MEVU (A Revolution in Online Betting)
ABOUT MEVU
meVu.bet (“meVu”) is a, decentralized, peer-to-peer gaming application that will allow players to test their skills and compete individually or in pooled games. meVu allows players to create custom social bets or bets predicting the outcomes of popular sporting events, including but not limited to: European and American Football, Baseball, Hockey, Basketball, MMA and Boxing. meVu is innovating in the online betting space by facilitating competition between players, testing their skill and knowledge against other people, not a faceless casino or bookie.
Mevu uses smart contracts on the Ethereum blockchain to immutably and transparently store players funds and information, providing players with confidence that their bets will be executed securely and quickly.
Players can set their own odds, and bet on virtually anything. By cutting costs of traditional sports books, and 3rd parties, Mevu players enjoy a historically low 2% fee.
PROBLEMS OF TRADITIONAL CENTRALIZED SPORTS BOOKS
Legalized and regulated sports books enjoy marketing in mainstream channels; however, in order to do so, sports books need to get expensive licenses in every jurisdiction they operate in. Despite paying for these licenses, regulations still prohibit companies from many forms of marketing in the USA, Canada, and Asia. These licenses tend to have a negative reputation and don’t inspire much trust as there are other cases of sports books treating their players poorly and never paying out the winnings. 41% of Americans say they’ve won a bet that’s gone unpaid.
Another downfall to traditional sports books is that the initial capital required to support user bets is prohibitively high. The recommended minimum is to have no less than $300,000 with 1 million being the benchmark, and a safer estimate in order to support bets properly.
These costs cause sports books to charge high fees, typically between ten and fifteen percent, in order to generate a profit. Alternatively, companies open of shore online sports books which operate in a legal grey area, but the US government is notorious for prosecuting these types of enterprises.
In summary, there are many operational, licensing and upfront costs to starting a sports book. Clients are charged high fees to make up for these costs and are also forced to deal with 3rd party institutions who have wait times and fees of their own when redeeming winnings. Users are also forced to trust these third-party institutions with their information and funds.
The majority of these sports books exist in a legal “grey” area in order to operate and tap into large betting markets, i.e., USA, Canada, Asia. Players and the operations both run the risk of losing their funds due to regulatory repercussion, security vulnerabilities or exploitation of identity and information. Despite these issues, the online gambling market, both regulated and unregulated, is estimated to be worth at least a trillion dollars per year.
The SOLUTION
meVu is a peer-to-peer, decentralized application that matches players who agree to odds on a bet. These bets can be centred on a sporting event or users can create custom bets on anything with two possible outcomes. Running on the Ethereum Virtual Machine, meVu’s open-source smart contract creates a secured escrow that is publicly view able. This allows players to follow their Ethereum cryptocurrency “ETH” throughout every step of the betting process. Creating peace of mind that once the winner is determined the Ether will be paid out quickly, securely and automatically. All funds are held within a contract on the blockchain and no individual, company or government can interfere with the payout. meVu virtually eliminates the risk of hacking and regulatory interference as there is no single point of failure in a blockchain network. By clearing payouts on Ethereum, meVu can cut the waiting times of traditional sports books while reducing fees from 10 percent to as low as 2 percent because it is never processed by a bank or any 3rd party institution.
Our platform pairs people to compete against each other, removing the need for meVu to fund and back bets. Disputes between players on supported sports games are sent to Oracles who are incentivized to reach resolution through consensus. Furthermore, reputation systems and leaderboards foster the spirit of competition and deter malicious behaviour.
VISION
meVu aims to become the most revered global platform made exclusively for players to bet anything, anytime against anyone. We envision a time when a common phrase could be “Let’s meVu bet!” meVu will initially focus on custom/social and sport head-to-head bets, but will quickly expand to add multi-bets in which multiple players can take the complementary position against a single larger bet. meVu will add exclusive features for our token holders to participate in pooled bets on sports games and provably fair casino style games in which they use the MVU token to play. Finally our API is already in development, allowing existing sportsbook/e-sports wagering sites to use our contracts. The meVu brand is focused on bringing betting back to its basics, between people, the way it was meant to be. Putting control and power back in the player’s hands, we want to foster competition with global leaderboards while heightening the thrill and excitement of betting against other players as opposed to sport bookies.
FUTURE FEATURES
meVu will continuously look to improve the platform while sticking to our key model and vision. Adding the ability for a user to be able to message their opponents will be a priority. Chat fosters more competition through banter while adding flexibility by allowing players to negotiate better odds for a bet. A rematch and challenge option will be implemented along with the chat addon as it easily allows users to continually compete against a trusted opponent and double down on their bets.
To allow for more flexibility and control the feature to “opt out” of a bet prior to Oracle reporting period will be implemented. A player will have the option to send a cancellation request, and if the opponent accepts, the contract will become void. The user who requested the cancellation would pay the “gas” transaction cost.
ROAD MAP
- September 2017 (Announcement of project and white paper)
- December 2017 (Crowd sale announcement)
- May-June 2018 (Private Pre-Sale & Closed beta)
- June 2018 (Open beta live for World cup special campaign to earn bonus MVU)
- September 2018 (Public ICO)
- December 2018 (Launch with pooled bets, Casino style provably fair style gameand opt out functionality)
- February 2019 (Chat addon and rematch features)
SUMMARY
Traditional ways of online betting are expensive to both the sports book and its users. The user gives up control and flexibility while accepting a lot more risk than that of just losing a bet. Players are forced to trust centralized sports books which are subject to government interference, fraud and hacking due to a centralized single point of failure. This all contributes to the negative stigma that surrounds online betting.
meVu is focused on abolishing this stigma and making betting fun again by bringing it back to the basics, between people the way it was meant to be. meVu allows people to bet on anything, anytime against anyone. Custom/social bets against friends are a possibility such as; who can drink the fastest, and who will win the next round of golf. If your friends are not around make new ones by finding or creating sports bets on the global meVu network. Creating your own odds, puts control, fairness and power back in the player’s hands. Global leaderboards foster competition and up the ante while heightening the thrill and excitement of betting against other players as opposed to sport bookies. Powered by the Ethereum blockchain these bets are all on a trust-less open source network that securely pays winners completely cutting waiting times and lowering fees from 10 to 2 percent.
For more about meVu, please visit link at below.
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Author: Adut.J
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