BetterBetting, more commonly known simply as BETR, looks to revolutionise the world of sports betting by creating a fully decentralised, peer-to-peer ecosystem. We caught up with founder and CEO Adriaan Brink to find out more.
Could you give us a brief overview of the BetterBetting journey so far?
Adriaan Brink: We completed our ICO in January 31st, 2018 and continued development of the BETR platform. We had given ourselves the challenge of having the first version completed in time for the start of the World Cup in June, which we were proud to achieve.
We launched a betting app which displays events, markets and pricing, which is now available on BETR.Bet. The betting offer displays real-time odds and shows the offers from layers for thousands of markets on all popular sports, including in-game. The key to this model is that no betting actually takes place in the app, it all happens on smart contracts on the Blockchain.
We also created the BETRWallet to store and use BETR tokens and ETH. The wallet holds funds that exposes the APIs necessary to provide a seamless in-app betting environment without the betting app having any access to wallet information or funds. We are working with 3rd parties to open further wallets to our APIs and enable fully fledged cashiers with payment options.
We upgraded the smart contracts which made significant improvements to the system. This optimisation contributed to the lowering of ETH gas costs on transactions. It also allowed us to set up a new affiliate program and support Virtual sports and other game providers including rule 4 and dead heats in horseracing. We also recently completed a full redesign of the app and wallet. This new look has a more user-friendly interface and focuses on simplifying navigation, improving flow and delivering a more vibrant look.
Looking at diversifying access to the system we added a simple and fast way to bet using the Telegram messenger with our BETR bot @TheBETRBot It has been developed using the open API from Telegram app and integrating the BETR betting platform functions. We have several developments in the pipeline including a highly anticipated move to EOS.
You recently added native ETH wagering on the platform. What was the thinking there and how has it been received?
AB: Yes, we have now added multi-currency betting and in the future will be using this feature to extend support outside the Ethereum and token world. While the front end betting is in the currency selected it’s important to note that all underlying betting remains in the BETR token. Essentially this is an easy way for users of other currencies to use BETR.Bet while at the same time retaining the underlying integrity and tokenomics of the BETR system, with bets driving the BETR liquidity pool which is fundamental to the model. Previously bets were made using the BETR token only which could be purchased on several exchanges such as HitBTC and Changelly.
From a betting perspective the change is small. If you bet in ETH you will be paid winnings at the correct amount in ETH. A bettor simply chooses the currency that they wish to bet in. Every bet is recorded with a fixed exchange rate which is used to calculate the winnings (if applicable). The underlying escrows will always happen in BETR – this is fundamental to the concept of BETR. Affiliate payouts and any other rev shares will also remain in BETR. It is planned that more cross-chain crypto currencies such as EOS and LTC will be added soon (EOS is in soft launch now).
We are now very close to utility driving the price which will reduce volatility and provide a steady price increase over time
What marketing efforts are under way to expand BetterBetting's user base? Is the affiliate program being utilised?
AB: After we completed the redesign of the apps, we decided to ramp up the marketing efforts now that we had a strong product to promote. We are following several lines of marketing, some directed at the traders and investors, and the others at our B2C audience for example running paid media campaigns focused on crypto gamblers. We have been going through a period of trial and error to understand which is achieving the best results. This landscape is still new, and adoption is still slow as well and it is important to explain and break down intricacies of the crypto space while enjoying its benefits. We have been continually adjusting the onboarding experience to make the customer journey easier. Our affiliate programme is starting to gain traction and we are anticipating more traditional betting affiliates joining once they realise the benefits of this programme. Limitless bets for their players and instant commission pay-out is a big difference from traditional affiliate models.
What is on the roadmap for BETR over the coming months?
AB: One of the major pieces of work is the move to the EOS platform. We have been developing this for some time and are pleased to announce the release this week. This change is important for the project as it opens a whole new audience and removes barrier to entry. This means you don’t need BETR tokens to bet. You can now use EOS as well as ETH. The benefits of EOS for the BETR product is that it is a very gambling orientated platform.
We continue to grow liquidity and userbase and develop the product for a better user experience. We look forward to releasing more sports including Virtual sports and getting our first B2B sportsbook onboard. Watch this space!
We are also focused on demonstrating other case uses for the BETR token. A transaction does not have to comprise a bet – the BETR system can be used for any activity where funds are escrowed prior to a result and then settled to the winner/purchaser. Whilst BETR has initially focus on betting BETR can be used anywhere escrow functionality is required, for example domain name purchases or even house purchases.
Obviously it has been a tough year for cryptocurrencies. How do you see the outlook for the rest of 2019, both in regard to the wider crypto market, and the role of blockchain within the gambling industry?
Yes, it’s been a difficult time for crypto but it does seem to have started to turn now. Regarding our token we are now very close to utility driving the price which will reduce volatility and provide a steady price increase over time. The role of blockchain is still relatively new in the betting industry. It is up against a lot of regulatory hurdles and is difficult for the average mass market user to embrace and use it. However, with more user-friendly wallets and cashiers, especially in mobile, it will see faster adoption. Looking forward, blockchain technology will have far larger use in gambling than just payments. Interactions between different services and parties can become a lot more efficient using this decentralised method.