The world of sports betting is a whopping $3 trillion industry around the world. A large chunk of the betting is done either underground or at a personal level but still, a sizeable amount of money is spent on websites of betting conglomerates like Bwin.com, bet365, etc.
These betting companies are a big deal in Europe especially and people mostly bet on football (Soccer). It is one of those industries feeling the negative effects of centralization and consolidation.
EtherSports, a UK-based startup is looking to unleash decentralized and autonomously enacting betting in the trillion dollar industry.
Introducing cryptocurrencies and decentralization in betting makes sense. It is because there are always taxes, hidden payments and other contesting issues that are problematic in case of betting. The big players in betting are in many instances part of yet another betting group and they determine what the odds are going to be for the next game. One could argue that the odds of losing/winning between two teams is generated digitally but it doesn’t give the user the freedom or transparency to see the thought behind it.
EtherSport aims to revolutionize the entire industry by using Ethereum smart contracts to offer automatically fulfilling bets. They are offering two broad categories of bets. One is the Lottery 11, an innovative platform where you can place your lottery on the result of any match that is going to happen. Bets are closed some time before each match starts and if you win, your winnings are automatically transferred to your account. It is just that easy. No more hidden taxes and tariffs to be deducted from your account.
In addition to betting on the result, the
EtherSport team has also worked diligently to improve P2P betting between different users. So, you and your buddy can place a bet between each other regarding the outcome of a match and the amount will be placed in escrow. The winner of the bet will be automatically released the amount of money owed to him. It takes away the generally unreliable nature of one-on-one betting that normally has no backup in case one party decides to jump ship.
There is also the provision of betting against multiple players at one time. There is no upper limit to what you can bet and this is one of the up-side and the downside of the new system: the upside is that there are no limitations with what you can bet and that makes it a unique thing in the betting world, providing competitive advantage.
EtherSports project will undergo a pre-ICO and ICO starting in November this year. The pre-ICO will be there in between 13-19 November while the main ICO will continue on from November 20 till December 30.
The total number of ESC coins up for grabs will be 100 million and 70% of them will be distributed in the ICO and the pre-ICO. The tokens will populate the platform and lotteries can be purchased via this coin. The dividends from the company will be distributed among tokens users and it will be available to trade from this point onward.
More detailed description of the EtherSport project; clear roadmap, profit distribution, and ICO stages are presented in the white paper, which is publicly available on the website. Additional links with information about the project can be found below:
Read the Whitepaper in English here: https://ethersport.io/whitepaper.pdf
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