Betting, Gambling and Bettex Blockchain Platform
For those who are conversant with online gambling platform, you should be familiar with the term “odds”. For those who are not, an odd in this case simply means what your investment will yield in case of a win. So for example, if the odd set by the bookmaker for a game between team A and B is at 1.20, if your team of choice wins the game, whatever you have staked will be multiplied by 1.20 and you will be paid that alone. So if your stake was $10, you will have $12deposited back into your account. This is a profit of $2.
Nowthat we have covered what an odd is, we need to understand thedifference that exists between the two famous means of online betting.
To make an online bet, there are two ways to go about it:
1. Through a bookmarker, on a betting platform.
2. Bet exchange platform.
In the first option, the bookmarker has all the power. They are also constantly at risk of losing money to the gamblers depending on the outcomes. With a bookmarking platform, the house carries the opposite side of any bet placed on the platform. Meaning if a gambler’s bet wins, the platform makes payment to the gambler. If it goes the other way round, the platform keeps the gamblers stake for itself.
A bet exchange platform, on the other hand, is basically a marketplace or an exchange platform where gamblers get to bet on the outcome of selected sporting events. With a Betting exchange, gamblers can”back” or buy a bet, they can also lay or sell at bet. Just like a bookmaker operated gambling platform these bets can be carried out in real time. As a result of this, gamblers have the luxury of cutting their losses on a bet or closing the bet midway to lock in some profit.
Unlike a Bookmaker operated platform, a Betting exchanges’ standard way ofgenerating revenue is by charging a small commission on winning bets.
Although they offer better odds and more control over the game than bookmakers, bet exchanges have its own disadvantages. A good example is the fact that, bet exchanges generally make more room for accumulated bets. Although, some bet exchange platform
One established fact is that blockchain technology general makes the
Most centralized Bet exchange platform normally requires their users to submit some sort of identifications and most times these submitted documents are not private, as they can be accessed by
Another major issue with the bet exchange platform is the payment system. Recently, Iran was removed from the list of SWIFT payment supported countries. As a result of this sanction, Iranians are facing difficulty when it comes to making payment for services or goods online.
However, with the use of cryptocurrency, Iranians can access bet exchangeplatforms easily, without having to worry about revealing theiridentity.
The Bettex Platform
Fortunately, a blockchain based solution for bet exchanges—Bettex, has been launched.
Bettexis a decentralized betting exchange platform totally dependent on the blockchain network for its functions. Bettex will have its own native token called the Bettex Coin. The coin will be used for making bets on the platform and users will get paid their winnings using the coin. The Bettex Coin makes use of the Proof of Stake consensus model to validate blocks, and it is developed on the Xevan algorithm.
Bettex plans to address most of the shortcomings associated with the gambling industry, using Distributed Ledger System (DLT).
Some of these shortcomings include but are not limited to the following:
- Different fraudulent activities;
- Processing problem;
- Fault tolerance problems;
- Private access problems;
- Lengthy time verification.
The risks of using the third parties to replenish the account balance and storing their funds in third-party companies.
According to information sourced from the project’s white paper, Bettex will be based on BigchainDB. “BigchainDB is a software with the block properties (e.g. decentralization, immutability, owner-controlled assets) and database properties (e.g. high transaction rate, low latency, indexing and querying of structured data).” BigchainDB combines the main features of building databases and blockchain.
The above-named features make BigchainDB perfect not only for a platform like Bettex, several other projects such as BenBen— a Blockchain Powered Land Registry in Ghana and Innogy—a Digital Product Memory project have benefited from using the platform.
The Bettex platform is the perfect solution for anyone worried about privacy or looking to benefit from the many features offered by Distributed Ledger System (DLT).
