People have been making bets since the earliest of times. In Ancient Greece, spectators used to bet on the Olympics’ participants, while in Ancient Rome – Romans used to bet on gladiators and chariot racers. Back then, people placed bets by agreeing with each other. Bookmaking as a business originated in Britain two millennia later. Throughout history governments limited or even prohibited betting and gambling, as they took the matter very seriously. Betting industry boomed in the 1990s as bookmakers started to accept bets via the Internet.
Crypto-betting is secure, fast and transparent.
Typical betting platforms share the same problems, such as opacity, geographical payment limitations and necessity to trust site owners who might fix the odds or refuse to pay-out the winnings. All these problems can be easily solved by implementing blockchain and cryptocurrency into the core of a betting system.
In the majority of cases gamblers are not able to keep track of the funds and trace the bets in a blockchain. Such bookmakers use cryptocurrency only for client generation and do not make the next step.
Blockchain technology can offer a solution that can break this cycle of mistrust and create a new standard for online betting. BetMatch project utilizes such a solution and offers betting based on blockchain technology.
BetMatch is a decentralized betting house that combines a classical business model based on traditional betting abiding by an unbiased paradigm that uses blockchain technology with a social betting network as the second (community-based) layer. BetMatch’s architecture offers several features that work together to create a safe and transparent betting system:
- – elimination of the human factor and third-party influence on bet processing, results displaying and winnings pay-out
- – all bets are unprecedentedly fair and transparent due to the use of blockchain technology
- – cryptocurrency-only bets,