Let me know if this is a dumb idea

I'm obviously no crypto expert, but Ethereum has escrow type features, right?

So, in the future, could Ethereum be used as a free "middle-man" or "escrow" in things like sports bets? The worst thing about betting to me is having to pay the house a percentage, which makes your odds of going green worse.

Example, me betting against a random dude online... Winner gets paid automatically?

I got this idea because someone said Eth could be used during house sales to eliminate escrow agencies.