World’s first ever crypto bookmaker is launching an ICO, threatening to revolutionize gambling industry.
More than 80 countries have laws that legalize gambling. Sports betting occupies the largest market share in the global gambling market. In fact, it makes up for 40 percent of the revenue that is generated worldwide according to the Global Sports Betting Market report by Technavio. The report states that annual revenues are in the region of $400 bln each year. Certainly sports betting is a popular pursuit; a Statista survey indicates that half of people 18 years or older have placed a bet on a sports event at least once during their lifetime.
Online bookmaking has certainly taken off, but the element of trust needs work. New developments such as Blockchain technology and smart contracts can redefine sports and other betting. Blockchain has proven itself time and again in critical areas such as finance, banking and even medicine. The benefits it has lent to these sectors allow for trust to be created in areas where it has been missing.
Early bird gets the worm
However, as of now there is no crypto bookmaker on the market. This means that a pioneer has the complete opportunity to capture and create the market. The success of the project would create an option for potential investors, who will be tempted by the reliability, verifiability and transparency that Blockchain and smart contract technology provides. The new entrant could leverage technology and leap ahead, while opening up new horizons for players, who have access to ‘online betting’ but are still unsure if they are getting a raw deal.
The key is transparency
Ethereum’s powerful smart contract features are ideal for building a crypto-betting solution. The Ethereum Blockchain presents opportunities that span investing and conducting transactions online. It can be scaled to betting applications with ease. Payments could be guaranteed by smart contracts and would increase transparency significantly.
Risks against embezzlement are also minimized due to the restrictions on access to the investment funds. The payout amount can be locked on the account of the smart contract at the time of placing the bet and cannot be expended or spent prior to the settlement. None of the parties can make changes to the bet that has already been placed or spend the prize fund.
Full control and total safety
The XWIN platform has been developed on the Ethereum Blockchain and is the first crypto-betting service that provides full control over investments and provides complete access from any corner of the world 24 hours a day, 365 days a year. Customers are assured their privacy and confidentiality would be maintained.
There has been a complete redefinition of the relationship between players and gambling resources. Investors would have far greater control while betting than they have ever had before. As to the safety of the bets themselves, XWIN’s whitepaper states:
“XWIN smart contract performs the functions of an arbitrator that autonomously and completely independently fulfills the terms of agreement. In other words, if the bet was made using the smart contract, the conditions prescribed in the smart contract should be met 100 percent regardless of the desires of the parties. The better who places the bet with XWIN, receives information about all conditions, and subsequently these conditions cannot be changed since they are written in the smart contract.”
An emerging crypto-betting token
The XWIN token will facilitate crypto-betting and bookmaking. It allows for co-ownership in the world’s first crypto-bookmaker where investors receive 100 percent of the net income without the need for much interaction. The tokens are available for sale in an initial coin offering (ICO), which is stated to begin on Jan. 1, 2018. A total of 100 mln XWIN tokens will be issued, out of which 80 percent are being put on open sale. Purchasing tokens is easy and investors can head to their website and register.
An economic model in place
Bookmaking is immensely profitable business. XWIN would be keeping a margin range of 6-20 percent of the betting rate. There are plans in place to make the margin from the better’s bet to be credited to the account of the smart contract, which would be managed autonomously. Margins would be distributed in the manner illustrated in the chart. Notably, investors stand to gain 20 percent of the margins.
Once again Blockchain has proved its utility in a new industry. Players will gain the convenience of 24 hours betting and will know their funds are protected.
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Author: Shivdeep Dhaliwal