The online betting industry is by far one of the fastest growing industries today, which leaves a lot of room for innovation. The easing of government regulations has been identified as one of the primary growth drivers of the global online gambling market. According to a report published by Interpol, the industry has a turnover of more than $1 trillion. The market is characterized by the presence of several vendors competing to gain market dominance. Yet, this seems to have little or no effect on market players’ innovative instincts.
Today’s betting services are flawed. Betting firms are increasingly growing shy of global expansion, choosing to encourage neither deposits nor withdrawal from players outside their chosen territories, no worldwide support, only local and most known sporting events. Many bookmakers ban foreign users. This is not to say that local players have it easy. These firms charge high commissions as high as 1-3% on money deposit, 1-3% fee on money withdrawals, 0-5% fee on individual player winnings. Let’s not forget that conditions are unfair, and automatic tax cuts on personal income.
In this technologically advanced age, online betting firms are yet to develop a vendor platform, provide public API for developers, and while there exists decentralized, tech-savvy platforms, they can’t provide fast betting services to match their “low-tech” competitors. The solution of the problems described above is the Betrium.
Betrium, the solution
Betrium, the platform with its ICO scheduled from 26th March 2018 to 29th April 2018, is a solution developed by a group of entrepreneurs and MIT and MIPT graduates. The platform offers the first partly decentralized worldwide betting service (betting exchange and sport-book) with zero-commissions and cryptocurrency support. Betrium also provides a platform for event organizers, developers, and third-party service providers.
So, what makes Betrium stand out?
After months of research and analysis of betting and gambling markets and bookmakers’ business model, Betrium’s developers decided to build their own advanced and fair service based on powerful blockchain technology. On Betrium, bets happen off-chain and only added when the event happens, and the outcome is undeniable. The bets are instantly broadcasted over the network to recalculate. This means that in contrast to their competitors, Betrium’s developers are able to provide a high-speed betting service built on decentralized IT architecture. This is an outcome that not just any solution powered by Ethereum blockchain can provide, in the speed required for professional betting and trading on sports.
A decentralized service is revolutionizing the nature of online betting and, in the future, Betrium will revolutionize overall gambling. The platform will accept deposits and withdrawals from users across the world, with worldwide support for 25 to 30 countries, and features all sports events all around the world. User balances will be fixed in USD/EUR. The reason for this is so users can be protected by integrating exchange functionality.
Commission-wise, Betrium wins. The platform will charge astonishingly low commissions than the industry average. A 0-1% fee will be charged on money deposits, withdrawals, and winnings. Not only will the Betrium platform support fiat currency but also popular cryptocurrencies such as BTC, ETH, LTC, XZC, and DASH. Due to its nature, accepting cryptocurrencies among other implemented concepts, Betrium can’t take taxes on the personal earnings of individuals. So players are assured of receiving their winnings in equal measure.
For event organizers, Betrium will offer a dedicated platform which seeks to provide them with an opportunity to create events and particularly cyber sports streams and make a profit on betting using a powerful blockchain technology. On the other hand, developers will be granted access to an open public RESTful API, so they may create as many betting bots as possible, build their own third-party apps and betting service providers, using Betrium’s core. This will help the Betrium team expand the scope of the user experience beyond what is already available in the system.
The token sale
The building block of the Betrium platform, its business model, is actually designed to make money for the founders, investors, and customers. So, Betrium is launching an ICO to raise funding for the world’s most advanced gambling platform. The Betrium tokens (BTRM) are decentralized ERC20 tokens based on the Ethereum blockchain. A total of 140,000,000 BTRM will be emitted and no tokens will be issued after the sale ends.
Betrium’s ICO starts on 26th March and ends on 29th April, in which 63,000,000 BTRM, equal to 45% of the total supply will be distributed. The price of BTRM tokens will depend on the number of tokens issued during the ICO. The soft cap is set at 1200 ETH while the hard cap is 22,000 ETH. Unsold tokens will be burnt after the ICO. Betrium Tokens will be transferable and listed on the exchange once the initial sale is completed.