Ever since Ancient times, betting has always been a big thing. There’s something about the thrill of putting money on your favourite gladiator, lion or horse carriage. Wait… that’s not the case today, but it was so in Ancient Rome where betting was invented. The emperors and high officials used to bet on their favourite fighters that were giving away their lives in the arena for the amusement of the crowds.
Luckily there’s no more bloodshed for a spectacle in sports. Everything is done with high-performance athletes and incredible sportsmen and women who are pushing themselves to the maximum and overboard to entertain us. Betting on soccer, basketball, baseball, tennis, volleyball, Formula 1 and even eSports and Fantasy Games is now a modern, unique and sometimes profitable way of spending your free time. And people love it!
The mighty betting industry
Gambling is huge around the world. It’s so big, you need to spell it with capital letters when referring to how large it is as an industry. Gambling is HUGE. It reached $400 billion in 2017 all around the world, with $50 billion in the United States of America alone. It is estimated that gambling will get to a total of one trillion USD in 2023. As far as betting goes, it is in the rising trend and is the third most profitable of the sub-industries of gambling.
In 2015, regulated sports betting accounted for $58 billion in the global market. That figure rose to over $77 billion in 2016. You get the gist. Basically, every single time you place a bet even as a seasonal or occasional better, as in “I’m betting just when my team is playing” or “I’m betting just when there’s the World Cup on TV” you’re still putting a ton of money into the pockets of the leaders of the industry.
But what if you could enjoy betting with your friends and not lose a single dime and still have fun doing it? Luckily, there’s now a blockchain-based, provably fair platform on which you can do just that with no fuss, no coconuts and no thrills of losing money to houses or sportsbooks.
Bethereum: a social betting platform
A few months ago, in the last quarter of 2019, the world was introduced to Bethereum. In a few words, Bethereum is the first social betting platform where nobody loses money to the house. How is that possible? Well, there is no house! People play against each other in the ultimate safe sports betting environment. If you play with your family or friends, the money stays within your group and is never stripped away from you when your team loses.
There’s another option to play with strangers, but even then one of you will go home with the virtual money in the form of Bether cryptocurrencies, not the house. To make sure there’s no funny business with the betting process and the payments, “blockchain and smart contracts ensure full transparency and security, while innovative social elements make for a truly rewarding experience”. That’s a bold statement to make as a company. But it works, it’s fully functional and people from all over the world are already enjoying the site.
The mission behind Bethereum
There’s a clear, simple mission pushing the team behind Bethereum to enhance and make their product better every day. Their mission is to remove the taboo, the uncertainty, the risk and the addictive nature of traditional betting once and for all. When people bring the term “betting” into a conversation, the first words that pop out of everybody’s mouths are “house is rigged”, “you can’t win”, “house takes it all”, “casinos are fake”, “odds are against you” and a few more phrases like these.
Casinos and sports betting sites are indeed rigged, but in a legal way, meaning they’re not stealing your money. They’re made in such a way that, whatever you do, you’ll still end up losing more than you win. Every. Single. Time. Which is why betting and gambling, in general, is seen as such a bad habit to have. Thankfully, Bethereum and many other blockchain and provably fair-based online platforms are turning gaming in the online with money into a safer thing.
How Bethereum works
Bethereum works as a sportsbook and betting site like any other. The main difference is in the technologies used and the way people actually bet. On Bethereum, there’s no house which means every single bet has to be made between at least two human beings. Blockchain is the ideal place where vets can be placed in a safe manner, and thanks to the provably fair algorithm, personal bets like “who is going to win tonight’s soccer match between Accounting vs. Software Integration at the company” is sure to have a fair outcome.
According to the official website of the portal, “Bethereum is an innovative social betting solution built on blockchain technology. Designed to tackle the key challenges of conventional betting, it delivers a host of unique features and improvements. Starting with sports betting, our vision is to develop a wider ecosystem and establish the Bether token as the betting market standard.”
Bethereum works by integrating three important features available just to the most advanced blockchain and provably fair platforms.
Ultimate technologies – Ethereum-based technologies are used in order to ensure every single bet made on Bethereum between friends and families are fairly and quickly dealt with.
Provably fairness – the algorithm that ensures the fairest betting you can get today is installed on the site. It ensures the maximum level of transparency and security, with the help of a fully decentralised portal and Ethereum smart contracts.
Social and fun to play – the innovative idea of in-between friends and family betting is a first of the industry. Unique gamification and social elements are also present, bringing the fun in betting to its maximum heights.
How to place your bets on Bethereum
It’s extremely easy to place a bet or be a part of one when going on the Bethereum platform. All you have to do is to create a bet or join an existing one. Once you do that, you can choose what the bet is going to be about, be it sports or other events, or plan your own. Next, you will choose the bet amount, how will you and the other bettors split the winnings, and what are your favourite results.
The next step is to let your friends know that you’ve created a bet. Once you do so, they can immediately join your bet and place their wagers. Surely, the last step is to wait for the results, follow the progress of the bet and share the winnings with them. You can also compete in leaderboards and some special events.
Who is Bethereum for?
With over 1.240.000 bets placed on the site, betting on Bethereum is already a big thing. And it’s no luck or mistake about it as the platform is made available to a wide range of players and companies. You can be a casual bettor, a high roller, white-label customer, an agency, third-party developer or an affiliate or partner, you will find your place on the platform with ease.
Casual bettors welcome
The main people who are benefiting from the site are casual bettors who aren’t fans of the traditional sports betting sites. They want to have the same fun as they’d do on those but keep their money within their group of friends and relatives. Bethereum makes it possible for non-gamblers, often intimidated by the complex and trust-lacking world of betting, to enjoy the games as much as they would in a conventional sports betting scenario.
Ideal for high rollers
Not just casual bettors but also high rollers are welcomed on the site. How is a non-house betting platform attractive for high rollers? For starters, there are no limits and unattractive odds here. For the more advanced, there is an exclusive club on the portal that offers limitless betting and a handful of dedicated servers for high rollers where they can play their millions without risking a single dime.
Bethereum for agencies and licencing
Other interested companies that want to change the way they do betting can licence the Bethereum concept on their sites. Gaming operators can buy rebranded versions of the site and get them modified how they need them. The technologies that Bethereum uses are ideal for solving the most demanding issues with traditional betting operators. The solution offers lower costs with things like personnel, servers, human error or fraud. Third-party developers can also benefit from the site by selling their creations to the platform.
The Bethereum cryptocurrency
With the launch of the Bethereum company and sports betting platform, the company also launched Bether, the official cryptocurrency of the site. The token operates on the Ethereum blockchain alongside the platform itself. There are 1.000.000.000 Bethereums in existence today, out of which more than half are in circulation already. As of writing this article, the price of one Bethereum is $0.000474 USD.
2020 and beyond for Bethereum
Bethereum is promising, there’s no doubt about it. People love it, which is clearly true as for the more than 1.2 million bets already placed on the platform. The only question is how is Bethereum going to incentivise the die-hard fans of traditional betting into switching from traditional to blockchain and provably fair gaming after years and years of them backing these sites up with their own money.
The future looks promising for Bethereum in 2020 and beyond. The innovative idea, the blockchain-based technology behind it, the provably fair algorithm ensuring complete trustworthiness, these are just some of the main features that will keep regular bettors close and pull newcomers from the shackles of traditional betting forever.