BetOnChart has set about standing beside the “big guys” as the blockchain-based platform provider prepares to launch its unique twist on in-play sports betting.
Designed to provide a gamified betting experience for its players, BetOnChart has utilised AI advancements to recreate a football match in the form of a chart.
We caught up with the company’s founder Pavel Bykov to discuss the excitement of split-second in-play decisions, the simplicity of the CHART token, and why BetOnChart can help to counter a lack of transparency in today’s sports betting industry.
SBC: Can you explain why BetOnChart will become an important product for the industry?
PB: While offering a unique gamified betting experience, BetOnChart also provides an unprecedented level of transparency along with data storage in real time. This means that every bit of information gets stored in a blockchain, publicly available for review, so there is no way to cheat or be cheated.
We feel that the lack of transparency in today’s betting and gambling industry is the main problem, which we’re aiming to solve with our platform and the blockchain technologies.
It will also attract new people to betting due to the nature of our game, because it makes betting fun and accessible, and we’re expecting to see online traders, gamers, football fans, as well as seasoned punters among the users of BetOnChart.
SBC: How did you conceive this unique live play and immersive concept for sports betting?
PB: As a long-standing financial solutions developer, we experimented a lot with online trading gamification and came up with a type of a multiplayer game utilizing a betting pool system, where players need to place bets on the asset’s price represented by a fluctuating chart.
The concept turned out to be applicable to many areas, and sports betting was the next logical step. We only had to teach our algorithms building charts out of football match data, which is now accessible thanks to many technological advancements in today’s sports.
SBC: In building a ‘split-second’ immersive product, what key concepts and factors did your team have to research?
PB: First of all, we had to find a stable source of real-time football data, because it’s important to visualize the game as it goes, with minimum delays. We’ll be getting our data from several independent providers such as Sportradar and historical data providers, namely Opta Sports and Stats.com. As our platform develops, we will be employing other data providers as well. It is important for us to deliver only objective information to the users.
This is also the first time we’re dealing with blockchain in our product, but thanks to Ethereum platform, that is full of ready-made solutions, the implementation is going smooth. We are going to rely on such technologies as Raiden and Plasma, which will help us to establish a child-chain of our own and automate transactions, and in the future we will deploy our own EVM for maximum efficiency.
SBC: It’s always hard to deliver new products to the betting market; where do you see BetOnChart’s position on the current value chain?
PB: BetOnChart is basically an online bookmaker with a twist, and we’re aiming to be recognized as one of the major betting platforms. The uniqueness of our mechanics will hopefully allow us to stand beside the “big guys” of sports betting as an equally valuable, but different, betting experience.
SBC: Why did you choose to go down the token path for crowdfunding?
PB: The CHART token is actually useful and it simplifies a lot of the aspects of our platform. For instance, there is a multiplayer mode of BetOnChart, where can meet users from all over the world, and they all can have accounts in various currencies. A betting pool only works with a single currency, so that’s where CHART comes in handy and serves as an in-game currency. It is a way to equalize all the players, no matter where they’re from.
Besides that, CHART is going to be used for marketing purposes, client attraction and retention etc. It’s a highly versatile tool for this kind of business.
BetOnChart has been confirmed as a sponsor for Betting on Sports 2018, the 3rd edition of the largest international sports and betting trade conference, held at Olympia London from 18-21 September.