What you are about to partake in through this article is the evolution of betting so sit tight and enjoy wealth.
In recent years the online sports betting industry has been characterized by strong growth. Since 2009 the market has doubled in size, and currently has a volume of nearly 60 billion USD. However, despite this prodigious growth, the online gambling industry has experienced decreasing levels of trust and diminished reputation in recent years. Traditional online bookmakers face many problems, including lack of trust, lack of transparency, strict regulations, and high operational costs resulting in high margin odds in favor of the bookmaker, all stemming from their centralized structures. Big centralized companies are in charge of the outcomes, odds, and player funds, which ends up in a lack of transparency and trust as perceived by the customers
Problems that the BX.BET project will solve:
• Lack of trust: Traditional betting operators require a high degree of trust - which is sometimes exploited by the bookmakers, to the detriment of their users. On the other hand, this responsibility results in high procedural and financial expenditures for the bookmakers as well.
• Lack of transparency: The processes of traditional bookmakers remain hidden, giving no insights into what information led to specific odds and making it impossible to ascertain whether the odds are fair or set too far in the bookmakers' favor.
• Interference of providers & limitations: Within the current sports betting landscape, the players are very limited in their freedom of betting. bookmakers can limit the players in their betting behavior and even penalize players who frequently win, by banning or restricting them.
• High costs: High costs are required to run a traditional betting operator safely and efficiently for both the players and the company. These costs are reflected in high margin odds and directly charged to the players.
Stating the problems is step one, now see below steps that BX.BET are taking to ensure effective solution to the problem of betting as a whole.
BX.BET Solution :
Decentralized, block chain based approach eliminates non-distributed processes and allows players to benefit from full transparency and total control over their betting experience. BX remove the middleman and transmits hand control back to the user. BX neutralizes all problems and weaknesses from the current betting market, by introducing a powerful and distributed ecosystem running on self-executing smart contracts, which significantly cuts transaction and operational costs. Ecosystem BX.BET:
• Betting exchange: The BX betting exchange forms the central hub for its users to accept or offer bets on the outcomes of the markets.
• Fee structure: BX will establish a fair and transparent fee structure, which is solely designed to keep the ecosystem running. The overall fee will be significantly lower than industry standards.
• BX smart contracts: All BX betting transactions, as well as payouts, will run safely, autonomously and transparently on the block chain by using Smart Contract Technology.
• Market owner: Becoming a bookmaker has never been so easy. In the BX ecosystem, every user can become a Market Owner and receive a share of the market they have created.
• Betting markets: BX will offer two types of betting markets within the ecosystem: private and public markets.
• Oracle: BX will introduce the BX outcome voting system as a decentralized Oracle to determine the outcomes of the bets securely and reliably.
In contrast to regular betting platforms with centralized structures and middleman-oriented business logic, BX will allow peer-to-peer betting transactions as part of a unique decentralized ecosystem. BX will create all the necessary infrastructure to put the whole betting process and experience directly in the hands of the users. They can create markets, determine outcomes, and place bets, without the need for a middleman in form of a betting operator who doesn’t act purely in the interest of the players. Only the market forces within the community will ultimately decide which markets and bets get accepted.
As BX is a betting exchange, the odds are generated solely from the supply and demand of the users (comparable to the functioning of a stock exchange). This will eliminate the non-transparent and unfair odds determination that is common amongst traditional bookmakers. Within the BX ecosystem, the odds represent the probability of the occurrence of a specific outcome, based on the aggregated opinions of the users. The odds offered therefore represent a realistic and incredibly accurate probability of the outcome of the market.
For more information visit:
White paper: https://bx.bet/static/files/whitepaper.pdf
Author of the article: https://bitcointalk.org/index.php?action=profile;u=2309893
ETH address: 0xe91208De6a995A39B109D59B6e8C5AFD7b3EDA72