As operators slowly return to normality with live sporting events beginning to resume and global regulations gradually relaxing, the betting landscape has shifted dramatically with new avenues, such as esports, booming whilst other markets have faced an up-hill battle.
With new horizons starting to open, there is also the opportunity for firms to branch out and create a new platform for sports bettors, providing a different approach to traditional odds. Si14Bet is one of those firms, with peer-to-peer sports event betting exchange allowing player-to-player betting.
The company’s CEO Viktor Kopylov highlighted why the operator has made an entry into the betting sector and discussed Si14Bet’s plans to introduce cryptocurrency alongside fiat money.
He stated: “With a lot of experience in the gambling industry, our company was experiencing the pain of the industry. It was a constant blocking of accounts and cutting of maximum betting. The turnover in our bookmakers was up to $200 million per month. We used different strategies to manage our capital and were very successful in doing so.
“When the question of managing large amounts of money arose, we decided to develop our platform. We took into account all the pain of the industry and our users will have the best conditions in the betting market.
“Users use our platform as an exchange that has supply and demand. The difference from a stock exchange is that instead of stocks, bonds, the subject of trading is sports events. Tokens are used as a tool to reduce the commission of the platform. The classic fee of the Si14 exchange is one per cent, but users who have purchased tokens can exchange them for a discount of up to 0.2 per cent.”
The operator’s peer-to-peer betting system allows punters to set their own stakes against one another without pre-made odds created by data providers. However, in order to provide fans with information on sporting events, Si14Bet will work with feed suppliers to offer provisional odds which users can follow.
Kopylov added: “We will work with feed suppliers such as Betradar and others. Since we initially do not have odds on the exchange and they are formed by users – companies such as Betradar – form a recommended odds column. This is done for the convenience of our users.”
The operator is looking to launch its platform in August, but in the meantime, the firm has confirmed that there are 20,000 users beta-testing the product to ensure that a steady ecosystem is already created upon launch.
Si14Bet is currently based in Switzerland and so for the platform to expand into different markets it will need to garner more operating licences, which is its plan. Moreover, the firm is serviced by the TOP Bank of Switzerland, providing immediate security for players’ funds.
According to Kopylov, one of the challenges associated with the exchange betting scene is newcomers having liquidity problems and enjoying the action of major competitors. However the CEO highlighted that the platform has already solved its liquidity issue due to the interest that the platform has generated with its beta test.
Kopylov emphasised: “The liquidity problem in our company was solved very quickly by the interest of professional players with high liquidity. Our large target audience is the players who hedge their positions and deal with arbitrage situations in the betting market. To date, we have signed some memoranda with developing countries such as Africa, Costa Rica and others.”
Overall, Si14Bet looks to break into a market that has been heavily impacted by a global pandemic. And with its P2P system, unique cryptocurrency option, and lack of sporting preference, the platform could develop well in this new climate.
He concluded: “Si14 does not make preferred sports. We focus on all markets for sporting events. Of course, the main sports will be highlighted with a wider service line such as – Football – Tennis – Esport – Volleyball – Ice Hockey – Horse racing and others.
“We have been in the betting market for a long time and we know the pain of the industry. With this information, our company has taken into account all points and made a platform from which no one will leave. Besides, we have innovative solutions that are not found in the betting market.”