Online betting platforms are slowly gaining prominence in the current betting market due to their easy accessibility. Betting on almost anything is easy nowadays, with multiple blockchain-based solutions competing for a slice of the pie. However, many believe that these are centralized systems with middlemen who eat away at profits. For a $60 billion market that has doubled in size since 2009, it has demonstrated decreasing levels of trust in the recent years. BX.bet aims to fix these problems.
BX.bet, for Betting eXchange, is a blockchain-based betting and prediction ecosystem, aimed at changing the face of the online betting industry. It is a decentralized betting exchange that emphasizes upon not restricting actions on the platform and giving the power over betting transactions back to the community.
This means that the role of the bookie is taken on by the user, allowing them to place and offer bets with self-determined odds, participate in outcome determination, and even create their own betting markets. The onus of making the decision to allow a certain market to exist or not is on the community itself.
BX.bet aims to target existing problems and weaknesses in the current betting market by introducing a powerful and distributed ecosystem running on self-executing smart contracts. This significantly cuts transaction and operational costs.
This leaves BX.bet users with a strong community-driven ecosystem and the use of the BX token at its heart. The BX token is the native token of the BX.bet platform, it is the key component to enable all betting transactions on the platform. This allows BX.bet to function as a network with a strong focus on transparency, fairness, and decentralization.
The BX token can be used to bet in three different kinds of markets on the BX.bet platform. These are sports, (which include esports), prediction markets, and financial markets. The token will be used for all the bets in the ecosystem and is completely tradeable and divisible. This makes it suitable to serve the complex profile a currency is required to fit for the BX.bet platform.
Keeping in mind BX.bet’s vision to align with regulatory and legal requirements, customers are required to register on the BX landing page. They are then directed to submit their Know Your Customer form with information being stored in compliance with the General Data Protection Regulation. After doing so, registered users can then contribute.
These funds will be stored in highly secure cold wallets, with maximum safety ensured. The sale accepts funds in Bitcoin [BTC], Ethereum [ETH], and Fiat currencies. The wallets will then be used as an escrow account for the received funds after the token sale.
The pre-ICO sale will take place from 15th October to 29th October. The main ICO for BX.bet will take place from 19th November to 17th December.
The BX token is a token on Ethereum’s [ETH] widely accepted ERC20 standard for tokens. It is divisible up to 18 decimal points, there are a total of 200 million coins, of which 120 million are available in the presale. The utility token is exchanged at a rate of $0.19 for 1 token, with a soft cap of $5 million and a hard cap of $20 million. All unsold tokens will be burned.
Users must contribute a minimum amount of $300 during the pre-sale and $100 during the token sale of the BX token. Both the pre-token sale and the main-token sale are based on the first-come-first-serve principle. There is no room for pre-emption rights in the sale.
However, investors who contribute more during the pre-token sale will be rewarded with a percentage of BX tokens. Those who contribute 300 USD to 2000 USD will get a 15% bonus in BX tokens added to the total number of tokens that they purchased. Investors that contribute more than 2000 USD to 15.000 USD will receive a 22.5% bonus, with investors contributing more than 15,000 USD gaining 30% as a bonus in BX tokens.
It must be noted that investors from Algeria, Bangladesh, Bolivia, Democratic people’s republic of Korea, Ecuador, Ethiopia, Indonesia, Iran, Iraq, Jordan, Kyrgyzstan, Morocco, Nepal, Serbia, Sri Lanka, Syria, Trinidad and Tobago, Tunisia, USA, Vanuatu, and Yemen, are not eligible for the token sale.
The tokens will be distributed, with 60% of the total tokens available at the sale. 10% of all available tokens will be escrowed for the team behind the project. These will be locked for two years, with eight vesting periods of 3 months each. Another 10% of tokens will be reserved for the advisors of the project, which will be locked for 6 months. 5% of the tokens will be utilized for the bounties and affiliate program of the token sale, while 15% of tokens will be kept as a reserve by the company.
The funds from the token sale have also been split up, with 50% of the raised funding going towards the development of the BX.bet platform. The development process includes the design and implementation of the BX multi-platform strategy, all BX smart contracts, and their cryptographic mechanisms. Furthermore, the BX development team will aim to consistently develop the desktop application, the native apps, as well as the webmaster plugins and the Application Programming Interface.
25% of the fund will be utilized for marketing purposes. This part of the budget will be utilized for acquiring new users and reconnecting with existing ones through the planning and execution of targeted marketing campaigns. 15% will be utilized for operations and 5% each for legal and miscellaneous costs.
AMBCrypto reached out to the team behind BX.bet to gain an understanding of the product. The co-founder of the company, Christan Lenz, responded.
Q: What drove you to create BX.bet?
If you take a look at the betting industry, which is undoubtedly one of the most successful industries in recent years as it has doubled in size and is still growing really fast, you will understand that despite the phenomenal growth, more and more disadvantages and problems of centralized organized systems have been exposed, ranging from the limitation of successful players and the lack of transparency, to the high cost for traditional bookmakers to secure the funds of the player and ensure the highest security standards.
Personally, I’ve been really interested in Crypto and Blockchain technologies for quite a while now. I am highly fascinated by the impact that this technology had and will have on so many industries.
Combining this with our passion for betting, and especially the combination of betting applications with the functionality of a prediction market is something really new and exciting. The use of blockchain technologies enabled us to work on the next evolutionary step of betting with the goal to revolutionize the whole industry. The vision of creating something new and exciting for all players motivates us to establish the BX ecosystem as the next level of betting.
Q: What are the problems BX.bet aims to solve?
As mentioned before, the betting industry has experienced decreasing levels of trust and diminished reputation in recent years, especially since there have been some black sheep in the market, typically based on a Caribbean island or even just having a mailbox there.
Today, traditional betting operators have to face several problems, including lack of trust, lack of transparency, strict regulations, high risk and high operational costs resulting in high margin odds in favor of the bookmaker, all stemming from their centralized structures. Big and small centralized companies are in charge of the odds, outcome determination and player funds, which ends up in a lack of transparency and trust as perceived by the end user.
We have been watching these issues for quite a while and were looking for alternative ways to tackle these problems and bring back the most important part of betting: fun. With the concept of BX, we have created a betting ecosystem that is fair, transparent, trustless and without any limitation. Our primary goal is to give the power back to the players and provide them the best user experience on the market.
Q: What can BX.bet offer that other platforms cannot?
We are a highly experienced team with tremendous experience in the iGaming industry. We know the business inside and out and have been part of this industry from its beginning to the multi-billion dollar industry that it is today. We felt it’s time to bring betting to the next level, that’s why we used our experience to create a product that presents itself as the logical evolution of betting.
Of course, we took a look at the competitor landscape, especially at decentralized projects that are heading in a similar direction. The BX ecosystem is, in our opinion, by far the most thought out and mature project available.
To be more precise on some points:
Betting Exchange Functionality – We are implementing the full functionality of a betting exchange with all its advantages, meaning full transparency on the order book and the opportunity for every user to place buy and sell orders, with their own odds.
Liquidity Concept – With our Market Owner concept, we are introducing a solution for the liquidity problems in P2P betting markets. Every user can become a bookmaker and create their own betting markets to directly participate in the success of the market and get incentivized for providing constant liquidity in the form of odds/bets availability.
Social Betting – We are creating the possibility to create private markets for closed groups without any fees so that a new social and secure betting experience arises.
Multiple Market focus – We are not solely focussing on sports but also on Prediction and Finance Markets that can be covered perfectly with our betting exchange functionality.
These are just a few of the key differentiators – you will find a lot more if you read through our Whitepaper.
Q: How is fairness ensured on BX.bet?
Two of the key principles of the BX ecosystem are fairness and no limitation. On BX everyone can become a bookmaker and place bets with their own odds. The odds on BX are not set by a centralized bookmaker, with no transparency and odds that are set too much in the bookmaker’s favor. All odds within the BX ecosystem derive from the supply and demand of its user and as such, truly reflect the aggregated opinion of all users about the probability of an outcome.
Additionally, users can create their own betting markets and directly participate in the success of their markets. That’s what makes betting on BX so exciting – it is fair, self-sustaining and without limitations.
Q: Will there come any situation where BX.bet will interfere in the functioning of the BX.bet platform?
We strongly believe in the paradigm of decentralization. BX is a truly decentralized ecosystem with no centralized authority in place. Thus all major changes in the functionality will be done in accordance with the BX community.
Q: What are the scalability options put in place for BX.bet’s growth?
The BX ecosystem is designed with several options to scale in growth. Especially the multi-vertical approach which paves the way for future growth. We are not only focussing on sports betting, but also on prediction and financial markets to create a unique and diverse ecosystem.
Another way for the BX ecosystem to growth is our multi-platform strategy. We are creating a comprehensive and powerful API to enable developers to create applications for the BX ecosystem and the opportunity to generate attractive revenue streams according to the success of their apps or platforms. We hope to embrace creative entrepreneurs and developers to create innovative solutions and add-ons that will enrich the BX ecosystem with exciting new features.