People have been making bets since the earliest of times. In Ancient Greece, spectators used to bet on the Olympics’ participants, while in Ancient Rome – Romans used to bet on gladiators and chariot racers. Back then, people placed bets by agreeing with each other. Bookmaking as a business originated in Britain two millennia later. Throughout history governments limited or even prohibited betting and gambling, as they took the matter very seriously. Betting industry boomed in the 1990s as bookmakers started to accept bets via the Internet.
Crypto-betting is secure, fast and transparent.
Typical betting platforms share the same problems, such as opacity, geographical payment limitations and necessity to trust site owners who might fix the odds or refuse to pay-out the winnings. All these problems can be easily solved by implementing blockchain and cryptocurrency into the core of a betting system.
In the majority of cases gamblers are not able to keep track of the funds and trace the bets in a blockchain. Such bookmakers use cryptocurrency only for client generation and do not make the next step.
Blockchain technology can offer a solution that can break this cycle of mistrust and create a new standard for online betting. BetMatch project utilizes such a solution and offers betting based on blockchain technology.
BetMatch is a decentralized betting house that combines a classical business model based on traditional betting abiding by an unbiased paradigm that uses blockchain technology with a social betting network as the second (community-based) layer. BetMatch’s architecture offers several features that work together to create a safe and transparent betting system:
- – elimination of the human factor and third-party influence on bet processing, results displaying and winnings pay-out
- – all bets are unprecedentedly fair and transparent due to the use of blockchain technology
- – cryptocurrency-only bets, which means no more payment systems’ fees on deposition and withdrawal or immense charges on the winnings
- – “bookmaker’s guarantee” is replaced with “smart-contract”, which means that all the bets will be instantaneous and pay-outs can’t be delayed or cancelled
- – using internal tokens for betting can reduce the internal fees twofold
BetMatch uses XBM internal tokens (Ethereum ERC20 standard). Using these for betting, users can drastically decrease the internal fees or even cash out said fees on top of the winnings. Users can also lease the XBM tokens to the users in need for a small percentage of their winnings. XBM tokens will also be awarded to active and useful members of the community, such as experienced forecasters or outstanding sports analysts. The token is listed and can be purchased on Latoken exchange (https://latoken.com/ico/ETH-XBM), Crex24 (https://crex24.com/exchange/XBM-ETH) and betmatch.io. The token has grown 500% since its launch.
Players using centralized betting systems risk losing their money, as the company itself decides how much will be paid-out in the end. BetMatch with its combined business model, however, is designed to create a long-term solution for modern cryptocurrency-based betting systems.
The project’s top priority is fraud protection and bookmaker’s activity transparency (users can always verify the platform’s account balance). You can bet that betting will become more innovative.
Funds are deposited on a smart-contract which automatically transfers currency for betting on the user’s account and pay-out is guaranteed by a dedicated liquidity pool the balance of which can be verified at any given moment. Every 100th block containing data on the private blockchain activity is uploaded to Ethereum public blockchain. That allows the system to operate with high speed but also provides security, decentralization and fail-safety.