Introducing Bethereum — fair and transparent social betting
With an estimated 40% market share, the sports betting market constitutes the largest chunk of the $ 450 billion USD worldwide gambling industry. The worldwide expansion of the internet created a large number of new business opportunities, and the rise of the Blockchain will transform the sports betting industry even further. The nascent technology offers immense benefits such as better security, full transparency and cheaper costs. With Bethereum, we intend to create a blockchain-based solution that will revolutionize the online sports betting industry.
Bethereum is a social betting platform that allows you to place customizable bets on sports with your friends, excluding bookmakers and betting agencies from the process. You place bets in user-created groups along with the people you invite. When you create a bet, you designate the minimum deposit, how winnings are rewarded and what games are bet on. All bets are made with the BETHER, our own Ethereum-based betting token. Not only are we making sports betting fun again by introducing a social element, but we also offer numerous advantages over conventional online betting thanks to the Blockchain.
Using Ethereum-based Smart Contracts, deposits are secured against external manipulation and protect the user against defraudment. Smart Contracts automatically calculate the winnings and award the money based on the agreed-upon settings, removing the need for bookies and reducing the costs associated with making a bet. The entire process is fully transparent — all transactions are recorded and remain viewable on the Ethereum blockchain.
In addition to tighter security and greater transparency, betting will become fun again. Without the need for bookmakers, players will place bets against each other, with all of the winnings remaining within the groups. Winnings will decrease as costs are driven down — instead of paying exorbitant sums to online betting agencies, you pay only a fraction of the costs through Smart Fees for the use of Smart Contracts.
The Looming Revolution
The global betting market is ripe for a blockchain solution that gives greater power to the players and removes the need for bookmakers and other 3rd parties. Following the successful examples of Uber and Airbnb, Bethereum aims to cut out the middleman and replace it with a system that automatically mediates the betting process between players, increasing fairness, speed and security while decreasing costs.
A Vision of the Future
Currently, our focus is on creating the best sports betting platform, combining cutting-edge blockchain technologies with the concept of social betting. However, our platform has a much greater potential that we aim to fulfill. Bethereum could be used to bet on eSports, real world events, political elections, awards shows and even for video games between you and your friends.