BetterBetting launches Pre-ICO for BETR currency

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BetterBetting Foundation, a software systems enabler for sports betting on the blockchain, has launched its pre-Initial Coin Offering (ICO) sale ahead of its ICO in December.

 

The token sale is designed to introduce investors to BETR, the betting cryptocurrency that will “lay the foundations of the first truly decentralised peer-to-peer sports betting marketplace on the internet”, the company said in a statement.

All bets will be stored on the blockchain, providing full transparency and provable fairness on all transactions, thereby eliminating all human or business activity between the two betting parties.

Ultimately, the software and standards that comprise the system will be open source and free for anyone to copy and use.

BetterBetting is seeking a minimum $2m and maximum $30m raise from December’s ICO. These funds will be used for the development and release of the BetterBetting protocol; the development and open-sourcing of dapps and node software; and marketing to key stakeholders and consumers, as well as legal and administrative costs.

“With Better Betting we are excited to bring a new paradigm to the world of sports betting,” said Adriaan Brink, CEO and founder.

“By combining the power of blockchain with our experience and knowledge of the sports betting industry, we are introducing a new betting currency that understands the underlying structure of a sports bet, ensuring fair and robust betting opportunities between two parties, who do not have any relationship with one another.”  

“Working with major industry players, this decentralised liquidity marketplace for sports betting can be used in many different ways and provides automated programmatic interfaces so that existing sportsbooks can link into the system,” he added.

“Working with, rather than against, major industry players with a zero margin model, we seek to provide the railway tracks for sports betting in the future.”

 


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