BettingWin is a blockchain and smart contract enabled global betting platform where you can participate in event-based betting. It’s not the only one of its kind in the blockchain ecosystem if you want to do some betting, but it has some features that make it unique.
This global betting platform built on Tezos uses BTW coins that can be exchanged in the platform for Bitcoin, Ethereum, XEM, FILECOIN, and XTZ. The Tezos voting system is helpful in reducing the risk of hard fork and protects the user data.
With the immense potential of the global betting industry, which stands at $300 billion to tap into, BettingWin is poised to create a strong user base with its unique brand of blockchain backed betting.
The presales of the BTW Tokens are scheduled to be in September 2017 and as of now, the ICO timeline hasn’t been set in stone.
Calling The Bets
The Core Team that is calling the bets at BettingWin are Ma Zhi, Jack Ma, and Shu Peng.
There isn’t much that is known about the team, other than the fact that they have been very active members on the Bitcoin forum.
The core team is also joined by Legal Expert Yip King, Security Expert Wang Xiao, Design Expert Eric Feng, Development Advisor Cliff Wu, and Technical Advisor Alex Paukste.
Betting For A Win
BettingWin has a total of a little over 80 Billion BTW Tokens, and out of these 10 Billion BTW will be issued in presales and ICOs at the rate of 1,000 BTW for $1. 23 billion BTW will be distributed to marketing partners as marketing funds and 33 billion will be distributed to development teams.
The BettingWin platform is designed to meet the regulatory requirements of different countries.
With this platform, BettingWin is aiming for distributed blockchain smart contract based ledgers that are self-amending, auto-rewarding, and is governed by the community.
The platform creates value for the developers, the bookmakers, and the betters.
Using BettingWin Is Pretty Simple
Once you are registered in the platform and have enough BTW Tokens to begin with, you can either choose to be a Bookmaker or a Better.
Although, you can be a bookmaker or a market maker only if you have in excess of 10 Million BTW in your wallet.
If you have enough BTW to be the bookmaker, you can set up the odds on any event. Others join in to bet on the odds that you have set.
If you are a better you can use your BTW to bet on the odds that have been set by various bookmakers. The bets that you have made will remain in your wallet until a win is declared and marked in the distributed blockchain ledger, at which time the winner will take the spoils and the bookmaker will take their fee.
The regulations of different countries regarding betting are varied and different. The team at BettingWin aims to overthrow these constraints by adhering to the principle that “Code is Law”, as famously stated by Lawrence Lessig.
This decentralized blockchain betting platform uses the distributed power of ledger keeping and smart contracts to recreate the protections that regulations offer to the betters, making it acceptable in more countries and thereby increasing the market size they can access.
They have a set of parameters that can be controlled with smart contracts. These parameters are Deposit Limit, Loss Limit, Forbid/Partially Allow/Allow Access, and Different Events for different language users. A combination of these parameters can be used to enforce the regulations of different regions or countries.
BettingWin certainly isn’t the only online betting platform, and it isn’t the only one that uses blockchain technology. However, there are many features on this site (such as the ability to be a bookmaker yourself) that you will not find everywhere.