Betting on the Blockchain: Applying Design Science to Develop a Smart Contract Solution for a New Business Model of the Betting Industry

Mark Dulong Gilbro & Stefan Vind

Student thesis: Master thesis


The potential to decentralize industries by combining the blockchain with smart contracts is currently gaining recognition worldwide. The collaboration of these emerging technologies enables a unique opportunity to create new business ventures. Continuously, businesses across the spectrum are exploring new ways to adopt these technologies.
In order to exploit the potential of this combination, our thesis aims to use smart contracts and blockchain technology to develop a new artifact in the form of a prototype. In this research, we will focus on a global industry, namely the online betting industry, to identify how smart contracts and blockchain technology can further evolve the online betting industry’s current business model. Thus, we will merge existing literature and knowledge on the online betting industry, blockchain technology, and smart contracts to develop a peer-to-peer based solution. We will utilize a design science approach to design, build, and evaluate the proposed blockchain solution to demonstrate its feasibility and utility.
By using this approach, our thesis evolves current research. The research seeks to identify the gap between smart contracts, blockchain technology and the online betting industry. The end result being an alternative business model, which demonstrate how smart contracts and the blockchain can be used to:
1. Establish a peer-to-peer betting solution, which facilitates the betting process between users,
2. Create and evaluate a solution, which illustrates the potential of an alternative business model, and
3. Provide recommendations based on qualitative feedback from the evaluation of constructed
scenarios, which enables further development of the utilization of smart contracts and blockchain technology.
Overall, this study seeks to contribute knowledge to the smart contracts and blockchain field, which despite the recent increases in interest, remains a relatively unexplored area.

EducationsMSc in Business Administration and Information Systems, (Graduate Programme) Final Thesis
Publication date2016
Number of pages117
SupervisorsMichel Avital