Earn Passive Income with Betting Apps

Are you looking to make some more money on the side? Does the idea of passive income, generated independently of what you are actually doing right this very moment, sound good to you? Are you looking for a good side-hustle, or as Tim Ferriss calls, a “Muse”?

Creating your betting app on BetProtocol could be your answer.

Warren Buffet once famously said:

If you don’t find a way to make money while you sleep, you will work until you die.

Anyone working a standard 9–5 J.O.B., for an employer, trading finite time and life for a pay check (in order to make the business owner 10–100x or more that pay check’s value) knows the truth of Buffet’s stark warning.

Add that to the fact that there are many “periwork” hours that are totally unpaid: Time spent commuting to and from work, getting up earlier than you would have otherwise, time spent getting dressed in a manner you wouldn’t otherwise (putting on a suit and tie and making sure it is properly pressed, etc. vs. putting on a polo and jeans), time spent “unwinding” mentally and emotionally from the workday, and your hourly rate is really starting to look worse and worse.

I recently had a conversation with a lawyer who said she works from 10AM to 9PM (ten hours a day with an hour lunch break) every day, Mon-Fri, and often an extra 4–5 hours on Saturday. That’s a total of 55 hours per week, or 220 hours per month. The average salary for a lawyer with her experience in Portugal is 1,500 Euros liquid, take home pay, per month.

That’s an hourly rate of only €6.81 Euros!

After enduring 4 years of post-graduate law school (and perhaps going into debt to finance that school) and an additional 3 years of internship, €6.81 Euros per hour seems quite measly.

Doctors, who need to go through a similar amount of years of training, plus the additional emotional and moral burden of having to save lives, will earn a similar hourly rate if they work for the state health system in Portugal.

So the question is, do you want to work so many hours per day after so many years of training for a mere €6.81 euros per hour effective rate?

Probably not.

People who don’t live in Portugal will probably say that this doesn’t really apply to them, since the numbers on salary will be different, considering that Portugal normally pays lower salaries than other European countries or countries such as Canada and the United States.

However that does not change the fact that the principle is the same, and that even if you tweak the number of hours worked or the monthly salary, we always come to the same conclusion:

If you don’t find a way to make money while you sleep, you will work until you die.

Creating an automated, money-making “muse” could be your answer. But only if the startup costs are manageable, because getting into tons of debt to gamble on a muse might pay off, or it might not. Successful entrepreneurs always look to aggressively minimize the downside risk, and that’s what BetProtocol offers to its operators.

Create a Betting App

In the past, what did it take to open a licensed, legitimate betting application / online gaming business?

Answer: Half-million dollars, 6 months, a team of 10–15, and a slew of licensing and KYC/AML requirements (and hefty fines or criminal indictments if not met).

We asked ourselves, can Blockchain and BetProtocol do better? We decided to focus on a few principles of successful startups to hone our value proposition to our clients.

Any of you reading this who are in the online gaming industry have the know-how to create your own company in the space. You know the ins and outs, you have the contacts, and especially, you know the pain points of the industry, and what’s tough about setting up your own shop.

Problems with setting up your own legitimate gaming application:

  1. Licensing
  2. Backend functionality including: Betting Engines & Logic, Security, Uptime, KYC/AML, Secure Payments, Reporting, Developer Support, Affiliates, Bonusing
  3. Cost

Licensing

With white label solutions, BetProtocol is able to offer its customers the ability to quickly launch their own licensed betting app by using our license. If you have your own B2C license already, and just want to use our software, we have that solution as well.

It all depends on your wants and needs.

At the end of the day, the long and painstaking process of obtaining a license or licensed backend software is solved. And at a fraction of the cost that legacy competitors would charge you.

Backend

Do you want to pay SBTech or Kambi $500,000 just to setup shop? Imagine raising seed capital, and then having to give half a million dollars of that capital just to get the servers running.

What if you had a solution that did everything that SBTech or Kambi did, but cost 20x less?

Early render of BetProtocol’s back office GUI for Operators

BetProtocol is able to be 20X cheaper than the competition because of our unique use of blockchain and smart contracts. The beauty of Ethereum is that it is both a hardened, redundant database as well as a distributed server–all of which does not suffer from downtime. Smart contract functionality allows us to automate betting engine functions by coding in game rules for games such as Dice, Coinflip, Roulette, and others. Code execution, security, and uptime are all handled by the miners on Ethereum. The database is the blockchain. The ability to send Ether and other ERC-20 tokens (we’ll also have Bitcoin and other cryptos functionality) takes care of payments.

BetProtocol’s back office will allow operators to scrape the blockchain to generate reports for competent regulators. Since the blockchain never lies, nor gets things wrong, there should in theory never be any inconsistencies between operator reports and what the regulator is expecting to see. In terms of KYC and AML, blockchain addresses will be verified and linked to player identities, which will make the compliance process that much easier, as all transactions are visible on the blockchain.

This functionality alone is value proposition enough for operators to make the switch to BetProtocol, as there is tremendous amounts of headache and fines associated with misreporting and explaining discrepancies in player or transaction data.

We are aiming at the cryptocurrency user market, which for all intents and purposes, is growing at an astonishing rate:

By focusing on a high-energy and rapidly growing niche, we can aggressively expand our market presence as that psychographic itself expands.

If you do want to talk about Demographics, we can see that the majority of cryptocurrency users are male, millennials, and live in Europe and the Americas.

Since Millennials are the most brand loyal and most likely to use cryptocurrency generation in history (and now the largest) creating your own betting app aimed at them could be a good idea.

Offering a “no pain, all gain” option to build confidence and increase the likelihood of a sale can be the tipping point if you are new to the market. As a startup, confidence in the market is not something you have. Large, well-established brands can ask for a lot of money upfront because they have the caché, and the potential buyer knows that the social proof is there that guarantees they won’t get ripped off.

But as a startup, you don’t have this luxury. Hence, you have to make it very easy, almost foolishly easy, for the customer to buy, and exit with minimal loss, as possible.

BetProtocol let’s you launch your own betting app for $15,000 in cost. This cost is denominated in our BPRO token, which you’ll have to stake inside your betting app’s smart contract in order to stay “live” on the network.

If for whatever reason, you make no profit and it doesn’t work out for you, then you can always sell your BPRO tokens and exit. The only risk you take is the currency risk of volatility between the price you bought BPRO and when you sold it.

Conclusion

If you have the will and the know-how to create your own betting app, but just not the large amount of capital to do so, then BetProtocol may be the solution. Come and visit us at BetProtocol.com, and drop us a line.

The First Universal Gaming Protocol powered by Blockchain

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