Betting platforms started using cryptography a while ago – this solution helped a lot with encrypting personal data and information, only allowing trusted individuals to get access to private records. Just a few years ago it was considered as a ‘progressive technology’, yet, today it has become an essential tool for any betting company or an analytic firm.
Also, cryptographic algorithms are used both for websites and mobile apps – such as Linebet, which is covering up to 1500 sporting events everyday and providing latest information on 25+ disciplines: you can try creating your own accurate football prediction and looking through the available betting markets on the app.
Besides protecting information, there are lots of other functions that cryptography is suitable for.
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Speeding up transactions
The transactions between bettors and bookmakers became much faster since the cryptographic algorithms came into use. Now the withdrawing operations could be done within a few minutes, meanwhile the technology ensures their confidentiality and flags all of the suspicious activity, which helps to detect money laundering attempts or potential security threats just in time.
User verification
Nowadays, there are biometric verification systems runned by AI – not only they are intended to keep private data secure and encrypted, but also to detect multiple accounts that belong to one person and to block the access if there are risks of hacking the users pages or identity theft. Since all the sportsbooks (especially the ones who work with cryptocurrencies) are obliged to have reliable security tools, the cryptographic algorithms are the go-to option to provide a safe environment.
Predicting outcomes
Machine Learning algorithms make precise forecasts due to their ability to identify tendencies and patterns which are not as remarkable for human analysts. ML algorithms process social media sentiments and historical game data to create a prediction – 80% of them turn out realistic and truthful, considering the huge amount of details taken into account.
Machine Learning Algorithms is valuable not only for betting companies, but also for professional analytic agencies and even some sports teams.
In general, we can expect even bigger demand for cryptography amongst the betting community in the future. ML Algorithms will be updating and becoming more accurate, since this technology is now emerging – huge companies and firms require it to be even more sophisticated.