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BetProtocol is a betting ecosystem builder that allows our clients to launch betting applications in minutes on top of multiple base layer blockchains. We also help traditional online gaming operators transition to the blockchain space. One the most frequent questions we get asked is, “How are you different from this competitor, or that competitor?”
This article serves to answer those questions by addressing the following points:
- The “Shopify” for betting apps
- High Wager TPS
- All Market Types
- Regulatory Compliant Approach
- Blockchain Independence
- Wager Currency Agnostic
- Charity Fund
1. The Shopify for Betting Apps
BetProtocol is a B2B Software-as-a-Service for betting app operators, those who want the whole tech stack as a turnkey solution. We are facilitating traditional operators to enter the blockchain space, not just blockchain natives.
Our competition is just a handful of operators; BetProtocol is the technology to enable thousands of operators to launch quickly and cheaply. No Coding Required.
The Traditional Gaming Space Needs BetProtocol
The traditional land-based gaming, casino and Sports betting markets are multiple times larger than online gaming, and many of them want to get into online, particularly through blockchain. Even traditional online gambling operators want to get into blockchain, and BetProtocol helps them both.
- The size of the global gaming market was $418.83 Billion in 2017 and is projected to grow to $635 Billion by 2022.
- The rise of mobile devices, smartphones, tablets, and computers has contributed to the growth of the online gaming industry that has risen from $44 Billion in 2016 and is projected to reach over $81 Billion in 2022.
- The real, non-wash traded volume of the blockchain based gaming market is a tiny fraction of these numbers.
By not facilitating traditional operators, competitors are closing themselves to the larger gaming market. BetProtocol’s strategy is to help the blockchain gaming market absorb larger and larger shares of the traditional market by offering unparalleled cost savings and efficiency gains.
BetProtocol is building the bridge between traditional operators and the decentralized gaming world, unlocking the possibility of drastically lower backend spend and higher margins. Our tools are all API based, and for a traditional operator switching costly legacy services is as simple as pointing APIs to a different target. Costs are low as well, considering that the “fee” to enter the BetProtocol ecosystem is to fuel up your dApp with BEPRO tokens.
2. High Wager TPS
Check out our partnership announcement with Matic Network to see how we are using their Plasma implementation to make high wager throughput at very low costs a reality.
By utilizing the latest research and technology in state channels, transaction batching, and the use of novel Ethereum scaling solutions such as Plasma, Matic, and others, BetProtocol is able to allow fast and smooth gameplay. Gameplay on BetProtocol dApps will not require individual mainchain transactions for each action and bet (and therefore user-paid gas fees) for each action, as is common in some competitors.
3. All Market Types
While most of our competitors focus on one gaming niche, such as sports or casino, BetProtocol goes a layer deeper and provides the tools that allow for any betting market to emerge. These markets also include non-obvious and novel forms of gaming and gamification yet to be seen.
BetProtocol will provide plug & play white-label solutions for the most popular gaming markets such as major sports, Esports, major casino games, and prediction markets.
However we encourage developers to take our tools and experiment with them to create new betting markets and gamification paradigms. We envision sports clubs who want to gamify their fanbase with a community engagement app with real stakes and prizes being built on BetProtocol. We can see March Madness betting bracket dApps and music chart and weather prediction markets popping up. The possibilities are endless.
3rd Party Developer Marketplace and Operator Bootstrap Fund
Did you know if you are a talented developer who loves making casino games or other betting games, you can apply for deployment on BetProtocol? Our Developer Marketplace will allow the Community of BEPRO holders to vote on the best looking games to be added to the BetProtocol Games Library. Winning developers will be earn a cut of all revenues generated from their games!
Did you know if you are an Operator with a promising betting Dapp, but just not the funds to get it off the ground, we have a Developer Bootstrap Fund waiting for you? Just convince the Community of BEPRO holders that you are worthy, and we’ll get you started!
4. Regulatory Compliant Approach
BetProtocol adheres to the highest standards of compliance and regulations. We are committed to responsible, safe gaming, and to the protection of players and operators. One of our distinguishing competitive advantages is that we enable easier and standardized compliance checking for regulators. Some of our competitors on the other hand have a non-compliant approach. We believe this is a mistake and incurs immense compliance and regulatory risk from competent law enforcement and gaming authorities. This is also not to mention the high risk of money laundering and illegal betting activity (underage betting, assassination markets) that can and will occur on non-regulated and non-compliant betting platforms. BetProtocol takes the stance that regular online gaming regulations apply also to the blockchain based gaming world.
Our competitors that do not offer robust KYC/AML tools to counter the funding of terrorism, underage betting, assassination markets, and money laundering are simply being irresponsible at best, and complicit in illicit activities at worst.
Combatting Wash Trading
Did you know our token model actually prevents wash trading? Wash trading or wash bets occur when an operator plays its own online casino to fake betting volume and popularity. Read this article on how BEPRO token prevents this.
5. Blockchain Independence
Being compatible with multiple blockchains allows BetProtocol to survive whatever developments the blockchain industry goes through. The first version of BetProtocol will be Ethereum based. We are currently working on multiple implementations on several base layer blockchains.
All of our competitors listed above do not have this flexibility because they are completely smart contract based on Ethereum.
That means they do not have the flexibility to expand to other blockchains that need to build their betting dapp ecosystems, so they have limited themselves. BetProtocol is compatible with many blockchains, and plans to expand to several in the near future.
We envision betting ecosystems on Ethereum, Binance Chain, with exchange tokens, and several others in the near future.
6. Wager Currency Agnostic
BetProtocol will enable betting dapp operators to choose almost any token as their wagering token. That means we can see BTC and BNB betting dapps alongside ETH betting dapps. BetProtocol’s BEPRO token is used as gas fees in the system (as well as for security, governance, and oracle masternodes, see this article), and not forced upon players as the wagering currency.
All of our competitors use their own utility token as the wagering token in their respective siloed ecosystems. We understand the desire of our competitors to make their tokens relevant beyond fundraising by forcing their players and operators to wager with them. In the short-term this might seem a good solution for driving demand for their tokens in the secondary markets. However in the medium and long-term it seriously handicaps them, and pretty much locks them into small volumes. The reason for this is the price reflexivity of small-cap coins, and the currency risk involved in wagering large bets with a coin that only has a market cap of less than $50 million USD.
Imagine the scenario where a big operator wants to put a large market of a $25 million dollar sports book on Chelsea vs. Manchester United. It is clear that the big operator will not be able to run this market on any of our competitors, since it alone represents half or more of any of their utility/wagering token market caps. The act of acquiring enough tokens to even fund this market will wildly skew the prices between the first bettors and last bettors in terms of USD value. Cashing out such a market, even if it took place, would be equally chaotic as all the winners would look to dump their coins for ETH/BTC as soon as possible before others do, to preserve their winnings. All our competitors therefore expose themselves, their players, and their operators to massive currency risk and volatility.
7. Charity Fund
BetProtocol believes in the importance of giving back to the community, and that’s why we’ve setup a permanent Charity Fund. We are committed to giving a percentage of our BEPRO revenue generated by operators’ gas fees to our Charity Fund, the beneficiaries of which will be decided upon by Community Coinvote.
As of publication date (June 26, 2019) none of our competitors have committed to giving a portion of their earnings to charity, and we strongly recommend that they do so.
BetProtocol is building the ideal online gambling ecosystem for traditional operators and base layer blockchains. We are the bridge between the two worlds, and offer the next evolution of online gambling. BetProtocol benefits the community by bringing more safety and transparency to online gambling, and contributing to it directly through our Charity Fund. That’s why we are different and better from the competition.
BetProtocol enables entrepreneurs and developers to create betting platforms in minutes. No coding required. Thanks to BetProtocol’s blockchain technology, these platforms are secure, scalable and regulatory compliant. Its vision is to enable anyone in the world to dream of being a betting platform owner one morning, and actually be one that same day.
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