BetterBetting is a decentralized sports betting marketplace that uses the BETR token as its betting currency. BetterBetting aims to build a truly decentralized online sports betting.

Project Highlights

Peer-to-peer betting without a central party
By providing robust escrow and settlement services between two parties who do not know each other and do not have a common operator, the system provides Access to existing betting opportunities.
Applicable to other activities
Transactions do not have to include betting – the same system can be used for any activity where funds are escrowed prior to the outcome and then settled to the winner (e.g. poker games), although BetterBetting initially focused on for betting.
Fair and unbreakable
Software and transactions are fair and strong. Bettors need to know they're getting paid - without a doubt!
Instant Bonuses
Bonuses are distributed immediately after wagers are placed and are available in instant crypto funds for owners to use when they find the right opportunity.
Gambling in More Jurisdictions
Most jurisdictions that prohibit sports betting include operators as licensed entities. Individuals who want to wager cannot break the law, provided they do not gamble with unlicensed operators. With this system, bets are only made with one other person - there is no operator.
Access to large wholesale bets
If the amount exceeds the expected risk amount of the individual operator, then the betting market is large. The system will provide liquidity to enable these bets - no system limitations. Bets are combined so that multiple parties can match a single bet.
Easy Funding for Betting
No more credit cards, wire transfers and other antiquated payment mechanisms. BETR (Gaming Token) will be traded on major crypto exchanges and can be bought and sold anytime with tokens like Ethereum.
Unregulated Entity Requirement
Since there is no central intermediary, there are no licensed entities (such as bookmakers or exchanges). That doesn't mean bookmakers and exchanges can't get involved, but they're just another entity in the system.

Project Operation Mode

Placing a Bet
Everyone can place a bet using BetterBetting's unique peer-to-peer technology. Sports betting and exchanges can use API to integrate logic into the backend, and individual users can use the Layer UI provided by BetterBetting to set prices.
BetterBetting nodes use Ethereum smart contracts to store placed bets to the Ethereum blockchain. The contract will contain information about the betting offer, including depositor liability data and bet settlement information.
Fundamentally, the purpose is to provide a global gaming liquidity pool. Each betting offer will be grouped by market and event and listed in a searchable directory. Bettors who place a bet can search the catalog and find the bet they want.
Authentication
While parties may remain anonymous, the system can also be integrated with existing sportsbooks or exchanges. In this case, betting BETR may require a counterparty account - the offered bet may be flagged as requiring account and authentication.
The registration and authentication process also means that these bets are not pooled with others. BetterBetting intends to introduce a distributed authentication mechanism to facilitate physical betting offerings for player accounts.
Escrow and Settlement
When a bet is placed, an agreement is reached between the bettor and the depositor, and funds from either party are then escrowed until the underlying event occurs, at which point the bet is settled favor the winner. Betting requires two important functions. The first is to hold funds from the time the bet is placed until settlement. The second is a settlement in favor of the winner.
BetterBetting is designed to cater to the number of different outcome systems:
Settlement will be at the sole discretion of the owner.
Consensus, as all parties agree that the blockchain itself remains true.
Third Use Settlement of Parties Providing Outcomes and Arbitration Services.

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