BetterBetting Foundation, a software systems enabler for sports betting on the blockchain, today launched its pre- Initial Coin Offering (ICO) sale ahead of its ICO in December.
The token sale introduces investors to BETR, the betting cryptocurrency that will lay the foundations of the first truly decentralised peer-to-peer sports betting marketplace on the internet.
Supported and advised by a number of industry veterans, BetterBetting will introduce a revolutionary twist on the betting exchange model, completely eradicating the middle man from the equation.
All bets will be stored on the blockchain, providing full transparency and provable fairness on all transactions, thereby eliminating all human or business activity between the two betting parties.
Ultimately, the software and standards that comprise the system will be open source and free for anyone to copy and use, paving the way for BETR to become the exclusive cryptocurrency of some of the world's leading gaming operators.
BetterBetting is seeking a minimum $2M and maximum $30M raise from December’s ICO. These funds will be used for the development and release of the BetterBetting protocol; the development and open-sourcing of dapps and node software; and marketing to key stakeholders and consumers, as well as legal and administrative costs.
Core to the Better Betting system is software that implements a distributed directory of sporting events and markets, while placing bets as contracts onto the blockchain. This software is called the Better Betting Node (BBN). It acts as a distributed mirror for directories, facilitating a standard repository for sporting information that can be added to by any agent on the network, and queried in order to present user-friendly client interfaces to punters.
That means not only is it easier than traditional methods to find any specific bet, but it also makes it possible for bets to be standardised and pooled together.
A tiered bonus system will be built in to incentivise early investment in the ICO. Thereafter, tokens will be issued at ICO value, which is set at the closest Ethereum price to US$0.10c per token.
“With Better Betting we are excited to bring a new paradigm to the world of sports betting,” said Adriaan Brink, CEO & Founder, Better Betting Foundation. “By combining the power of blockchain with our experience and knowledge of the sports betting industry, we are introducing a new betting currency that understands the underlying structure of a sports bet, ensuring fair and robust betting opportunities between two parties, who do not have any relationship with one another.”
“Working with major industry players, this decentralised liquidity marketplace for sports betting can be used in many different ways and provides automated programmatic interfaces so that existing sportsbooks can link into the system,” he added. “Working with, rather than against, major industry players with a zero margin model, we seek to provide the railway tracks for sports betting in the future.”
ICO pre-sales are now live and available for qualified and institutional investors. Public sales will be available mid-December 2017.