BETR is the name of the BetterBetting cryptocurrency: a token which can be bought and traded on various exchange platforms (see our list of exchanges here). The difference between BETR and many other cryptocurrencies out there is that BETR is a Utility Token. This means that it can be used for a particular product or service – in the case of BETR you will ultimately be able to place any bet you desire with anyone in the world without transaction fees or limitations.
Today with a market cap north of $300 billion it’s hard to ignore the crypto market. As with any investment, you must do your homework. There are many cryptocurrencies out there and to look at the value of a particular cryptocurrency you need to consider three things:
- Does the token target an existing market place?
- What is the likely penetration in that market place?
- How widely will the token be used?
BETR is a utility token for a specific market: sports betting. The price of the token is determined by the size of the market and the number of tokens out there. The market cap of sports betting worldwide is roughly between $50-100 billion and the BETR token supply is capped. The only question left is what percentage of the market the BETR token is able to penetrate – and that’s what the BetterBetting Node (BBN) will facilitate. The BBN is currently under development and the first usage of this platform will be to facilitate the placing of peer-to-peer bets on the football World Cup.
BETR Sports Betting
Peer-to-peer, made possible by the blockchain, is the future. BetterBetting is pioneering peer-to-peer, decentralised sports betting. BetterBetting will facilitate robust and scalable sports betting with no fees, no margins, no percentages, and instant payment.
There are many elements to sports books, such as cashier, account handling, odds book etc, which can be broken up into many different components. As long as these components are individually incorruptible and robust, they do not necessarily have to be held in the same place. BetterBetting are distributing these components in a way that allows anyone to participate in the network. Fundamentally, the market desires the opportunity to lay their own bets with as many bettors as possible. The way the BBN is designed, participating bettors can be both independent third parties and sports books.
Ultimately, the BETR token is a simple unit and vehicle to bet with which, teamed with the BBN, will be the underlying token that allows the liquidity pool.