Betting has been a popular activity even since the earliest ages of civilization. Putting money on your favorite gladiator, lion, or horse carriage may be an exhilarating experience for several reasons. Wait a minute… that is not the situation in modern times, but it was the case in Ancient Rome, which is where the practice of betting originated. The emperors and top officials used to place bets on their favorite fighters, even though these fighters were willingly putting their lives on the line for the entertainment of the crowds.
To our great relief, there is no longer any killing done for the sake of a show in athletics. Everything is accomplished with the help of high-performance athletes and great sportsmen and women who are pushing themselves to the limit and going above and beyond to amuse us. The activity of betting on sports such as soccer, basketball, baseball, tennis, volleyball, Formula One, and even eSports and Fantasy Games is now considered to be a cutting-edge, one-of-a-kind, and occasionally lucrative way to spend one’s spare time. And people just adore it!
The massive gaming and gambling business
Gambling is a massive industry all over the world. When referring to how large it is as an industry, it is appropriate to spell its name with all capital letters because it is so significant. Gambling is HUGE. It reached $400 billion in 2017 all across the world, with the United States of America accounting for $50 billion of that total all by itself. It is anticipated that the total amount wagered on gambling would reach one trillion US dollars in the year 2023. In terms of betting, this sub-industry of gambling is on an upward trajectory and is currently the third most lucrative of all gambling-related sub-industries.
During 2015, legal sports betting contributed $58 billion to the total market value of sports betting around the world. In 2016, this amount reached more than $77 billion for the first time. You have a general idea. Even if you are only a seasonal or occasional bettor, such as saying “I’m betting just when my team is playing” or “I’m betting just when there’s the World Cup on TV,” you are still putting a significant amount of money into the pockets of those who are in charge of the industry. This is true even if you only bet when your favorite team is playing.
But what if I told you that you could enjoy betting with your pals without ever losing a single cent while you still had a good time doing it? The good news is that there is now a platform that is built on blockchain technology and can be proven to be fair on which you can do just that without any hassle, without having to use coconuts, and without the pleasure of losing money to houses or sportsbooks.
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The social betting platform is known as Bethereum
In the final three months of 2019, the world was first introduced to Bethereum. This occurred a few months ago. Bethereum is the first social betting platform, to put it more simply, and it ensures that no one ever loses money to the house. What are the odds of that happening? However, there is no house to be found! People compete against one another in the most secure and risk-free environment possible for sports betting. When you play with people you know, such as family or friends, the money you win stays in the group and is never taken away from you, even if your team comes in last place.
You also have the opportunity to play with people you don’t know, but even if you do that, one of you will win the virtual money, which will be in the form of Bether cryptocurrency; you won’t win the house. “blockchain and smart contracts assure full transparency and security, while unique social components allow for a really rewarding experience,” which means that there will be no shady dealings with the betting process or the payments. Making a statement like that as a business is quite audacious. However, it does what it’s supposed to do, it’s completely operational, and users from all over the world are already enjoying the site.
The reason that Bethereum was created
The team that works on Bethereum has a crystal-clear and straightforward objective that drives them to improve and advance their product daily. Their objective is to eradicate once and for all the stigma, uncertainty, risk, and addictive nature of traditional betting methods. When the topic of “betting” is brought up in a discussion, the first things that come out of everyone’s tongues are statements such as “the house is rigged,” “you can’t win,” “the house gets it all,” “casinos are fake,” “the odds are against you,” and a few more expressions that are similar to these.
Online casinos and sports betting sites are indeed rigged, but they do so in a legal way, which means that they will not steal your money. They are designed in such a way that, regardless of the actions you take, you will still end up losing more money than you win by using them. Every single time This is one of the primary reasons why betting and gambling, in general, are considered to be such negative habits to develop. We are fortunate that Bethereum and many other blockchains and provably fair-based online platforms are making it possible to have a more secure experience when gambling online with real money.
The inner workings of Ethereum
The Bethereum website functions as a sportsbook and betting site in the same way that other websites do. The primary distinction lies in the kinds of technology that are utilized as well as the real wagering practices of individuals. Because there is no “house” in the Bethereum gambling system, every wager must be placed between at least two real-life players. Because of the algorithm’s ability to be independently verified as being fair, private wagers on the blockchain, such as “who is going to win tonight’s soccer match between Accounting vs. Software Integration at the company,” are guaranteed to have an accurate result. Blockchain is the ideal location for securely placing bets.
The official website of the platform states that “Bethereum is a unique social betting solution built on blockchain technology.” It offers a plethora of novel features and advancements, all of which are designed to address the most significant issues that are present in traditional betting. Beginning with sports betting, it is our goal to create a more comprehensive ecosystem and make the Bether token the industry standard for betting.
Bethereum can function because it has three essential elements that are only available on the most sophisticated blockchain and provably fair platforms. Ultimate technologies – Technologies based on Ethereum are utilized to guarantee that every wager placed on Bethereum between friends and family members is resolved in a manner that is both just and expeditiously.
The website features an algorithm known as provablyprovable fairness, which ensures that users will always have access to the most honest betting options currently available. With the assistance of a decentralized interface and Ethereum smart contracts, it offers the highest possible level of transparency and security at all times.
The novel concept of placing bets amongst friends and family members is a first for the business, and it makes betting an enjoyable social activity. The addition of one-of-a-kind gamification and social features, which are both featured, brings the enjoyment factor of betting to new heights.
How to wager on the cryptocurrency Bethereum
When using the Ethereum network, placing a bet or participating in an existing one is simple. To participate in a bet, all that is required of you is to either start a new one or join an existing one. After you have accomplished this step, you will have the ability to select the subject matter of the wager, which may involve sports or other events, or you may create your own. Following this, you will select the amount of your wager, how you and the other participants will divide the wins and the outcomes that you favor the most.
The following thing you need to do is inform your companions that you have established a wager on something. After you have done so, they will be able to quickly join your bet and place their wagers once you have done so. The very last thing you need to do is wait for the outcomes, keep track of how the bet is going, and divide the money between the two of you. You can also compete against other players on various leaderboards and special events.
For whom is the Bethereum intended?
Bets totaling over 1,240,00 have been put on the platform, indicating that betting on Bethereum is already a significant activity. In addition, this is neither a fluke nor an oversight because the platform is made accessible to a diverse group of companies and players. You will have no trouble finding your spot on the platform, regardless of whether you are a casual bettor, a high roller, a white-label customer, an agency, a third-party developer, an affiliate, or a partner.
Casual gamblers are more than welcome
Casual bettors who aren’t huge fans of traditional sports betting sites are the ones who stand to benefit the most from the service. They want to retain their money inside their circle of friends and relatives, but they want to enjoy the same amount of fun that they would have on those. Non-gamblers, who are typically scared by the complicated and trust-lacking world of betting, are now able to enjoy the games just as much as they would in a conventional sports betting situation thanks to Bethereum, which makes it feasible for them to do so.
Perfect for big stakes players
On this platform, players of all stakes, from the smallest wagers to the largest, are accepted. How can a betting platform that does not belong to the house appeal to high rollers? To begin, with there are no restrictions, and the odds are not very appealing in this setting. An exclusive club is available on the website for users who have reached a higher skill level. This club provides users with endless betting options as well as a small number of dedicated servers where high rollers can play their millions of dollars without losing a single cent.
The Bethereum protocol for government agencies and licensing
The concept of Bethereum can be licensed to other interested organizations who wish to alter how they conduct betting on their respective websites. Gaming operators have the option to purchase rebranded copies of the website and have those versions changed to meet their specific requirements. The technologies that are utilized by Bethereum are suitable for providing solutions to the most difficult problems that are faced by traditional betting operators. The approach results in reduced expenses associated with staff and servers, as well as those associated with human error and fraud. The site can also be beneficial to third-party developers, who can profit from it by selling their products to the platform.
The cryptocurrency is known as Ethereum
In conjunction with the debut of both the Bethereum firm and the sports betting platform, the company also created Bether, which will serve as the site’s official cryptocurrency. Alongside the operation of the platform itself, the token is carried out on the blockchain of Ethereum. There are currently one billion, zero hundred thousand, thousand Bethereums in existence, of which more than fifty percent have already been spent. The price of one Bethereum is now $0.000474 in United States Dollars at the time of writing this article.
The Future of Blockchain
There is no question that Ethereum’s future holds great potential. It’s popular, as evidenced by the fact that over 1.2 million bets have already been placed on the platform, which is strong proof that people enjoy using it. After years and years of them supporting these sites with their own money, the only question that remains is how Ethereum is going to incentivize the die-hard fans of traditional betting to switch from traditional to blockchain and provably fair gaming. This is after they have backed these sites up with their own money.
Beyond the year 2020, there is reason to be optimistic about the future of Ethereum. The revolutionary concept, the blockchain-based technology that underpins it, and the provably fair algorithm that ensures complete trustworthiness are just some of the primary features that will entice existing bettors to remain loyal to the platform and free newcomers from the constraints of conventional betting for all time.