Through its unique combination of risk, excitement and potential financial gain, betting has been blessed with everlasting appeal. From the times of Roman gladiators to the rise of eSports, players have wagered on the outcome of their favourite events. The market potential for a betting platform is absolutely massive. Recent estimates place the global gambling and betting market at a value of up to 3 trillion USD2 (both regulated and unregulated). Licensed gambling alone exceeds half a trillion USD. As broadband and smartphone penetration keep rising, the market is inexorably shifting from traditional to online channels. The online betting industry is already worth nearly 50 billion USD, with mobile-based platforms experiencing explosive growth of over 40% per year. Just in the European Union, the average mobile gambling spend per adult went from 1 USD in 2010 to over 15 USD in 2017. And as online and mobile channels continue to thrive, the industry is poised to grow even further.
Betting has always been an attractive form of entertainment thanks to the excitement of playing, the risk factor and the possibility of winning money. The rise of the internet has brought this form of entertainment into the online environment, thanks to which gambling has entered a Golden Age. The implementation of blockchain technology can remove the need for an intermediary, in this case being bookies and betting agencies. It allows us to introduce a new level of security and transparency into the process, thanks to which sports betting will be safer than ever.
BetterBetting is an all new betting cryptocurrency that has been designed to help decentralize the online sports betting industry. Leveraging the blockchain technology, BetterBetting aims to make the transactions safe and fair, since it being backed up by a smart contract, and due to the P2P and decentralized ecosystem there won't be the use of a central authority.
BetterBetting use distributed blockchain technology to execute betting contracts, escrow stakes, verify results, and pay out winners. By eliminating central authorities, BetterBetting solves the most pernicious problems in the industry. Reducing corruption and risk results in predictable operation.
BetterBetting will run on the Ethereum network and use their smart contracts so that all bets can be verified. A user will be able to select the odds he wishes to back or lay and then the system will match two users together and they'll place their back bet and lay bet together. The bet then launches a smart contract and once the event has finished the winner will receive their tokens.
The blockchain technology implemented on BetterBetting sports betting provides numerous advantages, include in:
- Open Source Systems: The software that governs Better Betting is completely open source and is free for anyone to copy and use.
- Larger Betting Amounts: 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.
- Provably Fair: all of the transactions that go through it are ”provably fair and robust”.
- Security: 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, BetterBetting eliminates the need for any credit cards, wire transfers and other outdated payment mechanisms. In addition, BETR tokens (Betting coins) are ERC20 standard , which means it is tradable on various exchange platforms
- Fast Access To Funds: All profits 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.
For more information about BetterBetting, you can visit these following links:
Website : https://betr.org/
Whitepaper : https://betr.org/whitepaper-nov17.pdf
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