CrazyBet is an online gambling platform that allows anyone to bet on any event. Find out everything you need to know about CrazyBet today in our review.
What Is CrazyBet?
CrazyBet, found online at CrazyBet.io, is a gambling platform that promises to let you bet on any event. The company is preparing for its ICO, during which it will release CBET tokens. CBET tokens will be used to make bets inside the CrazyBet platform.
Unlike other event gambling platforms, CrazyBet isn’t focused on major world events, stock markets, politics, or other activities. Instead, the platform is primarily designed as a betting platform between friends.
Some of the examples of how to use CrazyBet include launching bets between friends like, “Who will drink more alcohol?” or “Who will win in Counterstrike 1on1?”.
CrazyBet acts as the guarantor of transactions. They give people a convenient opportunity to organize a bet. CrazyBet can guarantee the bet in three different ways.
How Does CrazyBet Work?
CrazyBet offers three different types of betting guarantees. You can bet with third party confirmation, bet with automatic confirmation by API, or bet on the automatic competition in games with PvP mode.
Bet With Automatic Confirmation By API
This betting system works in a similar way to smart contracts and oracles. You make a bet, then secure it with a smart contract. CBET is automatically transferred from each of the parties to execute the smart contract. By the time the period is over, the smart contract gets the result from the API, and funds are distributed according to the smart contract.
As an example of when to use this betting system, CrazyBet uses the example of “Bitcoin will not be worth more than $3,000 on September 1.” You can bet a friend who feels the opposite.
Bet On PvP Games
CrazyBet allows you to bet on PvP games. You create a bet on the CrazyBet platform and create a smart contract. CBET is automatically transferred from both parties for the execution of the smart contract. You play the game to determine the winner. Then, the smart contract gets the result by API. Funds are distributed.
This system appears to rely on built-in gaming APIs. So developers could use APIs to link their games to CrazyBet’s smart contracts, making it easier to bet on the outcome of any game.
Bet With Third Party Confirmation
Not all bets can be confirmed with APIs or smart contracts. CrazyBet has a third betting system where you rely on a third party to confirm the outcome of the bet. You create a bet on the CrazyBet platform, choose the arbiter, and then a smart contract is created. CBET is automatically transferred, the arbiter confirms the result, and funds are distributed accordingly.
As an example for when to use this bet, CrazyBet points to a party where someone bets another that they can drink more alcohol. An arbiter keeps track of each party’s consumption, then awards a winner at the end of the night.
The CrazyBet ICO
The CrazyBet ICO is scheduled for July 23 to August 10, 2017.
During the ICO, 1 ETH will buy you 2000 CBET.
After the project launches in October 2017, the CBET price (if bought from the platform) will be 1 CBET = $0.50 USD, which is about 5 times more expensive than the ICO price.
Who Created CrazyBet?
CrazyBet was made by Janis Kotans, CEO, Petrus Ozolins (CTO), Vadim Horev (Marketing Director), and Ivan Melnik (Team Lead). Kotans has a background in the financial industry, while the other leads have decades of development in programming and software development.
The idea for the platform first launched in May 2017. By August, CrazyBet hopes to have an alpha testnet available. By September, they aim to launch the beta. The full version, Web Version 1.0, is scheduled for launch in October, with Android and iOS apps launching in December.
The company plans to make money by charging commission rates on bets.
CrazyBet is a unique online betting platform designed to facilitate bets between friends. You can make bets over a PvP game, over a smart contract API, or over a third party arbitrator. CrazyBet takes a commission from your bet, and then the smart contract automatically distributes CBET tokens.
CBET tokens are being distributed throughout the months of July and August. When the platform is released in October, the company plans to sell tokens at $0.50 USD – a rate that’s 5 times higher than the ICO. That’s why the company is advertising their ICO as a way to make 500% profit in just a few months.
Ultimately, CrazyBet has one problem: if you’re making a bet between friends, why do you need to pay a third party to manage that bet? Do you trust your friends – or not? The key selling feature of CrazyBet is its APIs, which can be used to interpret third party data or PvP gaming results. However, you’re still making bets between friends, and you expect friends to pay that bet whether or not a third party is involved.
You can decide for yourself whether or not CrazyBet is worth the investment by visiting the company online today at CrazyBet.io.