There is something exhilarating and thrilling about being able to place a wager on your favorite sports team. Not only, does it allow fans to put their money where their mouths are, it also is a way of allowing them to become a part of the contest in someway. According to the European Gaming and Betting Association (EGBA), regulated betting made up for $58 bln in total gambling yield in 2012, this number was projected to reach $70 bln by 2016. The growth in sports gambling revenue has been driven by new breakthroughs in technologies and product platforms as stated by the EGBA. There is also a healthy relationship between sports itself and betting as the betting body points out, “The mutually beneficial commercial association between betting and sporting events has continued to grow with sponsorship and advertising revenues from regulated gambling companies, particularly in Europe, reported to have become a significant source of funding for sports bodies.”
The coming of the Internet has certainly changed sports and other betting but technology is ever evolving by nature and there are improvements that can be made even on existing systems. Sometimes technology can even open up possibilities that did not exist before. Crypto-betting is one such field that has laid hitherto unexplored but there are pioneers already waiting to capitalize on the opportunities in this field.
How Blockchain can change betting
Blockchain technology is touching many aspects of modern life like finance, technology, medicine and even music. Coupled with smart contracts, Blockchain technology can be a powerful tool in establishing trust in areas where there is inherently no trust. Trusted Blockchain technology like Ethereum has its use cases in the sports and other betting sector as it can be used to guarantee payments, usher in transparency, prevent lock-outs caused by frequent wins, establish identity, reduce risks like embezzlements and provide reliable account security and privacy. Due to the smart contract functionality available on Ethereum, it has become possible to automate terms of agreement between the player and the bookmaker. These conditions can also be made immutable. Escrow services can be provided by default until the conditions are fulfilled.
A new era in betting awaits
The X factor is transparency. It is going to be the driver that grows sports betting and makes people want to play the stakes online. This can be achieved by tokenization of the betting systems, which Ethereum allows. The pioneer in this segment would be able to usher in a new era where investors would have great control over their funds in the betting system and a level of confidentiality that does not exist till date. Tokenization would also help various segments of the betting industry benefit, whether they are casinos, bookmakers or game providers. A whole gamut of services can piggyback on an Ethereum based tokenized betting system as an example Betting lines and contracts, ticket and token issues, settlement and exchange services, ID/Win protection etc.
World’s first crypto-betting platform
XWIN has devised the world’s first crypto-betting platform, based on the Ethereum Blockchain. Users would be able to place bets from anywhere in the world at their convenience around the clock. The XWIN platform is based on the XWIN token. An initial coin offering (ICO) is being held to sell the tokens starting Jan. 1, 2018. A total of 100 mln XWIN tokens would be issued, 80 percent of which are available in the open sale.
Investors in the token sale will benefit as they stand to gain 20 percent of the margins. According to a whitepaper released by the project, the margin ranges from six to 20 percent of the betting rate. Out of the total margin realized, distributions would be made in the following manner:
- 25% – to the fund of guaranteed payments to the players;
- 35% – PR, marketing, promotion and advertising;
- 20% – administration and legal support;
- 20% – income distributed among
Pre-sale a bonus opportunity for investors
The XWIN token presale is on at the moment of writing this article and has raised $285,608. Participating investors stand to get a 30 percent bonus during the presale period that will last until Dec. 31, 2017. Prospective investors can visit the XWIN website for more information on how to participate in the pre-sale.
XWIN are entering unchartered waters but that is where the bounty is as humans have always liked to go and create value where there wasn’t any before. It would be interesting to see how Blockchain plays out in a field that has not yet benefitted from it before.