Betmatch Social Betting System
If you dive a little bit into betting history, you’ll see that the first mentions of betting have appeared hundreds of years ago. In ancient Rome, bets were known as the popular way to earn money and increase an excitement of the city’s inhabitants. It was the time when the townspeople bet on gladiator battles, various animal fights and even placed a bet on fights between people and animals. In earlier years, betting existed in the form of conventional bets, when in the end the winner got the money. However, it was not always easy to make the losing side pay. So, it was the high time for the intermediaries to come and establish the process. Their main function was to provide the fairness and transparancy of the bet for a small reward (margin). As a result, it has led to the appearance of the first totalizators and bookmakers.
Nowadays, there are thousands of bookmakers and sports betting houses of many kinds. But only a few can suggest their players truly attractive offers. Betmatch being the first blockchain solution for bookmakers gives its players an opportunity to use social betting network — a very interesting and a welcome option for most of the customers. Digitalization of the markets, mass access of players to betting processes, the psychology of individuals and the market in general have become a significant driving force for the appearance of the unique and extensive market of social interactions within betting system. So, let’s take a closer look at it.
What is Social betting?
Social betting system is a true innovation of the Betmatch project that is designed primarily for users, analysts, anyone who supports betting industry. In addition, it works as a second community layer of the Betmatch system. As the betting commissions are pain points for many players, social betting system unlike traditional one gives the opportunity to significantly reduce betting commissions as well as to use a proven, trust-based social betting service.
Other people, including analysts can take a unique chance to monetize their skills by guiding and influencing their subscription base. As you might know, a lot of players tend to rely on the predictions and sports statistics provided by more experienced players. While a die-hard baseball fan is more likely to predict the winning team than someone who has never watched a game, for either person a quick hint of the experts about the winner will be more accurate than one that follows deep reflection. That’s why it is a good opportunity for analysts to use their skills and help the players to win a bet. And for Betmatch, social betting gives a chance to significantly decrease marketing costs, which is also a big advantage.
How does it work?
In our previous article about Betmatch business models, we’ve shown how exactly social betting mechanism is working. Let’s now recall some of the important moments. Social betting network will be constructed by the users themselves. Every customer can choose one or many other users to whom he is subscribed. The subscription allows the customer to receive a service that provides sports analytics, XBM tokens in the lending mode, or other features such as premium content, analytics to name just a few. There is even an option that allows the service provider to collect all or part of his subscribers’ bet volume and add them to his own statistics. Additionally, each subscriber has the right to define his own rules — from free subscriptions up to a profit share from every successful bet of all players — followers. Also, there will be no restrictions to subscription rules, that sounds very promising.
Thus, it seems obvious that Betmatch’s purpose is to promote the formation of a social network of connections between customers. We want to create a comfortable and safe environment for our players to place a bet. And a social betting system seems to be a very helpful tool to achieve this goal. And how do you think? Feel free to share your thoughts with us here!