CryptoBets Cryptocurrency Sports Betting Platform For World Cup And More Now Open
All eyes will turn to Russia tomorrow at 10 am EST, this is as France and Croatia go-ahead to duke it out in the final game of the world cup.
In 2014, the last world cup was watched by about 3.2 billion people around the world, and since then the world population has grown since then, to be precise we have increased to about half a billion in the past four years. As a result, the event tomorrow will be considered as the most watched global event by an estimate.
There Will Be Mass Coverage On The Game
As any sports fan is aware, when there is extensive coverage then be sure there will be large-scale gambling that is taking place. For this year’s world cup bookies are expected to make a profit of at least $36 billion. Having most of the gambling that will take place being transacted in fiat, but some will also take place in crypto coins.
The act of gambling with the use of crypto coins is not really a new phenomenon, as a result, the gambling ICO was able to dominate the ICO funding in the last summer. The only thing is the platforms have not been made live at the moment, but they are still expected to bring in a massive amount of capital.
What To Know On The CryptoBowl?
And from this we should see the prices for some coins pumped up, this is coins like Ethereum and Binance that has been used in events. The CryptoBets is the one platform that is live and is still being able to accept bets that are made in crypto coins. It has been considering as the evolution of the CryptoBowl platform.
The CryptoBowl platform was designed to accept bets from the various users on the platform. You were allowed to place a bet in Ethereum in some events like the Superbowl. The platform was designed to be as simple as possible for its various users. It has been made to be an open source Ethereum smart contract that uses the football-data.org on deciding on who is the winner.
They have ensured there is no complex ICO, and the only tokens to buy is the Ethereum token.
Unlike what we might have been accustomed to, the bets will be at 0% commission rather than the 10%. So what this means is that there is no bookie in place, it will just be other users betting against each other. But this is not all as the distribution mechanism has been designed to be very unique as it results in a self-creating spread.
The winners on the platform will win whatever money that is in the loser’s pot at the time, which is proportionate to the amount they contributed to their pot. According to CryptoBowl, not every single company will need to create its own token and the smart contract, instead, the companies have been designed powerful enough to do more things that the blockchain users would want, this is like offering a trustless gambling platform.
As a result, it will be exciting to see how CryptoBets will be able to evolve over time; this is whether or not it is able to survive. And if they surprise us and survive, how they will be able to stick to the very bold pronouncement of having no ICO.