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README.md

README.md

ABSTRACT

Online betting is one of the huge industries and the most convenient way for the bettors around the world to BET on their favorite player, team, or a specific match. But there is a common perception of unfairness about the online betting. Moreover, the industry is always plagued by multiple issues including security issues, lack of leadership, lack of transparency, high fees, low returns and skewed odds. These issues hinder the progress of the industry causes the innovations come in inches instead of miles. These all issues are mainly due to the centralized nature of the betting industry where the rate of winning on casino games is fixed at proportion beneficial to the betting platform.

Keeping in view the above status of betting industry, the team behind the Betcoin sportsbook & casino found that the only way to make betting fair, secure, accessible and to bring innovation in it is to make it decentralized where there will be the same rule for all making it fairly profitable to bettors.

The only way to make betting decentralized is to use blockchain technology in it, and this is where the team come up with the Betcoin casino; a decartelized betting platform which use the innovative blockchain technology to make betting fair, transparent, secure and more importantly, accessible all over the world without compromising on the privacy of bettors. Betcoin sportsbook & casino approaches to unlock the current barriers within the betting ecosystem and to add new dimensions to the industry.

Betcoin sportsbook & casino platform is created to establish a blockchain-based online casino where users can BET on their favorite games, teams and matches or can play peer-to-peer casino games paying low fee and getting high return. The platform leverages Ethereum blockchain technology and smart contracts to ensure the safest and transparent betting experience.

VISION

Our vision is to harness blockchain technology for a better betting industry and make the betting fair, easier, more enjoyable and accessible throughout the world.   MISSION

Our mission is to provide the world an easily accessible blockchain-structured betting platform and making the betting industry without boundaries.

INTRODUCTION

At its core, Betcoin casino is a new blockchain-based online betting platform allowing people from all around the world to BET on sports and casino games enabling decentralized P2P and borderless betting. The decentralized nature of the platform will ensure the users fairness, trust, transparency, security and privacy whereas being based on blockchain, the transaction will be faster and secure with low fee. Betcoin sportsbook & casino wants to reinvent the way online betting industry operates by addressing the shortcomings of traditional betting industry and reshaping the standard of the online casino by bringing innovative features to the industry. The platform has its own token; the “BET” which is an erc20 token designed to be used in the Betcoin casino to BET on sports and games and will be redeemable within the casino anytime the holder wants.

MARKET OVERVIEW

The gambling market, both regulated and unregulated, has changed considerably in the last decade with the rise of online gaming. According to statistics, the overall global gambling market is absolutely massive and standing at $03 Trillion USD (including both regulated and unregulated casinos and platforms) whereas the online gambling makes a decent percentage of the total market. In 2018, the online gambling market was over $130billion1 USD growing 25% annually and is expected to reach over $191billion USD by 20222. Ultimately, the online betting has become the fastest growing market segment within gambling worldwide making a huge potential for an innovative blockchain-based betting platform; a platform which ensure the bettors transparency and fairness. Analysts believe that due to its decentralized nature, blockchain-based betting platforms will gradually evolve and takeover the conventional betting methods in the near future.

By taking a closer look at the current cryptocurrency gambling market, we have revealed some of the interesting figures which show how decentralized betting platform will dominate the online gambling market in future. With overall market cap of ~$166 billion USD, bitcoin is the widely used currency in betting and has been wagered around $80bilion since 2014. With more than 300k bitcoin transactions per day, half relate to online gambling.

INDUSTRY CHALLENGES

Current online betting industry is afflicted by a number of serious problems. Unfair odds which are vastly in favor of the bookmaker, limitations on payouts, lack of transparency, high fee, geographic restriction and security concerns are among the top considerations. These are the top challenges faced by today’s betting industry making the online betting unfriendly for the potential bettors and alienating them from taking part in betting system. Below is a list of priority issues the Betcoin casino is set to solve.

  1. Unfair conditions

This is always been the main issue that over time, the bookmakers always win. And this is mainly because the centralized nature of the existing platforms where odds are set massively in the favor of bookmakers. It is common practice in existing online betting system that if a BET has no winners, the bookie takes all the money and if there are more winners making a considerable loss to bookmaker, the BET is cancelled.

  1. Lack of transparency

Transparency is what a centralized betting system lacks the most. Betting companies never let the bettors know how odds are set. It is also noted that some companies or bookmakers manipulate the odds even after a game starts.

  1. Complexity

To become a successful bettor, one needs to deeply study the betting nomenclature and should have rich information. To make the process more complex, there is always been complex registration forms and interfaces to aid the problem. This can be overwhelming to casual players keeping them away from betting.

  1. Difficulties cashing in and out

Traditional centralized online casinos are found unreliable when it comes to depositing or withdrawing funds. Bettors frequently complain that their funds are not deposited correctly as it reference in the personal balance. There are sometime hidden fee while cashing in or out. Most of the casinos advertize bonuses and rewards but it never show up. There is also restriction or minimum or maximum payout limits.

  1. Outdated payment methods

Along with most other things, there is no innovation to the payment method when it comes to existing betting system. That old wire transfer and other outdated payment system still dominating the way the bettor must pay and withdraw in.

  1. Invasive sign-ups and verification

Almost all existing online casinos, whether conventional or blockchain based, require and invasive and extremely burdensome sign-ups and proof of identify in the form of id card or passport scan, utility bill and sometime bank statements. These compromises the privacy of the bettors. Their personal data and playing activity maybe tracked and reported.

BETCOIN SOLUTION

The only way to make true peer-to-peer betting possible on the internet and to get rid of the above stated problems is to use the blockchain technology in casinos. Blockchain technology has the capability to disrupt the centralized online casino industry by eliminating the role of middleman. By leveraging the blockchain technology and its core features like transparency, security, privacy and decentralization, Betcoin casino will establish a truly decentralized sports and casino betting on the internet enabling true peer-to-peer betting. The platform will provide previously unavailable opportunities to the bettors and by getting rid of conventional online betting system and there will be shift of power from betting providers into the hands of betters.

THE BETCOIN PLATFORM

The Betcoin platform is the first of its kind in the betting industry with on-chain P2P betting and comprehensive casino solution. The Betcoin platform is developed keeping in mind the ease of use, accessibility, stability, scalability, accuracy and more importantly the security. While most of the features in the existing Betcoin platform can be found in other conventional and blockchain based sportsbooks and casinos, the visa debit card and in-play live streaming which will be integrated in the platform after completion of the ICO phase is what making the platform unique and will lead to the worldwide dominance enabling true borderless betting.

Betcoin platform allows smooth implementation of new features and integration of third-party solutions such as live streaming. It truly fulfill the purpose it is design for that is, to bring innovation to the conventional betting industry.

The bookmakers insurance by Betcoin platform will provide opportunities for secure and steady revenue streams and will empower its users to get maximum profit out of the platform without the fear of lost BET and ultimately the revenue.

CORE FEATURES

  1. P2P betting

Being decentralized, the main advantage of Betcoin platform is the true P2P betting where all participants or the bettors will be connected directly.

  1. Visa Debit Card

Partnering with Localcoin and Visa Debit, Betcoin casino platform will enable its users to participate in a BET instantly from anywhere around the world. This feature will make the true borderless betting environment where user will send and receive the win money instantly. They will be able to redeem their BET token, bitcoin and the prize money to cash-out on the 40 million Visa merchant worldwide.

  1. Low fee

The Betcoin casino has set a low house edge giving maximum benefit to the bettors. Our house edge will be calculated based on the volume of betting amount by a user in a given month. Active users will pay as low as 0.5% commission where as the maximum commission will be no more than 2%. This will suit all small and large transaction as well as bettors. The platform commission will be deducted from the winner of a BET only.

  1. No tedious sign-ups

Unlike traditional online casinos and other complete or partial blockchain based casino, the Betcoin casino do not have the tedious signup process. The platform will ask for basic information to create an account and be able to participate in a BET. The same is true for withdrawing you funds. You will not ask to complete the KYC or submit a passport scan or bank statement at any stage during betting or cashing out.

  1. Bookie account with insurance

The bookie account insurance is one of the unique feature by Betcoin platform to make the investment of the bookmarker secure and provide them with a steady revenue while making odds. Any of the Betcoin platform's user can become a bookie and make betting odds for profit.

  1. In-play live streaming

Though not included in the current version of Betcoin platform; the team is working to partner with live stream caster to get access to live sports streaming for its users. The in-play live streaming feature is intended to be integrated in the platform in the first quarter of year 2020.

  1. Hosted on multiple server

One of the unique feature of Betcoin sportsbook and casino is that it is hosted on multiple servers in different locations around the world. This feature not only make the platform stable and secure but it also aid in faster loading of pages and ensue 100% uptime 24/7.

  1. Payment methods

The Betcoin platform will support only 2 coins, the bitcoin and the Betcoin as mode of payments. Current version of the platform has fully functional bitcoin betting option where user can deposit BTC to their account to participate in a BET. Betcoin on the other hand, will be added to the platform soon after completion of ICO (Q1, 2020).

  1. Spread Betting

Along with moneyline bet or fixed-odds bet, Betcoin platform will let its user to make point spread betting or simply spread betting where the bet wagers on who will win and by how many points.

OFFICIAL SITES & PAGES

Betcoin Platform: https://betcoincasino.online/

Betcoin ICO website: https://betcoincasino.io/

Facebook: fb.me/betcoinplatform

Twitter: twitter.com/betcoinplatform

Reddit: reddit.com/user/betcoin_platform

Medium: medium.com/@betcoin_platform

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