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Disrupting traditional betting
BetterBetting is revolutionising the world of sports betting. The release of the BETR token has created a betting cryptocurrency that will establish truly decentralised sports betting. The BETR token provides financial security with true peer-to-peer betting by eliminating the middle man and using blockchain technology. The software is safe and transactions are provably fair, secure and robust. The future of betting is BETR.
More about BETR
BETR is the name of the BetterBetting cryptocurrency: a token which can be bought and traded on various exchange platforms (see our list of exchanges here). The difference between BETR and many other cryptocurrencies out there is that BETR is a Utility Token. This means that it can be used for a particular product or service – in the case of BETR you will ultimately be able to place any bet you desire with anyone in the world without transaction fees or limitations.
BETR Crypto
Today with a market cap north of $300 billion it’s hard to ignore the crypto market. As with any investment, you must do your homework. There are many cryptocurrencies out there and to look at the value of a particular cryptocurrency you need to consider three things:
- Does the token target an existing market place?
- What is the likely penetration in that market place?
- How widely will the token be used?
BETR is a utility token for a specific market: sports betting. The price of the token is determined by the size of the market and the number of tokens out there. The market cap of sports betting worldwide is roughly between $50-100 billion and the BETR token supply is capped. The only question left is what percentage of the market the BETR token is able to penetrate – and that’s what the BetterBetting Node (BBN) will facilitate. The BBN is currently under development and the first usage of this platform will be to facilitate the placing of peer-to-peer bets on the football World Cup.
BETR Sports Betting
Peer-to-peer, made possible by the blockchain, is the future. BetterBetting is pioneering peer-to-peer, decentralised sports betting. BetterBetting will facilitate robust and scalable sports betting with no fees, no margins, no percentages, and instant payment.
There are many elements to sports books, such as cashier, account handling, odds book etc, which can be broken up into many different components. As long as these components are individually incorruptible and robust, they do not necessarily have to be held in the same place. BetterBetting are distributing these components in a way that allows anyone to participate in the network. Fundamentally, the market desires the opportunity to lay their own bets with as many bettors as possible. The way the BBN is designed, participating bettors can be both independent third parties and sports books.
Ultimately, the BETR token is a simple unit and vehicle to bet with which, teamed with the BBN, will be the underlying token that allows the liquidity pool.
The story so far...
The BetterBetting Foundation was established in October 2017 to launch the cryptocurrency BETR, for use in online sports betting. Founded by Adriaan Brink the whitepaper issued prior to the ICO, details the objectives and goals for creating the BETR currency.
The BETR token ICO was launched in December 2017 completing in January 2018 with in excess of $5.5m of token sales. Over this period, the BETR token gathered a significant following and broad investment community. A large part of the token sales were made to the betting industry, with the crypto community equally keen to become involved in the unique BETR model entering the Blockchain.
Since the ICO, the business focus has been on the development of the technology platform, with the first major milestone a release pre-World Cup. The initial version of the software will enable punters to place bets on their favourite teams using the BETR token and BetterBetting’s unique peer-to-peer technology. The development team, based out of London, is led by Adriaan Brink and includes top crypto experts and sports book developers from around the world.
During the ICO, BetterBetting attracted a large, interested and engaged community and we continue to interact with this community to answer questions and involve them in the development of the BETR technology and roll out.
The BETR is currently listed on numerous exchanges including HitBTC and Bancor, providing liquidity and ease of transaction.
ICO Date
15 Dec 2017 — 31 Jan 2018
Total BETR Supply
650 Million
Token Circulation
200 Million
ICO Participants
1,568
Total Sales
$5.5 Million
Why BETR is different
Peer-to-peer Betting with no central party
By providing a robust escrow and settlement service between 2 parties who do not know one another and have no common operator the system provides access to betting opportunities that did not previously exist.
Applicability to other activities
A transaction does not have to comprise a bet – the same system can be used for any activity where funds are escrowed prior to a result and then settled to the winner (e.g. A game of poker) although BetterBetting will initially focus on betting.
Provably fair and unbreakable
The software and transactions are provably fair and robust. Punters need to know that they will be paid their winnings – no questions asked!
Instant access to winnings
Winnings are distributed as soon as a bet is resulted and available in instant crypto funds for use as the owner sees fit.
Access to betting in more jurisdictions
Most jurisdictions that prohibit sportsbooks focus on the operator as the entity to be licensed. Individuals wishing to bet do not break the law provided they do not bet with an unlicensed operator. With this system the bet is always with another individual – there is no operator.
Access to large wholesale bets
There is a massive market for betting where the amounts exceed those that individual operators are prepared to risk. This system will provide the liquidity to enable these bets to be placed – there are no system limits. Bets are pooled so many parties can match a single bet.
Ease of funding for betting
No more credit info-cards, wire transfers and other outdated payment mechanisms. BETR (Betting tokens) will trade on major crypto exchanges and can always be bought and sold against tokens such as Ethereum.
No requirement for a regulated entity
As there is no central intermediary there is no licensable entity (such as a bookmaker or exchange). This does not mean that bookmakers and exchanges cannot participate in the action but they would simply be another entity on the system.
The BETR Guides
The complex world of cryptocurrency and blockchain can be daunting at times and BetterBetting wants to help the community stay as informed as possible and in support of this have created some basic guides on the industry. Please feel free to contact us if you have any further questions.
- Guide to cryptocurrency: https://betr.org/guide-to-crypto/
- Guide to Blockchain: https://betr.org/guide-to-blockchain/
- Guide to exchanges: https://betr.org/guide-to-exchanges
- Guide to wallets: https://betr.org/guide-to-wallets
- Glossary: https://betr.org/glossary
How to use BETR
Let’s help you start using your BETR tokens for the World Cup. Follow these simple steps and you could be betting on the biggest games and your favourite team in no time. Visit BETR2018.io and you will find information on setting up a wallet, how to lay a bet and the BETR2018 markets available to you. You can access the Web App or download the Android App following the 6 easy steps alongside. The system is in its first version and we will announce further releases as they are produced. You can find more details on the App guide or our Laying bets guide. If you have any questions, please get in contact on Telegram or Contact us.
- Use the BETR2018 Web app here or download the Android app here
- Register a BETRwallet account on www.betrwallet.com
- Transfer BETR and ETH to your BETRwallet
- In the BETR2018 app, login to you BETRwallet
- You will find lays and can bet on outright and single events
- Once winning bets are resulted, BETR tokens are released
The BETR model
Laying bets
Everybody can lay a bet using BetterBetting’s unique peer-to-peer technology. Sportsbooks and exchanges can integrate the logic into their backend using the API and individual users can lay prices using Layor UI provided by BetterBetting.
BetterBetting nodes use Ethereum smart contracts to store the layed bets to Ethereum blockchain. The contracts will contain the information of the bet offer including layors liability data and the bet settlement information.
Fundamentally, the intention is to provide a global betting liquidity pool. Each bet offer will be grouped by market and event and listed in a searchable directory. Bettors wishing to place a bet can then search the directory and locate the bet they want.
Authentication
While parties may remain anonymous it is intended that this system can also be integrated with existing sportsbooks or exchanges. In this scenario placing a BETR bet may require an account at the counterparty – bets that are offered may be flagged as requiring an account and authentication.
The process of registration and authentication would also imply that those bets would not be pooled with others. BetterBetting intends to introduce a distributed authentication mechanism to facilitate the offering of bets by entities that require player accounts.
Escrow and settlement
When a BETR bet is placed an amount is agreed between the bettor and the layor and then funds from either side are escrowed until the underlying event has been resulted, at which point the bet is settled in favour of the winner. Placing a bet entails two important functions. The first is to hold the funds from the time that a bet is made until it is settled. The second is settlement in favour of the winner.
BetterBetting intend to cater for number of different resulting systems:
- Settlement will be at the discretion of the layor
- Consensus settlement, in the same way that the blockchain is kept inherently honest by all parties agreeing
- 3rd party settlement using a service which will provide resulting and arbitration
The BetterBetting Node
The BBN is a downloadable application which is installed on the user’s device and incorporates an Ethereum wallet. It is similar to a blockchain application in so far as it operates without central servers and the nodes communicate with one another to maintain the state of the database. BBN does not need to store data indefinitely, and that is one aspect that sets it apart from standard blockchain networks where every node (or miner) stores a complete copy of the transaction ledger.
By creating the BBN to meet the precise technical requirements of the bet creators, the bettors and API clients, the application will be fast and will have no 3rd party running costs. In its interface with Ethereum for creating and resulting bet contracts, the BBN will restrict the Ethereum costs to a minimum whilst still maintaining the decentralized nature of the application.
The BETR Directory
It is no use having a wonderful betting system if the users cannot find the bet that they want. Not only that, in order for the system to present sufficient liquidity (so bettors can find the bet that they want to make), and to provide optimal volume for consensus settlement, it is important that all software clients see the same selections as the same thing. As an example, it is equally valid to call a match winner market “match winner” or “winner” or even “moneyline 1X2”. The system needs to provide a mechanism to avoid duplication of markets and present a unified interface between disparate parties.A distributed directory of bets will be built in to the system making it simple for software clients to present a logically ordered menu of choices. The system will combine the many “standards” for event and market naming so that the same bet is treated equally. While the API will provide all functionality to all participants it is anticipated that there would be more specific apps built that focus on the intended end user. As an example, a sports bettor would in general use an interface similar to modern sports betting apps where bets can easily be found and taken with no concern for the underlying markets and events or laying prices.
Sportsbooks and wholesale bettors would utilise the lay side of bets and may or may not integrate the directory services. Some implementation of directory services and lay pricing may be purely API level integrations with existing sports books or exchanges.
roadmap
The team
Led by Adriaan Brink the team includes a growing number of talented individuals from diverse backgrounds working on the technology. There is a wealth of experience in Blockchain, online gaming and payments industries in the organisation. An extremely experienced and dedicated group of advisors also support BetterBetting including FunFair Founder, Jez San, Bitcoin Foundation Director, Jon Matonis and financial markets’ and payments’ expert, David Vanrenen.
Advisory Board
Advisors
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For more information and join BetterBetting social media today please follow the following sources:
Website: https://betterbetting.org/
Whitepaper: https://betterbetting.org/BETTER_BETTING_Foundation_White_Paper.pdf
Twitter: https://twitter.com/BETRBetting
Facebook: https://www.facebook.com/BETRBetting/
Youtube: https://www.youtube.com/channel/UCFvNUWRiedqvcpNHqLnDAXg
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