It began with Satoshi Dice, a Bitcoin-based anonymous gambling platform which allows gamblers to bet against a Random Number Generator in a provably fair way. The concept has since been picked up by a number of others to extend Blockchain-based betting systems to other domains.
Chips are Down as Blockchain-based Betting Takes Off
The latest newcomer to the phenomenon is the BetterBetting Foundation which is hoping to finance its proposal for offering sports-betting services through an upcoming ICO sale. Tokens are reserved for institutional and qualified investors only in its pre-ICO period.
In exchange for funding, those contributing to the ICO will receive BETR tokens. The company is hoping these will “lay the foundations of the first truly decentralised peer-to-peer sports-betting [online] marketplace.”
Etheroll, a similar Blockchain-based gambling platform which ran its own ICO earlier in the year, has proven to be arguably the most successful ICO of 2018, with a token value that currently sits at almost forty times its ICO sale price.
More Than Anonymity
Usually operating as a direct service without the need a requirement for log-ins and giving the ability for participants to remain anonymous, the popularity of such services seems set to rise.
BetterBetting, on the other hand, is hoping to leverage the natural properties of the Blockchain to bring improvement to the entire industry. The foundation’s intention is to provide GUIs to existing online gambling services that adhere to provably fair systems with limited house edges.
CEO of the company Adriaan Brink believes that cooperating with major players in the industry “will lead to
a fairer and more trustworthy service for future punters.“