future. But this is way down the line in its roadmap.
