BetMatch Leverages Blockchain for Sports Betting Industry
If you want to bet on your favorite teams or sportsmen with cryptocurrency, now you can do this with BetMatch, a blockchain-oriented bookmaker led by Ivan Chebotaev.
Blockchain to Transform Sports Betting Space
While the distributed ledger technology (DLT) has been traditionally tested and implemented massively in the financial, supply chain, payments, and communication industries, it would be like a breath of fresh air for the sports betting industry.
The BetMatch project is aware of the current situation in the traditional betting market, which lacks 100% trustworthy services. For instance, the largest bookmakers in the world, William Hill and Bet365, have often been accused of refusing to pay the winners. A blockchain-based platform addresses these issues by ensuring a transparent ecosystem in which users have control over their funds.
While BetMatch is not the first betting service to allow crypto payments, it has a unique business model and a multi-layered network that is based on multiple components. Specifically, the project relies on the following modules:
- Fund storage contracts;
- Bet execution contracts;
- Betting line-providing modules and a system for coefficient calculation;
- Frontend UI/UX;
- Backend related to web and application support.
BetMatch‘s key priorities are fraud protection and transparency, as users can always check the platform’s account balance.
BetMatch Advantages Over Competitors
The blockchain infrastructure of the betting service has been developed by Estonia-based RevelDevelopment. It enables BetMatch to manage a decentralized betting service that merges traditional betting with a social betting network as a second layer. This approach ensures the following benefits:
- Reduction of human errors and third-party manipulation of bet processing results displaying, and payments.
- All bets are transparent thanks to the use of DLT.
- No hidden and extra fees on deposits and withdrawal as in the case of fiat operations.
- The smart contract has a key role in replacing the “bookmaker’s guarantee” label. Thus, all bets are paid automatically and cannot be delayed or canceled.
BetMatch Ecosystem Fueled by XBM
BetMatch users can get even more generous discounts on fees by using the internal token with the ticker XBM. The latter is an ERC20 token that offers several perks to network users. Token holders enjoy lower fees or can even cash out part of the fees on top of the winnings. They can also lease the tokens to other users.
XBM, which has increased by several times since its launch, is currently listed on Latoken exchange, Crex24, and betmatch.io.