Exclusive: Q&A with BetProtocol COO Justin Wu

Published Jul 9, 2020
[6 mins read]
With BetProtocol on a major product and partnership push of late, we spoke to its co-founder and COO Justin Wu about how everything's going and what we can expect in the coming months.
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Thanks for taking the time out of what must be a hectic period for you and the team. To kick off, we've seen a consistent stream of exciting news coming out of the BetProtocol newsroom. Please can you run us through the highlights?

The big news for us at BetProtocol is the imminent release of Esports betting. We are big fans of Esports and the whole industry is growing at an incredible pace. Esports betting is even outgrowing Esports itself, which is an incredible phenomenon!

BetProtocol already has several operators live with casinos, and almost all of them will be adding Esports betting as an additional offering for their players.

On the token side, we've recently listed on BitMax exchange with the addition of staking for $BEPRO tokens. That listing was very well received by our community and the addition of staking has added a further use case for our token.

Could you tell us more about why now is the right time to offer esports?

Esports betting is growing at almost 40% CAGR. That's an insane growth rate. So that’s one reason. We’re also excited because there is literally no other turnkey solution out there on the market where you can get your Esports betting app up and running in a month.

We are getting a lot of business inquiries from entrepreneurs wanting to start betting apps incorporating the vertical. We will initially offer betting on CS:GO and League of Legends, both for the major leagues, and then add other furthers games like Dota 2, Overwatch, PUBG, Starcraft II, and more.

The market situation at present is that you have a growing market and not a lot of ways to enter it. So, we are positioning ourselves to be the go-to solution for entrepreneurs who want to launch their own Esports betting app.

You’ve talked about having over 30 qualified leads to take on the ‘Built on BetProtocol’ solution. How advanced are these now and are we expecting to see more casino announcements soon?

These leads are all in various stages of the on-boarding process. Technical implementation and licensing on both the technical and compliance side take time. We are confident however that in the next few months you'll see several platforms going live with real money in both casino and Esports.

Each of these operators is a big deal for us, since they represent not only a big business opportunity for everyone involved, but they simultaneously significantly increase demand for $BEPRO.

Since $BEPRO is paid as gas to support on-going betting volume for operators, the more operators we have, the more betting volume and the more demand for $BEPRO. What we are doing is really focusing on creating lasting network effects for our token, and for operators and their players.

What are the main advantages of using your platform compared to an in-house build or using other suppliers?

You save a lot of time, money and effort. As a non-technical person, imagine how difficult it was to launch a website or blog before WordPress. Imagine how difficult it was to launch an eCommerce store before Shopify as a non-technical person. Those solutions came out and really democratised the market.

BetProtocol does the same thing but for online gaming platforms. Our competitors regularly charge up to a half a million dollars just to get started. We have a much more accessible pay-as-you-go SaaS model.

In terms of usability, if you have the technical skill to use WordPress or Shopify, then you have the technical skill to use our tech to run and operate your online gaming business from anywhere in the world via laptop and Internet connection. You can literally run your online Esports betting app with a casino while sitting poolside.

Keno was released last month. What does your games roadmap look like for the rest of the year?

Keno has been very well received and now has tons of gaming volume. Right now we are really focused on delivering the Esports milestone, however we are still on track to deliver more games to the casino side as well. Games that are coming soon for casino are Slots, Diamonds, and Baccarat.

Is there anything else the industry and our readers should know about BetProtocol?

If you’re looking to launch a Casino or Esports betting app with us, visit our website www.betprotocol.com and book a demo! You can also read all about us and our progress on our blog: https://medium.com/@betprotocol

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