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.
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.
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.
Enjoy secure betting on BetMatch.io.