BX.BET in a nutshell
Bx.Bet is creating a decentralized betting exchange. Instead of there being a centralized bookmaker that decides the odds, everyone can become a bookmaker on Bx.Bet. Users can create their own market for every sport and event, and decide the odds for themselves.
The platform is going to offer prediction markets for sports/esports, financial markets and prediction markets.
Problems With The Betting Industry Today
Most people who are familiar with betting online, know that the centralized platform has a lot of flaws.
On a centralized betting platform, the company is in charge of both the outcome, odds and funds of the players.
Lets go ahead with a few examples.
Sometimes a bookmaker sets odds that are too high. When the player wins, the bookmaker lets the player know that they made a mistake, and the winnings will not be paid. If its the other way arountd though and the bookie has set the odds too low, the bookie receives the profit.
The problem with this is that the bookie is in control and has the power to void any winning bet.
It is a well known fact that bookmakers hates winning players. Most professional betters has experience with being banned or limited by bookmakers, because the management means you win too much. Some bookmakers shut down you account, while some let you keep your account and withdraw your cash.
Most bookmakers also restricts you to log into the platform on a place where another user previously have logged in. Unfortunately, this leads to a lot of people losing their funds because they are playing at a friends house, or they are renting a apartment where the previously tennant also was registrered.
When the bookie notices this, they shut down the account, preventing you to access your account and your funds are lost forever.
This article by the Economist explains how betting platforms tend to limit their winning customers.
Most bookmakers have a long list of terms for playing on their casino. This is often misused and contains a lot of illogical information. Much of the reason for this is that when the bookmakers states terms like that they can shut down every account that is suspected of fraud/matched betting and more, they have a loophole they can abuse to shut down virtually every account they want.
If you are not experienced with these kind of platform, you are probably thinking that this is exegeration, but trust me, it is not.
Examples of Bookmaker Abuse
Lets check out some examples to learn what can happen when you deal with centralized betting platforms
Example 1 – Teenager wins over €900,000 on horse bets, Bet365 refuse to pay him because they suspect that the information came from a “third party”. The problem here is that the betting company does not have to have any proof to withheld the payment, but they can rest their case on the “suspicion of fraud”, and efficiently save the company close to a million Euro.
Fortunately in this case, Bet365 paid out in full after the teenager took the dispute to court.
Example 2 – The forum user “pipin17” had €700 on the sportsbook Betmotion. The bookmaker closed their service in his country, and he sent an email to the support department to withdraw his funds. He was told that the request had been sent to the payment department. He has now been waiting for over 2 months, and the likelyhood of him ever receiving his funds seem small.
Bookmakers have too much control in the betting ecosystem. The sad reality is that abuse from centralized actors in the betting industry is no rare occurence. Go to any betting forum, and you will see loads of similar cases.
How BX.Bet is going to solve these problems
BX.Bets solutions to the problems mentioned above is to create a decentralized betting exchange. This means that the exchange is not controlled by one central entitty.
BX.Bet is going to be trustless and powered by self-executing smart contracts, which means that all transactions in the network is powdered by blockchain technology. All transactions on the platform will be done with the native BX token, which is going to be issued in the ICO.
There is a number of benefits of utilizing blockchain technology to create a decentralized betting exchange over a central controlled exchange.
The bookie cannot void a bet. When a contract is made, the terms are set before the game and nothing can change the reward for the winning player.
When a smart contract is made, it cannot be changed. In contrary to regular bookies who can void your bet, smart contracts acts exactly after the terms that were set. If you win, you win, no matter if the bookie made a mistake and gave too high odds or any other reason.
There are no middlemen, and people can place bets without any interference. Everyone can become a bookmaker by creating their own markets with their own odds. This effectively gives more authentic odds as there is no middleman that takes a cut. Users can create their own betting markets and set their own odds. Imagine this as a Etherdelta for betting.
Control of funds
Instead of giving the sportsbook control over your funds, they are safely stored in your wallet. When you want to place a bet, you do that directly with a smart contract, effectively avoiding the need to store the funds on the sportsbook.
The decentralized nature of cryptocurrency ensures that everybody, even those residing in countries where gambling is illegal can easily register and use the platform. Additionally, no authority can ban or limit winning players, making it a free market for everyone.
All transactions are the blockchain, which is easily trackable and provide transparency.
Traditional online sportsbook has a lot of expenses. This includes payment processing with banks, Visa cards, and services like Skrill. Additionally, there are expenses for odds determination, fund protection and more. The result of this, is terrible odds, as the sportsbook has to compensate for their high fees.
With BX.BET, the odds are reduced to the bare minimum to keep the ecosystem running. The transfer to a decentralized ecosystem dramatically reduces the cost, which in return gives the players better terms.
The team is consists of 12 team members with the support of 3 ICO advisors. The team has extensive experience, and several of members have worked with notable blockchain projects earlier.
We will now go through some of the top team members.
Co-Founder, Management & Execution Expert
Over 20 years experience in the advertising industry and 14 years as an entrepreneur.
Group CEO of Frontloop Media, a marketing company that has worked with some of the most prominent gambling sites like ComeOn! And Mobilebet.
Chairman on the Advisory Board for Wetten.com, a German sports betting operator.
CEO and CO-Founder of TVSMILES, a marketing company that has worked with a number of international brands and employs over 50 individuals.
He has been praised by his colleges for being highly skilled at leading teams and marketing campaigns for both startups and large companies.
CO-Founder, Operation & Management Expert
COO of Frontloop Media and Wetten.com
Has been working for ComeOn! for three years, where he was in charge of the management of marketing, advertisement and customer monetization for the DASH area ( Germany, Austria and Switzerland).
Worked for the Betsson Group as Head of Marketing for almost two years.
Other renowned positions include Marketing and Customer Performance Manager for Bwin.
CO-Founder, Blockchain & Project Management Expert
Over seven years experience leading big IT projects in the telecom industry.
Been involved in cryptocurrency for over eight years.
Has worked as Head of Tech for Telefonica, a company with over 5000 employees.
Check out the rest of the team here.
It should be noted that the team members history speaks for themselves. With a history working in high positions for companies like the Bettson Group, ComeOn! and Bwin, where each of them brings in several hundred million USD in revenue each year, says a lot about this project. These are high ranking people who have the potential to bring decentralized gambling to the mass.
All transactions on the betting platform will be done with the BX token. The token is going to be issued as an ERC-20 utility token, and it will be the heart of the BX platform. The BX token will be used for placing bets, creation of betting markets, participating in the determination of the outcome of a market and to claim rewards and betting profits.
The total supply of the BX token is set to 200 million, and 200 million (60%) is allocated for investors in the ICO.
Ratings by Top ICO Evaluation Platforms
ICO Profile: 5/5
ICO Score: 4.5/5
23 cryptocurrency experts have reviewed the project. A high number of reviews tends to show that the ICO has done a great case getting their product knows, as the average amount of reviews per ICO on ICObench is between 1-2.
BX.BET is additionally the highest ranking ICO in the Casino & Gambling section. This is in fact the highest rating any Gambling related project has received on the platform, ever.
Although this is a remarkable high rating, a lot of people do not have trust in ICObench, because it is known that several of the cryptocurrency experts are handing out high ranking reviews for pay.
This is a genuine concern, but Christian Lens, CO-Founder of BX.BET has commented that all the received ratings are natural and not manipulated, as this is against the company’s principles.
Anton Tubia, one of the most critical cryptocurrency experts on ICObench, with an average rating of 2.4 has even admitted that he is likely to invest in the project.
ICO Score: 5/5
TrackICO bases their evaluations in social media statistics, ICO profile and team members.
ICO Profile: 10/10
Social Activity: 8/10
Team Proof: 10/10
Domain Score: 5/10
ICO Score: 8.7/10
The only average score is the domain score. The domain score is based on the Alexa rank of the site (how many visitors the site receives). This makes sense because the site is only one month old.
Main Info: 10/10
ICO Score: 9.6/10
Project Pros and Cons
- Offers a product that is needed in the online gambling space.
- Good use of blockchain technology.
- MVP is live and looks promising.
- Experienced and verified team.
- Clear vision
- Token allocation is investor friendly (60%)
- Clear and concise whitepaper.
- Based in Malta – A blockchain and gambling friendly nation.
- Teams funds are locked for two years.
- Team is actively communicating on social media and regularly posting new content on the blog.
- All unsold tokens are burned.
- Growing market – The betting industry is estimated to keep growing with over 10% each year.
- The biggest challenge will be marketing, as mass market adoption is key for the success of the platform.
- Although the betting market is huge and there is space for several actors, there are several competitors doing the same thing.
- There is a risk of the ETH network being clogged, leading to high fees, which would impact the players on the platform. Although this might be problematic, it would be fixed when ETH implements sharding on the network.
Token: BX – ERC-20 token
Price per token: 0.19 USD
Pre-ICO: October 15 – 29 (up to 30% bonus)
Main ICO: November 19 – December 17
Tokens allocated to investors in the ICO: 60%
Minimum investment: 100 USD
Soft cap: 5 million USD
Hard cap: 20 million USD
Accepted currencies: BTC, ETH and FIAT
Restricted from investment: Algeria, Bangladesh, Bolivia, Democratic people’s republic of Korea, Ecuador, Ethiopia, Indonesia, Iran, Iraq, Jordan, Kyrgyzstan, Morocco, Nepal, Serbia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, USA, Vanuatu, Yemen
- Profit Potential
BX.BET provides a much needed platform in the sportsbetting industry, and it is backed by a top-tier team that has worked in high positions in some of the biggest sportsbooks in the world.
Author: Gustafio – 0x6671219099eA6CCC75Eb3f4f4200D46A97b09a19