Sports Betting is a 450 billion dollar industry and yet traditional approach is in most part too common and inefficient, while limiting adequate security and trust, and lacking the “spark” needed for customer engagement.
Our initial approach was to tackle some of the major problems that bettors experience online, namely:
- Dependency on centralized outdated technology — all major betting platforms operate based on outdated IT solutions (i.e. old software or platforms which are developing very slowly), and are too cumbersome to quickly adapt to the changing environment. These systems do not allow for quick expansion and trusted environment for customers which Blockchain
- Dishonesty of betting platforms — e.g. illegal exploitation of personal data, bonus programs with hidden traps that do not allow cash out, blocking of accounts with big wins, fixing the odds etc.
- Limited access to betting — e.g. high minimum bets, IT issues faced when with betting from mobile devices, inability to bet using cryptocurrencies etc.
- Complexity of the betting experience — e.g. unclear “standard” acronyms that are designed for betting platforms and not for bettors (e.g. “1x2”, “totals”, “Asian handicaps” etc.), as well as endless coefficient tables etc. world we know provides.
Solution with Betmaster
Betmaster created a proven, rapidly growing and revenue generating Sports Betting system giving the power of betting to the people on a Peer to Peer basis. Just as many popular P2P crypto exchanges on the Blochchain universe, Betmaster created a truly unique P2P betting exchange allowing bettors to create their own betting rules and odds and matching their game offers with other bettors that take the challenge.
Following are specific solutions Betmaster solves:
- Blockchain Impact (Safe and Trusted Betting) — power of Blockchain decentralized environment has allowed crypto exchanges to expand rapidly processing billions of transactions in the recent past to this very day. Betmaster, followed same proven approach and created similar environment
for people to actually create their own bets (similar to bids on crypto exchanges) and allow others on the platform to review the rules and bet against them Peer to Peer. Because people are now dealing with people (and not the “bookies” companies) while rating their experience and Betmaster escrows the betting funds as secure Blockchain transaction this process provides upmost Trust and Security of a transaction regardless of the result of any given bet.
- Fast and Efficient Betting — utilizing crypto currency and Betmaster escrow approach, bettors can place multiple various offers real-time 24/7 on sporting events around the globe.
- Fun and Excitement, User Experience — State of the art interface and cutting-edge P2P betting process on Blockchain is the reason why Betmaster bettors are inviting their friends to join Betmaster camp while sharing their experience allowing Betmaster to rapidly expand its user-base.
Company plans to continue heavily investing into blockchain technology and sport betting innovations, while adding additional games and fantasy sports options. Company also is continuing its expansion into new markets.