The market opportunity in social betting
All successful tokens have two separate uses that complement each other. Primarily, they serve as digital currencies for certain products and services. Their secondary use is their capacity as value holders. To achieve long term success, a token must fulfill a practical purpose and generate consistent demand from its users. With Bethereum, we aim to create a blockchain-based betting token that will be used across the world. Here, we discuss how we are going to fulfill its practical implementation in the world of online sports betting.
Online sports betting is a highly-saturated and fiercely competitive market. Yet even within this cutthroat industry, there are niches and undiscovered markets that offer opportunities for new businesses. One such opportunity is the rise of casual sports betting — especially bets made with friends or co-workers, on sports matches that these people actually watch, which is known popularly as social betting.
Here are some key numbers and facts about our market opportunity:
- The online betting market is worth $ 37.91 billion USD.
- In OECD countries, gambling in general has stagnated or regressed, but the online sports betting segment is still on the rise.
- For instance, in the UK most forms of gambling on sports have been stable or decreased over the last few years, but online sports betting has nearly doubled its prevalence rate in the period between 2009 and 2014.
- In Europe, the annual amount people spend on gambling through mobile platforms has increased from 1$ (2010) to 15$ per person.
- Global smartphone penetration will grow from 30.9% to a projected 37% by 2020.
An opportunity clearly exists. Of course, to capitalize on these changes in online betting, our platform has to be as accessible as possible. For this reason, we are developing a intuitive mobile application that will be easy to navigate even for people inexperienced with online betting. This will be done in connection with a similarly accessible desktop website. The goal is clear — to dominate the casual betting sector.
We recognize the social aspect in social betting as a crucial feature that must be emphasized throughout our platform. This means we will pursue community-building efforts, staying close to our investors and communicating actively with our users. Referral programs will reward free Bether tokens and further expand a growing community. With the lion’s share of our budget going towards marketing efforts, we will fund a multi-channel digital marketing campaign that will be centered around the social aspect of sports betting.
More users means more demand. Combined with a limited amount of tokens that will be issued, this will ensure a rise in the value of the Bether. A consistent rise in the token’s value will allow us to market Bethers more effectively and on an ever-expanding scale, moving us forwards to our goal of establishing the Bether as a global betting token.
In our next article, we will discuss the long-term vision of Bethereum — creating a global betting token that will be adopted by online betting agencies, bookmakers as well as betting shops across the world. A token that will be in demand due to its versatility, security and a pre-existing community that will organically grow parallel with the token’s increasing value and global utilization.
Bethereum is a decentralised, social-betting platform based on Ethereum technology and Smart Contracts. Want to know more? Start here.
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