What is BetonYourself?
The founders of BetOnYourself are themselves gamers who founded the platform to meet a need they noticed. In the world of eSports, becoming a professional gamer is difficult. Not all players get an opportunity to earn money from the skills they possess and BetOnYourself exists to change that. The platform looks to give gamers the power to bet as much money as they want on their skills.
On the platform, the player holds all the power. For instance, they can choose their opponent. Note that the platform is not a gambling service. In a game based on skill, the outcome usually depends on the physical and mental skill of the player and this is the case with BetonYourself. The team was looking to have a base concept that allows the player to play, develop and advance and in the end, to win. That way, all the energy and talent that goes to video games does not go to waste.
Registering on the platform is simple. You only need to complete the sign up with an email account, create a password, PSN ID and username. Every other thing from there will depend on the player. You will have to invite someone directly to start a challenge. If they accept your invitation, then you can set your bet.
Every player on the platform gets a ranking based on their opponent rates and their skill. You get a chance to rate your opponent. Through this, the platform is able to remove problems with harassment and communication. According to the team, the platform looks to create a respectful and safe space for all members united by their love for gaming.
On the BetOnYourself platform, all the players get protection. Every match that causes a discrepancy is followed up on to have the issue settled. In fact, all results are reported by both players within 15 minutes of finishing the game. If one of the players fails to comply, the winner is the player who provides a screenshot of the match result. The idea is to have everyone provide the proof of a win by sending a screenshot or a video of the game.
Relevance to the market
No sport is growing in the world today as fast as esports; the fact that one can just participate whenever they are, wherever they please makes esports very convenient. In a world that values freedom and adaptability, the no limitations in the sport fans the fire. By definition, esports is competitive gaming organized for professionals towards a specific goal. It must be clear which player is playing against which one.
As such, esports provides a form of entertainment that is both multiplatform and multi-format. One can play on their mobile phone, desktop or tablet. They can access the games by streaming on TV or through social media, as play per demand or live.
The many playing avenues translate to numerous revenue streams – media rights, game publisher fees, sponsorship, tickets, and advertising. Together, all these revenue streams make more than $906 million per annum. The only problem is that of all this money, none of it goes to the everyday video gamer.
The fact that in online gaming the success of a player is independent of their physical attributes means that it is possible for different players to both excel in the field. Things like gender, location, and culture become non-issues. With BetOnYourself, everyone, connected by their love for gaming, gets an opportunity to make money off their skill and time.
The appearance of projects like Twitch presented an opportunity for non-professional gamers to receive pay for their time on video games. Despite such movements, gamers still do not have enough opportunities to get real money, not just ‘in-game’ awards. For this, the BetOnYourself sets itself apart by meeting an important need in the market. The automated platform is committed to making gaming fair to enable gamers to make a livelihood off gaming.
To develop the platform, the team is selling vouchers to ICO backers for future service fees. The vouchers will be usable on the platform as soon as it launches. The iBET token will be one of the payment options in the platform. It will be issued under smart contract ERC20 and will be responsible for the whole ecosystem.
At the moment of trade, the value of iBET on the platform will depend on its market price. Every transaction will be charged to the favor of the token and the fee will be automatically executed. The tokens will be used as fees when playing a bet on yourself. They will then be burned. The team allocates all the funds received from commissions to buy the tokens back and to burn them within the first two years that the platform will be operational. The tokens will be distributed as follows:
Figure 1: Token Distribution
The starting price for one token will be $0.01 and the tokens can only be bought by ETH. The total supply of tokens will be determined based on the amount raised during the crowdsale. All tokens that are not sold will be burned.
When the company gets $15 million, the ICO will come to an end and no more funds will be accepted. No ICO backer can get a refund though. These funds will be used as follows:
Figure 2: Use of Funds
Unlike many other startups based on the blockchain, BetOnYourself has a starting point that is solid and working. The ALPHA platform allows any player to challenge an opponent in FIFA 19 or Fortnite. By trying this ALPHA, a user gets free tokens and joins the whitelist. Besides, the alpha gives you an opportunity to test the idea. Anyone who needs to see it working to believe in it gets a chance to do just that.
It helps that the team is well versed in gaming and is, therefore, able to meet the needs of other gamers in the design of the platform. The question for the gamer then is, are you going to play a video game for free when you could play it for money?
In automizing the betting process, BetOnYourself makes gaming more mainstream. According to the team, the automatized web version of the platform will be able to update player information automatically as the game continues. This information will link to a smart contract. It will ensure that the winner gets their winnings automatically. To the team then, the challenge is that the platform offers support for popular games so as to attract players who are already competent in them.
Token and ICO details
Total token supply: 2 billion iBET
Total supply for sale: 75% – 1.5 billion
Price: 1 iBET = 0.01 USD
Soft cap: 1 000 000 USD
Hard cap: 15 000 000 USD
Minimum and maximum contribution: 1ETH & 100ETH