Better Betting with Crypto

Introduction

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

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.

BETR Features

● 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.

How to Start

1. Download the BETR2018 Android app here
2. Register a BETRwallet account on www.betrwallet.com
3. Transfer BETR and ETH to your BETRwallet
4. In the BETR2018 app, login to you BETRwallet
5. You will find lays and can bet on outright and single events
6. Once winning bets are resulted, BETR tokens are released

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

More Detail :

Website : https://betr.org

Whitepaper : https://betr.org/whitepaper-nov17.pdf

Telegram : https://t.me/joinchat/HNsEWQ-L0aCjHMsmKW-d_w

Author : erwin_ibrahim