BLOK SPORTS: Revolutionizing the Sports Betting Space
Mitchell Chun is not less than a champion when it comes to pursuing his dream to build a business. With over two decades of professional experience, particularly in sports media technology, Chun absolutely played it smart when he combined his passion and expertise in sports tech with blockchain to launch BLOK SPORTS, a sports betting platform leveraging blockchain technology to provide a trusted and secure player experience.
Sports Betting: direct, reliable and secure
The story began when Chun was deep in the blockchain NFT games space back in 2018 as a strategy consultant for the world’s largest virtual items marketplaces. At the time, he realized that blockchain, despite its shortcomings then, was an ideal technology to solve a host of issues plaguing the sports betting space. When PASPA (the Professional and Amateur Sports Protection Act) was repealed in mid-2018, opening up the US market to regulated sports betting, Chun introduced the BLOK SPORTS platform. “We’ve designed a decentralized sports betting exchange allowing our players (in authorized markets) to bet their friends or anyone else directly, securely, and reliably, without the involvement of the house or middleman,” says Chun.
The traditional model
The traditional sportsbook model, as Chun states, is broken with its high fees and unfavorable odds for the players, arbitrary restrictions imposed on winning players, payment and deposit delays, and even outright fraud. “Moreover, the conventional sports betting experience lacks the social dynamics that are a part of the enjoyment of watching and betting on sports with your friends.” One clear advantage of BLOK SPORTS platform for players is that there is no house margin on wagers and players can even set their own odds. “In addition, players don’t deposit funds with BLOK SPORTS and we never control or have access to a player’s funds—all wagers are authorized by the players through their own privately held digital wallets, which means they are in full control of their funds at all times,” affirms Chun.
Use blockchain where it adds value and makes for a better experience
From his blockchain journey, Chun recommends to use blockchain where it provides a superior experience and value proposition to conventional methods and makes your customers’ journey seamless. Additionally, it is important to be mindful of the ever-changing regulatory landscape – BLOK SPORTS is pursuing the opportunity globally as a regulated and licensed operator. Leveraging blockchain technology, the BLOK SPORTS platform safeguards against fraud, removes the need for the house, and provides an unparalleled level of fairness and transparency for players worldwide. “We’re also implementing know-your-customer verification and other safeguards to ensure the protection of our players and compliance with all local requirements” he adds.
A passionate champion
For Chun, it’s important to accept that you’ll win some and lose some, but it’s even more important to thrive in the face of challenges and learn from any failures that you encounter to come out stronger on the other side. Being passionate about his work, he also makes sure his team shares the vision and is motivated to win. Desire, dedication and determination defines a champion, Chun lives up to it no questions asked.