Definition ∞ Decentralized betting involves placing wagers on various events using blockchain technology, removing the need for traditional centralized bookmakers. These platforms operate on smart contracts, which automatically execute payouts based on verifiable outcomes. Participants interact directly with the protocol, promoting transparency and reducing counterparty risk. This system aims to offer a more equitable and verifiable wagering experience.
Context ∞ Decentralized betting platforms are a recurring topic in crypto news, often discussed for their potential to disrupt conventional gambling markets. The technology offers enhanced fairness and censorship resistance, appealing to users seeking alternatives to regulated operators. However, regulatory scrutiny regarding licensing, consumer protection, and anti-money laundering compliance presents ongoing challenges for the broader adoption of decentralized betting.
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