Before we proceed any further with this review, it should be made clear that the gambling market is one of the biggest economic drivers in the world today. As we speak, the global regulated and unregulated gambling market currently rakes in an average of around $533 billion per year. Out of this figure, it is estimated that nearly $205 billion of this comes solely from online gambling. In addition to this, tech giant Technavio says that the future of the online betting scene is set to grow tremendously within the next five years. According to company representatives, this growth has been forecast “taking into consideration previous growth patterns, growth drivers and current and future trends”.
What Is BetterBetting?
Better Betting or BETR in short, is an all new “betting crypto-currency” that has been designed to help decentralize the online sports industry. Through the use of digital assets, it aims to weed out various problems that currently exist within the gambling world. Some of the key aspects that BETR aims to address include:
- It aims to help provide financial security to all its customers via the use of an all new “true peer-to-peer betting” system.
- The system ensures that the participating entities have no prior relationship with one another.
- Through the use of blockchain, BETR is able to provide customers with a betting platform that does not include any middlemen or operators.
Other important aspects of this system include:
Owing to the fact that this system is based on the crypto network, it is safe for use by individuals all across the globe. The core software uses encryption technology that is able to keep track of all transactions, and can stay abreast of all monetary movement so as to ensure accountability at all times.
As mentioned earlier, Better Betting uses its very own personalized cryptocurrency called BETR, that makes the sending and receiving of payments seamless and easy. Not only that, through the use of BETR, customers can place large bets without incurring any large processing fees.
This system makes use of a “Peer to Peer betting system” that does not entail the use of a central authority. Additionally, by providing a “robust escrow and settlement service between 2 parties”, this platform aims to deliver opportunities to users that did not previously exist in this market segment.
Open Source Systems:
As mentioned earlier, the software that governs Better Betting is completely open source and is free for anyone to copy and use.
Larger Betting Amounts:
Another facet of this service that truly separates it from the conventional betting mediums that exist today is that, it allows for the placement of bets that exceed amounts which “individual operators are prepared to risk”. In addition to this, the Bets are pooled in such a way that many parties can match a single bet.
One of the main advantages of Better Betting is the fact that all of the transactions that go through it are ”provably fair and robust”.
In order to ensure that everyone gets paid fairly, all of the bets that take place within this system are pre funded on both sides.
Ease Of Use:
Through the use of the native token currency, Better Betting eliminates the need for any credit cards, wire transfers and other outdated payment mechanisms. BETR (Betting coins) are ERC20 compliant coins and will trade on major crypto exchanges and can always be bought and sold against coins such as bitcoin and ethereum.
Fast Access To Funds:
All profits that are made during a game, are instantly accessible to users. Winnings are distributed as soon as a bet is resulted, and are made available instantly in the form of crypto funds.
BetterBetting ICO Details
As mentioned earlier, the system is going to be fueled by a betting token called BETR. This currency will be capped in terms of the total number of tokens that can exist, and the issuance will be done in accordance with the following schedule:
- Users who make an early investment into this project will receive a host of early bird offers (these will not be made available to later customers).
- The goal of the company is to raise no more than $30M.
- According to the company’s whitepaper, the tokens will be made available for trading within 2 weeks of the ICO end date.
- Tokens issued to founders will be released in 4 equal tranches, that have been designed to be 3 months apart . The first tranche being on the initial ICO date.
- ICO token value is set to US$0.10c per token. All purchases can be made via the use of popular crypto assets such as ETH and BTC (at an exchange rate that is set at the time of ICO.)
From a distribution standpoint, we can see that
- 24% of tokens issued will be to founders and the team.
- 7% of tokens issued will be for advisors and bounty.
- 5% of tokens were sold to early stage investors
- The rest of the tokens will be released for the public crowdsale
Lastly, there is a hard cap of 650M tokens. For any further enquiries, users can get in touch with company representatives or customer care employees by emailing them on the address provided on the “contact us page”.