Global online gambling market is now worth around $87 billion! About 85 nations have legalized online gambling and as per a research group Technavio, the industry is expected to grow at a rate of 11% compound annual growth rate.
One would assume that online betting industry is very profitable however it is marred by money laundering, accusations of cheating and fraud. As financial incentives pour in online betting, the desire to cheat or hack increases.Users are questioning the authenticity and integrity of the online betting industry.
Market Opportunity for Blockchain Technology
Users are hesitant to risk their funds in a centralized non secure portal and the need of transparency and a decentralized tamper proof technology is rising in sports betting.
Blockchain specifically targets the need of the hour and uses a decentralized system based on coordinated independent nodes network thereby not giving any particular a centralized advantage in the process. Blockchain is used to ensure randomness or rather incapability of knowing the outcome of a bet.
Network of nodes verify the bets, ruling out the intervention of a third party authentication. Blockchain aims to boost the credibility of the gaming industry with its immutability.
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What is BetHite?
Peer to Peer blockchain based sports betting platform is the new trend in the world of online betting. BetHite is a P2P Sports Betting Platform that enables the users to place bets and also offers in-house odds. Users can either back a bet or lay a new bet. BetHite eliminates the need of a third party payment facilitator. It also offers the flexibility of betting without geographical constraints and no complex currency conversions are involved.
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From specifying bet conditions to transferring amount to the winner, BetHite utilizes Smart Oracle Logicon Ethereum Blockchain to make the Peer to Peer sports betting more efficient andsecure.
Challenges to overcome
How do you offer a transparent betting platform that removes the element of uncertainty associated? The biggest challenge is to provide transparent and trusted platform where users aren’t reluctant to bet. Well, that's the question BetHite answers by offering a Blockchain based decentralized system.
BetHite offers a revolutionary yet easy to use sports betting platform to end users without compromising on core principle of a complete sports betting experience.
BetHite allows bettors to bet without depending on centralized sports betting platform. The bets are executed directly on blockchain hence all information is secure, efficient and accessible. Bettors can avoid the high fees imposed by third party mediation, avoid legal repercussions and enjoy a world class corruption free peer to peer sports betting platform.
Our Technical Expertise
Given the complexities of this domain, team DigiPrima addressed all the major concerns right from the Project Inception stage.
BetHite is made on the Ethereum Blockchain utilizing the Smart Oracle Logic. Money betting is done in the form of Ethers. BetHite uses smart oracle to automatically initiate the payments at the appropriate times when bet is authenticated and results are verified bypassing manual processes. Smart oracle encodes outcomes and conditions of the bet. It converts the contract into code. Since the smart oracle is deterministic in nature, all conditions of the bet are defined explicitly using configurable contract modules.
This helps in simplifying and securing bets.Any individual orentity can not tamper with the smart oracle logic at any stage of the betting process as the data in the blockchain is immutable and have a complete decentralized advantage at all stage of the betting process. It also offers a fully encrypted payment process to safeguard all financial details along with safeguarding all personal information of its users. Post fulfillment of the condition of the bet, cryptocurrency is automatically transferred to the winner making transactions almost instantaneous.
BetHite allows users to access their profile and manage accounts, track games and securely transfer funds. It is a flexible platform that allows managing odds of bet, tracking payouts and bets. BetHite will change the gamut of peer to peer sports betting and enable transmission of value without intervention of intermediaries. It will protect the integrity of your bet and will fortify it against changes by malicious parties without compromising on the core functionalities of a sports betting platform.
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Key Features
- Smart Contract Blockchain Network which is applicationspecific
- Allows users to bet on various sports eventsworldwide.
- Offers engaging, real time and easy to use bettinginterface
- Live updates and stats ondashboard.
- Users can set the parameters of their desiredbet
- Users will also have the option to create private groups where they canbet.
- Allows users to invite their social mediacontacts
- Bet authentication by parameters like minimumwager
- Intuitive and interactivedashboard
- Users can beteit her privately with an individual or with groups and/or globally.
- Self regulatory, robust andscalable.
- Log in via social channels like Facebook &Twitter
- Users can beton multiple games like Ice-hockey,Basketball,Soccer, American Football and Tennis
- Solidity for smartcontracts
- NodejS for backend, as well as to interact with ethereum node viaweb3js
- Reactjs forFrontend
