Which market are we targeting?
Our project is focused on the market for betting on events. Today the volume of the betting market is more than $ 500 billion. The annual profit of bookmakers is more than $ 40 billion. And according to h3 Gambling, the profit of bookmakers is growing.
It is necessary to consider the fact that the share of offline bets is decreasing in favor of the online betting. And more and more people are betting on a mobile phone. This suggests that with the advent of new technologies, the market is steadily shifting online.
Which problem will be solved?
A very acute problem is in the honesty and transparency of the acceptance of bets.
Despite the popularity of bets and games in the world the practice of bookmakers causes more and more criticism. In particular, users are increasingly reporting cases of direct arbitrariness of bookmakers, for example, refusals to pay, especially in case of large premiums under the pretext of "suspiciously high ratio of winning" or "random" detection of several accounts (although in this fact did not cause of any remarks in relation to the client on behalfe of the bookmaker), and so on.
With the advent of new technologies, bookmakers began to consolidate. Today, betting market is centralized and monopolized. There is a centralized system for calculating odds.
This is problem.
What product will be offered by us?
We propose to create a smart contract based on blockchain technology to enable participants:
- - To make bets and accept bets
- - To have as many accounts as there are wallets
- - The premium is guaranteed by the means of the person who takes the bet
- - Deposite and withdrawl of money on the principle of trading cryptocurrencies
- - The amount of bets is limited only by the financial capabilities of the participants
Our goal is to bridge the market participants between themselves. Each participant must have the right to bet and accept a bet. The blockchain system should guarantee to all participants the honesty of the payout.