Sports betting is another industry that is suffering from extreme centralization and big names corrupting the entire atmosphere. We have multiple betting outlets in Europe and USA for different sports like basketball, Association football, American football, baseball, rugby, etc that offer betting odds and such thata handful of big players dictate the entire genre and its odds. EtherSport, a new betting initiative based in London is aiming to disrupt this betting oligarchy by introducing decentralization and competitive betting procedures.
Contrary to lottery tickets, you don’t have to guess random numbers and just be lucky. Here, you can actually use your skills and knowledge of the leagues and tournaments to make predictions and earn good bucks. But, that raises another question; how does it determine odds, etc? This part could be really tricky part for the company to handle and we really aren’t provided much information regarding this.
The platform and working of EtherSport is divided into two broad categories: P2P betting exchange and Lottery 11.
P2P betting exchange as the name suggests is a bet between two different people on the outcome of any sporting event. It gives a payment guarantee in the form of escrow and automatically releases the funds. This way one-on-one bets become much more safer and practical in nature.
Lottery 11 is an innovative new platform in which users can bet on the result of any sport that is listed in the EtherSport system. Since it is based in the UK, it is expected that Association Football will be the first to go on the board since football related bets are a big thing in the country.
All of the bets are handled via Ethereum’s robust smart contracts platform. Basically, it allows automatic fulfillment of the bet so that you don’t have to wait for the funds to be released and there are no hidden charges or taxes to be deducted from the placed bets.
The EtherSport platform also guarantees several amazing returns. There are no limitations on the amount you are betting and you can bet as much as you like. Minimal personal information is required to set up an account and the elimination of third parties from betting is at the heart of the development efforts of the new coin.
While it is a promising project, one must raise questions on its decision to allow unlimited spending and such. We know how the betting industry can fail if they don’t have money either fiat or cryptocurrency to back up in their portals.
The EtherSport project will undergo a Pre-CO and main ICO starting from November 13, 2017. The Pre-ICO will last just a week while the main ICO will immediately start afterwards and end on December 20, 2017. The token is called ESC token and will be used in the future to buy lottery tickets for different betting purposes. 100 million ESC tokens will be created and more than 70% of these tokens will be up for grabs in the ICO and the pre-ICO.
Ether Sport’s team has considerable experience in lottery industry in sports bookmaker industries. The project’s developers are among the pioneers of smart contracts and blockchain and give it a solid footing for the future.
You can read more about the EtherSport project on its official website. There are some questionable issues on profit distribution that you can read further on their whitepaper.
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