Blockchain technology has been around for several years, helping to shake up the banking industry, among other sectors. Now, it may find its way into the burgeoning sports betting market, as Fave Bet has reported that it will build its product on a blockchain foundation.
The central feature of blockchain sports betting is the ability to use your crypto wallet for funding your wagers. Fave Bet has not been licensed in Massachusetts, and the company has not applied to do so.
Online sports betting in Massachusetts has been live for several weeks, but for now, consumers cannot bet legally with Fave Bet in the Commonwealth.
But could that change soon?
What is Fave Bet?
Unfortunately, to this point Fave Bet has not released much information on their plans for rolling out their sports betting platform.
Information about FaveBet is currently available only through the company’s Discord server, and the website is invitation only at this time.
A Tweet from March 29 indicates that a website and mobile app are forthcoming, but we could not find details further than that.
In a series of Tweets in March, the company offered some explanation on their philosophy:
At the heart of Fave Bet is FAVE, the token that fuels your activity on the platform. Using your wallet, you can purchase the FAVE token, which “powers the platform, burns with every bet, and is 100% owned by our community,” according to statements from the company.
“FAVE BET brings a fresh alternative, targeting the next generation of bettors,” the company Tweeted. The biggest revelation from Fave Bet is their commitment to liquid, easy-to-use interface.
Users will not be required to create an account, according to the company. Instead, customers have three simple steps to follow:
- Connect wallet
- Place bets
- Get paid out
Fave Bet also touts “no winning limits,” which means bettors would not be subjected to being blocked after “winning too much” on traditional sportsbooks.
Is Fave Bet legal in Massachusetts?
A blockchain sportsbook is still a sportsbook. It requires a sports betting operators license to be legal in the U.S.
At this time, Fave Bet has not applied for such a license in Massachusetts. If it did, the company would be subject to the same vetting as other operators like DraftKings MA and FanDuel MA.
Part of the appeal of Fave Bet is the anonymity and security of blockchain transactions.
“Blockchain & betting are the perfect companions, and betting with your cryptocurrency has never been easier or safer,” Fave Bet said on social media in March. “You can now keep your money safe in your own custody until you are ready to bet.”
Users of blockchain technology and devotees of cryptocurrency wallets are attracted to alternative offerings for banking and consumer purchases. With sports betting now legal in more than 30 states, it’s not surprising that a blockchain sportsbook would appear.
It remains to be seen if Fave Bet will draw customers to its marketplace when and if it launches a sports betting product.
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