The sports betting industry is plagued with various problems ranging from high fees to delayed payouts, complicated registration process, amount opacity, governmental control, and data storage. It is no wonder some players would rather risk it all with shadowy bookmakers, fueling an illegal market worth about $400 billion.
Blockchain technology offers an unprecedented degree of freedom, security, and accessibility by eliminating intermediaries and ushering new levels of transparency across a distributed and tamper-proof network. Leveraging this technology, EtherSport, a decentralised sports betting platform, aims to revolutionise the betting industry by providing a secure and safe platform for betting. To this end, EtherSport offers a simple and easy to use platform that guarantees players’ anonymity, safety, and prompt payouts while providing transparency of all financial transactions and the absence of hidden withdrawal fees. The platform does not have limits for the payoff nor centralized determination of the payoff coefficient, which is the norm for bookmaking companies from all over the world. Players on the platform are free to personally choose the coefficients when betting against each other.
The EtherSport network is based on Ethereum and powered by smart contracts. Traditional lotteries and bookmaker companies tends to waste a lot of manpower on betting validation and payouts and due to the inefficiency of the system and human factor, this often leads to the possibility of various fraud schemes. Smart contracts in EtherSport protocol eliminates these flaws and irregularities, acting as a secured and trusted escrow element within the network. By keeping all betting history on the blockchain, the network automatically ensures that there is a fair and distributed system of accountability for all users. The platform also guarantees unlimited winnings, with no limitations on betting amounts
EtherSport will launch its lottery 11 for testing early into Q1 of 2018. This will allow for preliminary, unsimulated testing. Shortly after this, Lottery 11 will be released fully, allowing users to wager ESC tokens on events. By Q2 2018, P2P betting will be enabled, whereby players can bet against each-other.
EtherSport blockchain platform is launch-ready. However, in order to generate funds for marketing and promotion, the platform will conduct an ICO for its native ERC20 Ethereum-based token – EtherSportCoin (ESC).
ESC is the default token for purchasing lottery tickets on the platform. It can also be used as a way to earn (15% of the money raised from each lottery), or as a speculative commodity to trade on major exchanges. 100,000,000 ESC tokens will be created for market circulation, with 70% of these being distributed within the pre-ICO period (November 13th to November 19th) and the main ICO (November, 20th, to December, 20th). Soft cap for the campaign has been set at $500,000
EtherSport will invest the funds received during ICO in fully developing the project, implementing features and establishing a global marketing campaign. EtherSport platform will be launched regardless of what the ICO generates.
The EtherSport team has years of experience in the lottery and bookmaker industries. The project’s developers were one of the pioneers in terms of working with the blockchain and smart contracts.
To learn more, visit the EtherSport website.