Overview
This document outlines new methodologies for using technological advances
decentralized transactions pioneered by Bitcoin and other crypto currencies to implement a
a decentralized sports betting protocol that is truly peer-to-peer. The proposed protocol will be divided
and it is anticipated over time that many different software interfaces will occur
built (as there are many flavors of today's Bitcoin purses) all use a common protocol
with the underlying crypto currency
Market
The regulated and unregulated global gambling market is expected to reach $ 533 billion
end of 2017 with sports betting is the highest contributor. It shows an increase of 47%
from a market figure of $ 363 billion a decade earlier in 2007 according to Global Betting and
Game Consultant1.
Global online sports betting market is worth $ 205 billion as reported by Statista
the gross gambling result of the global football betting market is self-regulated expected
reached $ 80 billion2.
According to Technavio, the global market for online gambling has increased significantly
the growth rate during 2010 to 2016 and the projection is made that the market will do it
maintaining growth rates over the next five years. This growth has been estimated
Consideration of past growth patterns, drivers of growth and the flow and the future
trend. One of them being a major sporting event like the upcoming FIFA World Cup
2018 in Russia as well as many other major sporting events taking place around the world3.
$ 3 trillion - the value of the global sports betting market according to a UN conference at
crime. However, most are generated by unregulated gambling4.
In a report from Global and Gaming Consultants, Asia is the largest gambling market
and sports betting in particular. It has grown at a consistent rate of more than $ 40 billion. In
China, up to $ 1 billion can gamble in one football game. It is estimated there
is an unregulated sports betting market about $ 180 billion a year in China alone and
$ 60 billion per year in India primarily through cricket5.
Ultimately, sports betting has become the fastest growing segment of the online market
gambling around the world We believe that online sports betting market offers an opportunity to
The use of coins that far exceeds the many other ICOs currently offered. Our goal is to be
number 1 platform for crypto-currency gamblers to bet on sports.
Problem
The online betting industry has had no innovative ideas for some time. Most likely en masse
For bets, the payment method is outdated and players are winning on a regular basis
restricted or prohibited There is a lack of security, lack of privacy, exorbitant and low cost
back, which are all factors that make bettors off or steer them underground
betting.
Solution - Why BETR Betting is better
BETR is different. This is a crypto currency bet that will build a truly decentralized sport
bet on the internet. With BETR providing true financial security of peer-to-peer betting
become possible on the internet with entities that have no previous relationship. Use
Our blockchain is able to provide sportsbook clients that operate without human or business
entity in the middle. The system is secure, software and transactions are proven to be fair and just
strong. Add to the ease of paying bet through BETR currency and the fact that you can
Make a bigger bet, and you can see why BETR Betting is the future of betting.
Competitive Landscape
There are several other sports betting operations operating in the crypto room but us
different in one important way - we do not take the percentage of bets and no margin. We are pure
facilitate peer-to-peer bets. Add to that an experienced veteran team with wealth
knowledge in the online betting industry and the result is a powerful solution designed by
industry to cooperate with industry.
Competitive Sports Betting Products include: Decentbet, Wagerr, Betmaster, Betrium,
Imperium, Tombet, Fansunite, Quickbetcoin and Ethersport.
Risks
There are a number of risks inherent in the proposed solution:
• We may not raise the minimum amount or may decide to cancel ICO because
changes in the market. In this scenario all pre-ICO funds will be fully refunded
• Token may not perform on existing Ethereal networks under load. As we are
has reduced this to some extent by removing most high-speed data transfers
From this blockchain remains a risk and may require us to move our technology
one of the new blockchains like EOS.
• We may have regulatory pressure to impose jurisdictional or other control controls
Use - in practice this is impossible and will be translated into pressure to prevent it
token trading
• The Exchange may decline to include tokens because of the gambling nature of the utility
We may have difficulty providing directories that are truly distributed in this performant way
is an ongoing development and the team has a similar experience
product - we are confident that we will find a solution but there may be a compromise
on distributed directory properties in earlier versions
• We depend on public blockchain (Ethereum) to provide the underlying
A transaction mechanism that may be too slow or costly becomes practical.
Finally, most of our technology does not depend on blockchain and we can do it
to switch to competing blockchain like EOS with relative ease (some of which are like that
because EOS has not been produced)
Elements of Sportsbook Online
The sports book consists of several separate components:
The bet is found using a logically organized user interface and based on the underlying one
Sports sports hierarchy has a league (sometimes divided by country / region) and league
has event Events have a market which is a group of choices that together form a
betting offer
Any selection (eg Chelsea win against Arsenal) has a price in which a person -
Traditionally a bet - ready to put the stakes. Bets can be placed or bet - on a
Exchange users can take both sides of the bet - they can put it down or bet. Using example
On top, the lay stakes for Chelsea to win will be Arsenal to win or the event ends in a draw.
Typically, the bet includes the margin element which is the amount of the bet
defend as its advantages. In the percentage exchange model deducted from victory to
provide margin to the exchange.
When the bet is placed an agreed amount between Bettor (the person making the bet)
and the layman (the party that offers to take the bet) and then the funds from both parties are
escrow until the underlying event has been generated, at which point the bet (minus any cost)
completed for the winner.
While all the above functions can be encapsulated in one exchange (such as
Betfair) or sportsbook (like SkyBet), the model described in this white paper eliminates
requirements for these intermediaries - unlocks unlimited, cost-free, betting doors.
Distributed Peer to Peer Model
This document presents variations on traditional sportsbooks and exchange models. By
eliminating the "middle man" - essentially an escrow agent - using current technology freely
Available through blockchain we can build sportsbook clients that operate without humans
or a business entity in the middle between the betting pairs.
Mechanism
The betting process is broken down into separate software components with defined APIs
for interaction between them. All bets are stored in the Ethereal blockchain that it provides
transparency and fairness that can be proven in transactions. More importantly, it provides a way
for 2 parties that do not know each other and do not have a common account holder to bet with one
other.
Benefits
The benefits of distributed models are numerous
Refer to Peer bets without central party
By providing a strong escrow and settlement service between two unfamiliar parties
Other and have no common carrier, this system provides access to bet opportunities
which previously did not exist.
Implementation for other activities
Transactions should not consist of bets - the same system can be used for anything
activities where funds are released before the results and then settled to the winner (eg a game
of poker) although we will focus on the bet at first
Open source system
Finally software and standards consisting of systems will be open source and free
for anyone to copy and use.
Access to a much larger bet - wholesale angle
There is a huge market for bets where the number exceeds that number of individuals
operators are ready to take risks The system will provide liquidity to enable these bets
placed - no restrictions on the wagging system merged so many parties can match one
bet.
Very fair and unbreakable
Software and transactions have proved to be fair and robust. Passengers need to know that they are
will be paid their victory - no questions asked!
There is no risk for passengers from underfunded operators
Riders do not have the risk of operators or surfers who have enough funds to place their bets - entry
The system is all bets already prefunded on both sides.
Ease of funding for placing bets
No more credit cards, wire transfers and other outdated payment mechanisms. BETR
(Co bet) is an ERC20 compliant coin and will be traded on the main crypto exchange and can be
always bought and sold against coins such as bitcoin and ethereum.
Instant access to victory
Victory is distributed immediately after the bet is generated and is available in instant crypto funds for
use as owner see match.
Components of a Distributed Model
Escrow and Resulting / Settlement
Placing bets with other parties requires two important functions. The first is to withhold funds
from the time the bet is made to completion. The second is a favorable solution
winner (assuming there is one - refund to both parties in case of a tie or cancellation).
The latter creates a problem. Any automated system must have a strong and
agreed upon the resulting system that is immune to human error or the system.
We intend to meet a number of different systems - the difference is simple
how the winner is determined
By using this mechanism there is no requirement to have an understanding
events or underlying bets.
Layor
Bets can be offered with either party able to approve the outcome. In the case of sportsbooks
or exchange connected to the system, it is very likely they set the settlement on
the wisdom of the layout (Sportsbook) because that's how they operate today. Initially this is possible
most of the stakes.
Consensus
In the same way that blockchain is kept inherently honest by all parties agreeing,
settlements can match the majority. On each bet due to settlement, upon completion
From the stakes placed there has been the possibility that there will be enough evidence that the result is
really trigger the resulting consensus. Protection should be included to deal with
with a low liquidity market, with various rules depending on the amount and size
bet
Note that, given all bets are public records on blockchain, the resulting claim is not
limited to those holding certain bets. Consensus can be achieved on all bets
on the same choice across the network and the resulting decisions make the network wide.
party settlement
The interface will be provided to third parties to generate and arbitration. There can be
be the fees associated with this service.
Authentication
While parties may remain anonymous, this system can also be integrated
with sports books or sports exchanges available. In this scenario placing a bet may require a
accounts at counterparty - the bet offered may be marked as requiring an account
and authentication.
The protocol will ultimately incorporate distributed authentication mechanisms to facilitate
betting offers by entities requiring player accounts
The Better Betting Node
There is no point in having a bet system if the user can not find the bet they want. Not only
that, in order for the system to provide adequate liquidity, and to provide an optimal volume
consensus settlement, it is important that all nodes see the same options together
object. For example, the same goes for calling a winner of a "match winner" or "match winner"
"Winner" or even "moneyline 1X2". The system aims to provide mechanisms to avoid
duplicate the market and present an integrated interface between different parties.
A distributed directory for sports events, markets and selections will be incorporated in
Systems that make software clients easy to present a logical choice menu.
This system will incorporate many "standards" for event and market naming so
The same bet is treated the same regardless of the source.
This presents two distinct advantages to the overall ecology. At first, it made it
easy to find a certain bet. Secondly, and most importantly it's at stake
standardized and collected together.
By ensuring that anyone who wants to offer certain bets using the general registry, we can do so
to increase the reliability of the consensus, and also to combine liquidity into the pool so that bets
not just one on one.
So (for example) assume I want to put Chelsea to win bets for the prime minister this weekend
league fixtures I decided I was ready to put $ 1000. Other people also wanted to lie down
$ 1000. Now there is $ 2000 available for anyone who wants to restore Chelsea. The user will
see the integrated interface - different kites agree on identification of the same bet
and their combined liquidity. As a player I can enter and return to Chelsea to win for $ 1500
and this will be shared in both applicants - as two separate transactions.
The more entities on either side of the bet are, the better the consensus settlement
work.
Confirm the transaction
Every transaction, whether placing or generating a bet is confirmed and kept on
Etheruem blockchain. The placement and results process (the completion trigger) are
controlled through nodes.
Directory Services
Acting as a mirror service, nodes facilitate coordinated, consistently distributed directories
service. This is the main building block that allows bets on the same options to be collected,
both for aggregate bets and for consensus settlement. More bets are placed on top
Every single choice is getting stronger system. Nodes also spread bids and
offer to all clients, facilitate matching Bettors and layors.
Sync Service
Nodes automatically sync with all other nodes that provide low latency updates for betting
offers and offers that are consistent across the network
Automated API for offer bidding
Node exposes APIs for all functions that allow servers to integrate servers between existing ones
server betting and networking.
Technical Implementation
Overview
The Better Betting Foundation relies on effective technical implementation to achieve its goals
purpose intended to provide Pool Lateral Betting Globality.
Along with the development of business needs, a technical inquiry has been conducted
place with the aim of finding the optimal technical solution.
Basically, the intention is to provide liquidity pool for use by the global betting betting market
creators and bettors In principle, anyone can make a Bet Offer based on a real sporting event,
This is more traditionally known as the placement of bets. Each Bet Bet will be grouped by market and
events and listed in searchable directories. Bettors who want to bet then can search
directories and search the bets they want.
The betting acceptance process then involves blocking Ethereal to keep the agreed upon
A bet contract that also holds shares and liabilities in escrow - the system will use our contract
self-issued token bets (BETR).
When the event is over, the bets associated with the event can be completed. To complete a
Bets, the results of the selection must be determined. A smart bet bet will contain
information on the parties who will supply the results of the selection. In the case of bets
offered by this sports book is generally the Bet Offer Creator (bet bet).
Another solution is to point third parties to the results (this can be either a data feed) or to designate a
special third party which is the consensus node - this node will settle according to a set
rules based on all other settlements of the same choice.
Upon completion, the contract is notified and the bet bet is transferred to Bet
The creator of the offer or responsibility was transferred to Bettor. In case of push or refund, then
shares are returned to bettor and liabilities are returned to the Bet Offerer.
One Application and Two Linked Systems
The betting offer system needs to be upgraded and offers a low latency price and offers an update to
bettors We believe that the optimal architecture is to create a hybrid system that combines
the power and transactional integrity brought about by blockchain (while acknowledging existing problems
such as speed and scalability and gas transaction costs) with superior processing
power and low latency that can be derived from a peer-to-peer non-transactional system.
The Ethereum Network will be used for the management of bet contracts and BETR
token and interface to another system on top of it to provide UX for Bet Bidding
creators and Bettors by running directory betting services as distributed databases. This
the system we call 'Better Betting Node' (BBN).
BBN is a downloaded app that is installed on a user's device and
combine ethereum wallet. This is similar to a blockchain application so far
operate without central server and nodes communicate with each other to maintain
the state of the BBN database does not need to store data indefinitely, and that is one aspect
which distinguishes it from standard blockchain networks where each node (or miner) stores a
full copy of the transaction ledger
By creating BBN to meet the exact technical requirements of Bet Maker,
Bettors and API clients, the app will be fast and will not have a 3rd party fee to run. In
Interfacing with Ethereal to create and generate bet contracts, BBN will be limiting
The minimum etereum cost while retaining the decentralized nature
application.
How it Works for Everyone
There are two parties who bet. In our terms, we call the party that created (or put) the Bet Offer
a BET CREATOR Traditionally this will be a sports book but in our case, anyone can become a person
Bet Creator. On the other hand, the party taking the offer bid (or part of it) is referred to as
BETTOR.
From the point of view of Bettors, they basically want to see a list of sporting events
and betting options with the available barriers and constraints. By selecting the bet option and
By applying the bet amount, a bet can be made.
For CREATOR BET, they want to be able to prepare a series of Bet Bids with betting options,
opportunities and constraints (maximum risk exposure) and place them into the betting directory so that
Bettors can then select them as above. It is envisaged that the standard BBN API will
created that will allow Kreator Bet to integrate directly with their own systems
provides an automatic offer creation offer.
Above all this system needs to know when a sporting event is scheduled and when
they are generated To do this, the same APIs available for sports books can be used
examples of links to BBN providers and data feed providers. This will ease the auto show, the market
and making selection and may also facilitate the results. One of the main features of
directory will provide Event, Market and Selection IDs so that event data can
The cross matches the betting creator system. Event ID will include the main Data Feed
Provider ID and may also include the Creator ID.
BBN Close-up
Although there are more comprehensive technical use case requirements, summarized
Below gives an indication of how the system will work:
1. BBN provides a database of distributed betting information referred to as
Distributed Directories. In essence, the application keeps a local database on
client device and keep it in sync with the Distributed Directory on the other
BBN devices on the network.
2. The size of the Distributed Directory needs to be kept small, not just so
fast but also so that BBN applications can finally run on mobile devices
smaller storage availability.
3. To maintain Distributed Directory, data changes must be transmitted to others
BBNs so they all keep the same data across the network.
4. The BBN application will provide the user interface so that the Offer Offerers and Offers
Bettors can interact with Distributed Directories.
5. The creator of the Best Creator consists of at least some of the following functions:
A. Create a Bet Offer with options, opportunities and limitations. Total Bid Offering Total (time) must be closed with enough BETR tokens to be released when
The bet is placed - the system must have sufficient funds to pay if bettor
win
b. Remove Offers Bet - release from the market
c. Edit Offer Bet - Options, possibilities and limitations can be edited
d. List of bets received - this requirement means that when the bet is received at
Ethereum, the contract address is sent back to BBN which is then stored
them for later reference.
6. Bettors should be able to:
A. Find events and bets that they're interested in. Navigation is part of the event
information (sports, country, league etc).
b. Select a bet and enter the bet amount (in the BETR token) that they want to bet.
c. BBN will receive a bet if Bettor has sufficient funds and the stakes are still
available.
7. Ethereum will manage bets in the form of contracts.
A. At the receiving of BBN will send the bet in the form of a contract definition
to etereum If this is the first bet taken from Bet Creators Bet Offer then BBN
will notify Ethereum to make a new Bet Master Bid Contract, if not then
The existing Master contract will be updated. Funds from both parties will be
escrowed by debiting the required BETR tokens from their Ethereum address
and transferred to the bet contract. The contract address will be sent back to
BBN that will update Bet Offer in Directory.
b. In Settlement, the bet contract will be completed by the resultor. Victory or bet
(depending on who wins) will be transferred to the right party. Master
The contract and bet contract for the betting offer will then be closed - destroyed.
Structure of Three Layers of BBN
To provide a technical solution to these requirements, the three layered apps are
imagined that can be described as follows:
The highest level is the user interface which is essentially a standard encapsulated browser
in apps The use of modern web app coding practices makes this the optimal way to do it
provide user experience.
User Interface will communicate with mini webserver in BBN application. That
the webserver will be responsible for generating pages and data connections and reception
response from the User Interface layer.
Note that more measurable nodes can also be produced to serve as web servers for servers
wallet based
Also delivered from the mini webserver is an API service that provides a common method
access to Web Server functions as well as all other external interactions with such systems
as a provider of data feeds and Sportsbooks.
The API Service Layer is also responsible for interactions with which BBN DD
distributed database and Ethereum Network.
The betting protocol (placement and bet settlement) will be implemented as a smart contract
etereum network While this is the essence of the system - in fact a large number
functionality will be in Better Betting Nodes - distributed directory betting nodes. Because
For latency issues, performance and cost on Ethereal, BBN will coexist exclusively
distributed systems and built to combine Ethereal functionality. A BBN client will do it
incorporating his own fast protocol for betting deals and also Ethereal
protocol for placement and completion of placement.
The ICO
The system will be funded through the issuance of token bets (BETR). BETR will
are limited in the total number of tokens that may exist and will be issued in accordance with
the following schedule:
We will search the list of BETR as much as possible crypto exchange, make an exchange
seamless and priced at market prices. So, for example, the initial problem may be
limited to $ 50 million worth of coins at the time of publication. In case there is $ 500 million in play on
anytime, the price of each coin must increase from 10c to $ 1 order
accommodate increased volume.
The use of coins is very important for ICO - we believe that the betting market offers
The chance of using coins far exceeds the many other ICOs currently offered.
Establishment and governance
The Better Betting Foundation has been established in Estonia (Better Betting Sihtasutus -
90014075). It has been personally funded for the initial establishment and to provide it
marketing and technical resources to proceed to ICO.
The company is not for profit and has no beneficiaries. The goal is to develop and create
available software systems to enable distributed sports betting on blockchain.
The company was founded by Adriaan Brink and David Vanrenen. supervisory Board
members are David Vanrenen, Hilly Ehrlich and Mitchell Rankin. Board management is
Adriaan Brink.
ICO and token sale
At least $ 2 million, a maximum of $ 30 million will be raised through token publishing. This fund will
used for
• Better bet protocol development and release
• Development and open source software dapps and nodes
• Marketing to key stakeholders and consumers
• Legal and administrative costs
Hard hat
There is a token 650M hard lid to be produced. If the token sale is done
not collecting enough funds, hard hats can be reduced.
Backup for future publications
Additional backup funds from tokens will be generated at the start of the event token sold in
market at the Company's discretion. The reserve fund is not more than 10% of the amount
the total amount issued in ICO and will be held in trust and not released at least 12
month. No further evidence will be made other than the ongoing maintenance tokens.
Ongoing Maintenance Token
Evidence of ongoing maintenance will be made periodically by the Company and sold on
market to fill in token burned as part of transaction fee. The transaction fee will be
based on the price of the underlying gas consumed by the transaction and will be repaired per
transaction regardless of the amount of the bet.
Roadmap
Design and Setup
October 30, 2017
Preparing for launch, PR, Corporate Technology.
Launch and Pre sale
November 22, 2017
Public Announcement, Website is live, Active marketing starts. Pre sale starts to the institution. Count down to General Sales.
General Sales
December 15, 2017
General Sales Start
Token can be traded
January 2018
Final end to Public Sales if not ending sooner Tokens can be traded within 2 weeks
Betting API Launched
March 2018
The Initial Betting API defines the Token Encapsulates API. Bets can be placed using tokens
Directory V1
May 2018
The first version of Better Betting Node was released
Authentication and Identification
July 2018
Launch of Applied Layer of Authentication Introduction
Betting on Dapp
September 2018
The reference code for Dapp bets is released
Bookie Dapp
September 2018
The reference code for the Bookie app is released
Directory V2
October 2018
True decentralization comes to the Directory
Launch and Pre sale
November 22, 2017
Public Announcement, Website is live, Active marketing starts. Pre sale starts to the institution. Count down to General Sales.
Token can be traded
January 2018
Final end to Public Sales if not ending sooner Tokens can be traded within 2 weeks
Directory V1
May 2018
The first version of Better Betting Node was released
Betting on Dapp
September 2018
more information can see link below:
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