Crypto-Betting and the End of the Agent System

The integration of cryptocurrency into sports betting is dismantling the traditional **Credit-Based Agent System**, particularly in unregulated Asian markets. Historically, agents were necessary to bridge the gap between local bettors and offshore bookmakers, providing credit and settling in cash to bypass banking restrictions. **Key Shifts:** * **Disintermediation:** Stablecoins (primarily **USDT on TRON**) allow bettors to deposit directly with global operators, removing the need for local agents to handle settlements. * **Risk Transfer:** The industry is moving from a "Credit Model" (weekly settlement with default risk) to a "Deposit Model" (instant, immutable settlement). * **DeFi & Smart Contracts:** Decentralized protocols (e.g., Polymarket, Azuro) are replacing the "House" entirely with **Liquidity Pools** and **Automated Market Makers (AMMs)**, relying on **Oracles** to verify results. While this shift reduces the friction and cost of betting, it complicates integrity monitoring. The use of **No-KYC** platforms and **crypto mixers** makes tracing match-fixing capital significantly harder compared to regulated banking, though the blockchain provides an immutable ledger if wallet attribution is achieved.