Peer-to-peer sports betting system BetterBetting is looking excitedly towards this summer’s Russia World Cup, with the firm’s gambling-focused cryptocurrency BETR being made available for use during the tournament.
For the first time in history, a digital token (BETR) will be available for the world’s biggest sporting event, and will provide peer-to-peer betting with no central party alongside a robust escrow and settlement service. Through the blockchain-based system, two parties that do not know one another and have no common operator are given access to betting opportunities that did not even previously exist.
Credit cards, wire transfers and other payment mechanisms will no longer be needed as BETR tokens will take their place and can be sold and traded with similar cryptocurrencies such as bitcoin and ethereum.
Adriaan Brink, the CEO and Founder of BetterBetting Foundation, said: “We are hugely excited by the traction BetterBetting has already gained within the gaming space. Most of our support thus far has been within the industry – people who understand sports betting just get the idea and are keen to jump on board.
“By removing friction and providing transparency and fairness for a bet between two parties who have no relationship with one another we will change the way that betting works for many people.
“By going down a peer-to- peer and also peer-to-sportsbook route we do not compete with existing industry players – rather we add to their potential user base and facilitate a much slicker method for instant betting. Our software will enable instant one-click bets from all sorts of widgets that don’t exist yet – think messenger widgets, one-click betting buttons on media and so on.”
Sports enthusiasts can purchase their share of BETR only until 31st January or until the hard cap of $30 million is reached.