Mar 9, 2022 - 1 day read

An introduction to decentralized social betting with Betbeetle

betbeetle.com 18.7k

Via Medium

Betbeetle is a brand new DeFi betting platform that enables users to bet with their friends in a way that is secure, decentralized, and sociable. For those who are interested in increasing the value…

Betbeetle is a brand new DeFi betting platform that enables users to bet with their friends in a way that is secure, decentralized, and sociable. For those who are interested in increasing the value of their cryptocurrency portfolio with the help of their prediction skills, Betbeetle offers a platform fueled by disruptive blockchain technology to bet on the outcome of any event — crypto, sports, politics and more.

The cryptocurrency sector expands day by day with developers seeking to fill more and more niches. However, there is temporarily one specific use case that users never had the chance to explore: social betting.

By taking advantage of the major interest that now visits crypto, Betbeetle intends to create both a platform and a community that facilitates wagers in the most effective and healthy way possible.

Ready to take a deep dive into what Betbeetle is all about? Let’s start by exploring some of the fundamental features and concepts behind this innovative social betting platform.

What we offer

Have you ever wanted to bet with a dear friend but couldn’t find any place that offers a secure and decentralized experience? We know that a large part of the crypto community will answer in the affirmative. The Betbeetle team intends to address this demand by delivering a blockchain-based project that fosters the growth of healthy social competition through cryptocurrency betting.

Social betting on betbeetle — crypto, sports, politics and anything else.

Although the crypto and DeFi sectors are already filled with various protocols that offer users a way to bet with their crypto assets on certain events, there is yet no such platform that makes betting not only decentralized but sociable as well, includes gamification aspects and allows everyone to create bets on any event outcome in crypto- and non-crypto-world. You can also participate in existing bets of your friends and other community members on all sorts of events without any restrictions.

Our users have the chance to form a vibrant online community that can bet either privately or publicly. With private bets, anyone can bet against another person in a fixed ratio. On the other hand, public bets allow for widespread bets with clear conditions that everyone can join.

As more users join Betbeetle, they will naturally share it with other people on a word-to-mouth basis. The gamification aspect — the more victories, the higher are your profits — strongly supports this effect. This form of organic marketing will as a result leave more room for the actual development of the platform.

By focusing on the social aspect of betting, we offer a highly rewarding and engaging betting experience that cannot be found anywhere else. Our users can bet on anything at any time. All of the bets will forever be recorded and stored on an immutable blockchain network.

The BTL token

The BTL token is always in the centre of our platform .Those who are interested in becoming a part of the family can become early adopters through the BTL token.

The BTL token represents a BEP-20 token that supports the entire Betbeetle ecosystem. Instead of having our own dedicated blockchain, we thrive on the Binance Smart Chain. The platform Betbeetle and the passive rewards are giving it value. Those who own our utility token BTL have access to multiple streams of income and obtain benefits when using the platform.

BTL Premium holders automatically earn a monthly income of 82% of the platform’s accumulated BNB fees. Another 10% are being used for regular buybacks and burns and the following giveaway as part of the Beetle Lotto among Premium holders. Moreover, 7% of all buys and sells are reflected among all BEETLE holders. Another 7% of all buys and sells contribute towards automatically generating liquidiy locked inside PancakeSwap V2. Voting rewards/governance is also planned later in 2021 to give further utility to the BTL token.

Why Betbeetle and not other betting platforms?

Everyone considers betting to be a fun way to spend your time, but it sometimes hosts problems that prevent bets from bearing fruit. A friend might not keep their end of the bargain, it might be too burdensome to organize the bet or you simply cannot find a way to make sure that both parties are paid out.

Prediction markets used to be the go-to platforms for betting. However, many became reluctant to keep using these markets as they impose several limitations. One will always bet against the bookie and will only have a chance to bet on certain niches, such as sports betting and casino.

Another major problem is that prediction markets remain inherently centralized and their KYC requirements often demand too much personal information. Why bother participating in a decentralized sector whose projects are centralized?

With the aforementioned facts in mind, it is clear that Betbeetle has the chance to become a first mover in a niche that has not been explored yet. Our ultimate goal is to create a brand known by all crypto enthusiasts and investors in the sector, famous for providing fast and decentralized wagers.

Legal aspects

Rather than enforcing strict KYC measures, Betbeetle offers a truly decentralized experience that requires no disclosure of private identity nor registration. The betbeetle platform itself is basically only a frontend which creates the user experience, participants could in theory even bet directly on etherscan.io by directly interacting with our smart contract.

In contrast to traditional betting providers, the decentralized nature of the platform allows us a quick and easy setup and expansion. We are not a betting provider, but merely enable social betting between community members without making a profit ourselves. In doing so, we cannot exclude any countries from the offer due to the offer directly on the blockchain. However, participants are required to confirm, among other things, that they are legally entitled to participate according to local laws before submitting the bet.

While the team is made up of different European nations, the company behind Betbeetle is based in the Faroe Islands. Online sports betting is not regulated in the Faroe Islands and locals are free to participate in online sports betting as well.

The future of Betbeetle

At the very beginning, we will offer users a way to bet with BNB. As Betbeetle expands and grows, we plan to feature the integration of other BEP-20 tokens — which is already integrated in our smart contract — as well as other chains with the highest potential.

After the Binance Smart Chain, we will consider support for L2 Ethereum such as Polygon, Arbitrum and other chains like the Huobi ECO Chain. Users will also gain access to more complex betting options and other innovative features as the platform grows together with its community. By offering a public API for creating and placing bets, anyone can place their own bets from any platform — even automated.