BetterBetting - Betting Currency of the Future

lunafreya (44)in #ico • 7 years ago

Today I am gonna tell you about BetterBetting project. Ico will be finished tomorrow and according to their sales ; It already looks like an another succesful ICO. You still have chance to join. They are gonna create a new decentralized betting site. And you can find about project and their main idea, soulutions and Ico in this article.

What is BetterBetting ?

The betting crypto-currency that will establish truly decentralised sports betting on the internet. Providing a Global Betting Liquidity Pool, BETR is being built by gaming industry veterans, for the industry. BETR will become the exclusive crypto-currency of some of the world's leading gaming operators.

Marketplace

The gambling market is forecast to reach $533 billion by the end of 2017 and online sports betting market is valued at $205 billion as reported by Statista.
Asia is the biggest market for gambling and sports betting and it has grown at a consistent rate to more than $40 billion.
Sports betting has become the fastest growing market segment within online gambling worldwide. And they claiming to be number one in this area of crypto world.

The problem and BetterBetting solution

The online betting industry has continue to exist same for some time. In additon; there is a lack of security, lack of privacy, extortionate fees and low returns. All of them are negatively affecting factors for bets. And with BETR providing financial security true peer-to-peer betting becomes possible on the internet with entities that have no prior relationship. Using blockchain we are able to provide sportsbook clients that operate with no human or business
entity in the middle. The system is safe, the software and transactions are provably fair. Plus paying for a bet through BETR currency is easier and you can make larger bets. That's wht Betr is different.

The BETR Betting Model

By eliminating the “middle man” – essentially the escrow agent – using blockchain technology it is possible to build sportsbook clients that operate with no human or business entity between betting pairs.

Benefits:

Peer to Peer betting with no central party
Applicability to other Activities
No requirement for a regulated entity
Open source systems
Access to much larger bets – the wholesale angle
Provably fair and Unbreakable
Ease of funding for bet placement
Instant access to Winnings

Escrow and Settlement:
Placing a bet with another party entails two important functions. The first is to hold funds from the time that a bet is made until it is settled. The second is settlement in favour of the winner (assuming there is one – refunds to both parties in the event of a tie or cancellation).
Settlement poses a challenge. Any system that is automated would have to have a robust and agreed settlement system that is immune to human or system error. We will to cater for a number of different resulting/settlement systems – the differences being simply how the winner is determined.

Consensus
In a similar way to that in which the blockchain is kept inherently honest by all parties agreeing, settlement would be according to a majority vote. By understanding the nature of a bet and observing resulting from other providers, bets would settle according to the majority view.
Layor
Bets may be offered with the layor providing the result. This is normal for all online sportsbooks today and it is likely that they would choose to continue to provide their own resulting.
3rd party Arbitration
An interface will be provided for 3rd parties to provide settlement and arbitration. There would be a fee associated with this service. 3rd party arbitration will be built into the protocol as one method of resulting.

How it Works for All

There are two parties to a bet. In our terms we call the party that creates (or lays) a Bet Offer a BET CREATOR. Traditionally this would be a sportsbook but in our case, anyone can be a Bet Creator. On the other side, the party that takes the bet offer (or a part of it) is called the BETTOR.
From the Bettors point of view, they fundamentally would like to see a list of sporting events and the bet options with odds and limits that are available. By selecting a bet option and applying a stake amount, the bet can be created.
For the Bet CREATOR, they want to be able to set up a series of Bet Offers with bet options, odds and limits (maximum risk exposure) and place them onto the bet directory so that the Bettors can then select them as above.