BetterBetting unveils new cryptocurrency

BetterBetting Foundation has launched its pre-initial coin offering (ICO) sale ahead of its planned ICO next month.

The token sale will introduce investors to BETR, a new betting cryptocurrency that the company said will “lay the foundations of the first truly decentralised peer-to-peer sports betting marketplace on the internet”.

BetterBetting, a software systems enabler for sports betting on the blockchain, is hoping to generate up to $30m (€25.2m) from the ICO, with the funds to be used for developing BetterBetting protocol, as well as open-sourcing of dapps and node software, marketing to key stakeholders and consumers, and both legal and administrative costs.

All bets will be stored on the blockchain, which BetterBetting said provides “full transparency and provable fairness” on transactions, which in turn eliminates all human or business activity between the two betting parties.

BetterBetting’s system features ‘Better Betting Node’, software that implements a distributed directory of sporting events and markets, while also placing bets as contracts onto the blockchain.

In addition, a tiered bonus system will be built in to incentivise early investment in the ICO, after which tokens will then be issued at ICO value, set at the closest Ethereum price to 10 cents per token.

Adriaan Brink, chief executive and founder of Better Betting Foundation, said: “By combining the power of blockchain with our experience and knowledge of the sports betting industry, we are introducing a new betting currency that understands the underlying structure of a sports bet, ensuring fair and robust betting opportunities between two parties, who do not have any relationship with one another.

“Working with major industry players, this decentralised liquidity marketplace for sports betting can be used in many different ways and provides automated programmatic interfaces so that existing sportsbooks can link into the system.

“Working with, rather than against, major industry players with a zero margin model, we seek to provide the railway tracks for sports betting in the future.”

ICO pre-sales are now live and available for qualified and institutional investors.