BETR is a digital token establishing truly decentralized sports betting on the blockchain, disrupting traditional betting. The token provides financial security with true peer-to-peer betting meaning it is possible to build sportsbook clients that operate with no human or business entity between betting pairs. This is a unique aspect which provides transparency for a bet. Our system facilitates a much slicker method for instant betting, enabling one-click bets from many potential channels.
The betting process is broken into several discrete software components with defined APIs for interaction between them. Importantly it provides a way for two parties who have no common account holder to bet with one another without relying on any 3rd party escrow or exchange agent. Ethereum contracts are key to the system as they escrow funds from both parties and hold them until settlement. Core to the system is software that implements this distributed directory and places bets as contracts onto the blockchain. The contracts contain the information of the bet, stake and layers liability escrows and bet settlement information.
What problems does BETR help to solve?
The online betting industry has lacked innovative ideas for some time. Fees can be high; payment methods are outdated, and winning players are restricted or banned. There is a lack of security and privacy, large fees and low returns, all of which are factors which have frustrated the average punter. In going down a peer to peer and peer to sportsbook route transactions are provably fair, secure and robust. While parties may remain anonymous it is intended that this system can also be integrated with existing sportsbooks or exchanges. It does not compete with existing industry players, but rather we add to their potential user base and facilitate a much slicker method for instant betting. Sportsbooks and exchanges can integrate the logic into their backend using the API and individual users can lay prices using Layer interfaces.
What are the most unique BETR aspects?
The BETR model does not charge fees, allows instant pay-out and affords sports fans access to large wholesale bets with no restrictions. There is a large market for betting where the amounts exceed those that individual operators are prepared to risk. This system will provide liquidity to enable these bets to be placed as there are no system limits. Furthermore, there is no requirement for a regulated entity, since there is no central intermediary and there is no licensable entity (such as a bookmaker or exchange). The role of the bookmaker is filled by a smart, automated system on the blockchain. This doesn’t mean bookmakers and exchanges cannot participate; they will simply be another entity on the system. And since no operator is necessary, access to betting in many different jurisdictions is now possible. Our system facilitates a much slicker method for instant betting, enabling one-click bets from many potential channels. For example, we have launched @TheBETRBot on Telegram messenger which allows you to interact with the betting system in an easy to use format with minimal clicks.
How do you assess BETR progress?
We completed our ICO on 31st January 2018. Following rapid development, we released the initial version of the system in June 2018 in time for the World Cup. The BETR products on offer included the BETROdds apps which display the markets and prices, the BETRWallet to provide access to tokens and the BETRLayodds site to lay on events and leagues. All are independent products which work seamlessly together. Following detailed feedback, we significantly improved the design of the apps and added UX enhancements which provide a clean, fresh interface. With an interface more familiar to traditional players, we are increasing the user base and also seeing more adoption by layers. More sports have been listed due to demand and we introduced in-play betting on major leagues.
In December 2018 we released a new version of the smart contracts with a noteworthy enhancement introducing BETR Affiliates. The core logic added to the smart contract has made it possible to tag BETR wallets introduced by affiliates which enable affiliate commissions to be paid instantly from the layer wallet. The new smart contracts release has contributed to the lowering of ETH gas costs on transactions by up to a third. It also allows support for Virtual sports and other game providers as well as support for rule 4 and dead heats in horseracing.
Just recently, we adapted the betting system to allow customers to place bets using multiple cryptocurrencies. This significant change means bettors now have the option to choose which currency they wish to place a bet in. The effect of this will be that net losses in other currency betting will require further BETR being used in the system. These will be sourced from treasury reserves and by buying on exchanges. Ultimately this leads to an influx of liquidity to the BETR system.
We are working on adding cross-chain cryptocurrencies such as EOS and LTC to the client.
What is the benefit for BETR in the collaboration with the Changehero.io exchange?
Changehero is a fast, easy to use exchange platform that doesn’t require sign up. There are still some challenges getting new players to adopt the idea of purchasing cryptocurrencies, however, the Changehero exchange makes that process a lot more simple. We anticipate that with a rise in player numbers, demand for the token sales will also increase. We look forward to our ongoing relationship with Changehero.