Betmatch

Betmatch is a blockchain solution for bookmakers by RevelDevelopment. It uses cryptocurrencies with trustless customer funds storage, bets execution and payouts. Additionally, Betmatch combines the classic business model using blockchain technology with the social betting network as a second layer.

Whitepaper

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Interest lvl

NA

Updated: May 29, 2023

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User Rating

Highest

5/5 • 2 votes

Ticker

XBM

Type

Utility-token

Token standard

ERC20

Registration countryEstonia

What is Betmatch

The betting industry lacks trustworthy and convenient services that can cater to players all around the world. A betting service based on settlements in cryptocurrencies looks very appropriate due to natural, cheap, and fast payments for deposit and withdrawal purposes. However, typical centralized betting solutions, which may allow players to use crypto as an additional deposit and withdrawal option alongside fiat money (credit cards or e-money systems), don’t look attractive because of multiple issues. The main problems are the trustworthiness of a house’s bet calculation and the money withdrawal process.

Betmatch is building a decentralized betting house that primarily allows players to bet against each other and the house using cryptocurrencies with trustworthy customer fund depositing, bet execution, and payouts. The second layer of the system is a social betting network with original players and a project supporters motivation system.

Betmatch is a decentralized betting house that combines the classical business model of traditional betting cases (but executed in atrustworthyparadigm using blockchain technology) with a social betting network as a second, community layer.

The usage of blockchain infrastructure as a critical component of operations is especially important to customers primarily for funds storage and bet execution. Furthermore, it provides the fundamental opportunity to combine a trustworthy betting service with a social betting network. These two business models perfectly complement each other, providing additional customer value and enhancing the overall net effect of the system created. Social interactions related to decision making in betting is the most prominent use case in the industry today. Often, social interactions have a poor reputation because of deception from bet decision providers and execution without a clear track record and long-run motivation system. The traditional betting house model, even with blockchain advantages, is weak due to a very competitive market environment and the high cost of user acquisition. Betmatch combines the two business models (betting house and social betting) and aims to build a durable solution for the emerging cryptocurrency-based betting market.

Betmatch’s proposed technical and business solution provides customers with an original service of house trustworthy betting using cryptocurrencies. Deposits, bet execution, and withdrawal processes are executed using blockchain network services (direct crypto payments and smart contracts) and cannot be interfered with by the betting house’s or any third party’s actions. Besides an industry-grade, classical betting service built on top of a blockchain network, Betmatch offers an original social solution for players and the betting-related community. This concept allows each customer or project supporter to construct a personal business with positive cash-flows or receive a share of the betting house’s profit as a reward for social activity and community interaction inside the system.