Estimated at over $3 trillion, the global sports betting industry is one of the fastest growing in the world. However, the excessive mediation that currently dogs the industry has stunted its growth potentials. Estonia-based BetterBetting Foundation is set to resolve this issue through the launch of the token sale of its peer-to-peer, decentralized, sports betting platform.
By eliminating the “middle man” using blockchain technology, BetterBetting aims to build sportsbook clients that operate with no human or business entity between betting pairs.
The Better Betting Foundation was established in Estonia in 2017 to develop and make available the software systems required to enable distributed sports betting on the blockchain. The foundation, founded by Adriaan Brink and David Vanrenen, is not for profit, and has no beneficiaries. Supervisory board members are David Vanrenen, Hilly Ehrlich and Mitchell Rankin. Advisors include Jon Matonis, Ronnie O’Sullivan, Jez San and Eric Benz.
“With Better Betting we are excited to bring a new paradigm to the world of sports betting. By combining the power of blockchain with our experience and knowledge of the sports betting industry, we are introducing a new betting currency that understands the underlying structure of a sports bet, ensuring fair and robust betting opportunities between two parties, who do not have any relationship with one another” says Adriaan Brink, CEO & Founder of BetterBetting Foundation.
Through disintermediation, BetterBetting introduces a revolutionary twist to the existing betting exchange model. By storing all bets on the blockchain, the foundation will provide full transparency and provable fairness on all transactions with no need for third-party interferences.
Blockchain technology eliminates the requirement for a regulated entity and facilitates access to betting in jurisdictions where dealing with operators is illegal. BetterBetting Foundation will also make both the software and technical standards for the development of their system open source, enabling anybody to use them, thereby paving the way for BETR to become the exclusive cryptocurrency of the gaming industry.
Supported and advised by a number of industry specialists, the foundation is developing the BetterBetting protocol. This protocol is a distributed directory of sporting events and markets, making it simple for users to present a logically ordered menu of choices. The system combines the many “standards” for event and market naming on a single, unifying platform that treat bets equally regardless of the source market or event.
“Working with major industry players, this decentralised liquidity marketplace for sports betting can be used in many different ways and provides automated programmatic interfaces so that existing sportsbooks can link into the system,” Brink added.
“Working with, rather than against, major industry players with a zero margin model, we seek to provide the railway tracks for sports betting in the future.”
Central to the BetterBetting ecosystem is the Better Betting Node (BBN), downloadable application on the user’s device that incorporates an Ethereum wallet, where a complete copy of the network’s transaction ledger is stored. This software enables BetterBetting to operate without central servers and also helps maintain the integrity of the networks database. However, unlike current blockchain networks, BBN does not need to store data indefinitely.
BetterBetting’s Pre-ICO Details
The BetterBetting Foundation is set to debut their BETR coin, to help establish a global betting liquidity pool. Liquidity will be driven by the partnerships BetterBetting has instituted with key players in the industry. The foundation seeks to raise a minimum of $2M and a maximum $30M to develop and release of the platform.
Token pre-sales are live at BetterBetting’s website. Qualified and institutional participants can acquire BETR at the Ethereum equivalent of US$0.10c per token. Public sales will be available mid-December 2017. Participants can avail themselves of the tiered bonuses to increase their contributions.