All Sports and SOC explained
The All Sports projects aims to serve the sports betting market using blockchain to improve fairness, trust, reliability and security. This sports ecosystem uses its own issued currency SOC, which has recently been migrated to the Tron network and the associated TRC-20 protocol. Using smart contracts, All Sports is planning to offer payment and settlement services for sports prediction markets and NFT-enabled assets trading.
Simply put, if there was ever such a thing in crypto, the project’s aim is to create a decentralized sports blockchain platform deeply rooted in the sports industry, enabling free-flow of sharing and transmission of values by all users and participants in the industry, and through open community platforms a variety of blockchain-based applications across the sports industry.
In the whitepaper dating back to 2017, the founding team points to the broad industry support is has garnered, leading to several collaborations with the world’s largest football media and betting suppliers.
The sports betting market is massive
The annual output value of the global sports industry was nearly $488bn in 2018, when sporting goods, apparel, equipment, and health and fitness spending is included across various categories such as competitive sports, recreational sports and e-sports. In 2020, sports betting worldwide reached a volume of $218bn USD, handled by over 30,000 businesses operating in the industry. The size of this pie is huge, with room to grow.
Sports betting is a type of gambling that refers to the activity of placing a wager on the outcome of a sporting event. Events on which wagers are made could be anything from more traditional activities like horse or dog racing to sports such as soccer and American football. Bets are typically made through bookmakers, also known as sportsbooks. These operate both as land-based establishments, for example, at casinos or betting shops, and online.
How sports betting can benefit from a blockchain platform
All Sports is attempting to address a number of key issues that have been plaguing the sports betting industry for many years.
Gamblers will primarily benefit from the increased transparency that comes with services built on blockchain technology. In case of a dispute, the wager can be checked against the immutable record to ensure fairness.
The fact that you and anyone else can authenticate a wager is a big change from the traditional bookmaking industry, with sportsbooks often running private databases. They can hide behind these private databases when an incident occurs, and they do.
In 2018, a New Jersey man placed a wager late in an NFL game, putting money on the team that seemed destined to lose. Due to a short front-end glitch, the wager was placed when the odds were 750-1 in the man’s favor. When his team did end up winning the company that took the bet refused to pay on account of the glitch, but did end up caving once the local media picked up on the story.
Transparent and immutable blockchain records would ensure all bets are available for the world to see in the case of a dispute.
The flipside of that coin is that any sportsbook running their services based on blockchain technologies will more easily gain the trust of its customers. They fully realize that by using this tech, they can’t cheat bettors or treat them unfairly. Likewise, customers can feel more comfortable using blockchain-based sportsbooks.
At the moment, All Sports is not yet live, but their first milestone is currently scheduled for November 2021. They will produce NFTs binding resources such as stars, teams, and other off-chain resources such as signature jerseys, opportunities to take photos with star players, VIP tickets etc.
And, in case you were wondering. Yes, you can now trade SOC on AAX and gain exposure to this explosive market.
Can't relate or doesn't seem like your thing? Learn more about the different ways to engage the crypto markets in our recent article: What type of crypto trader are you?
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