According to a Statista survey, almost 50 percent of people 18 years and older in the United States have placed a bet on a sports event at least once in their life. The United States, arguably the world’s largest sports betting market, is also getting closer to completely legalizing sports betting throughout the country.
However, the channels for which to place sports bets online haven’t evolved in terms of usability and customer experience. A sports bettor could incur commissions of up to 10 percent per bid, experience lack of transparency, suffer unfair account blockages and risk their financial information being shared with less reliable intermediaries.
Enter XWIN, an Ethereum blockchain-based betting platform that seeks to solve these problems. It replaces the bookmaker who accepts cash bets on results of sports games (horse racing, football, running, etc.) and other events.
Bets are accepted on certain conditions, with predetermined rules of payout. Subsequently, the XWIN smart contract performs the functions of an arbitrator that autonomously and completely independently fulfills the terms of agreement.
The 💜 of EU tech
The latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!
Simply put, the conditions prescribed in the smart contract should be met 100 percent regardless of the desires of the parties. The better who places the bet with XWIN receives information about all the conditions for complete transparency. The payout amount is also locked on the account of the smart contract at the time of placing the bet and cannot be expended or spent prior to the settlement. None of the parties can make changes to the bet that has already been placed, and spend the prize fund.
Since a bookmaker business brings considerable income, the XWIN margin ranges from 6 to 20 percent of the betting rate. The margin from the bettor’s bets is credited to the account of the XWIN smart contract and is managed autonomously, but 20 percent of the income will be distributed amongst the investors.
Furthermore, XWIN CryptoBet provides you with the opportunity to receive up to 6 percent of the amount that your referrals spend for the tokens. Just give your referral code to your friends and enjoy the bonuses that will automatically be deposited in your wallet.
The team behind XWIN also has considerable experience in B2C web applications for consumer services and platforms, structuring transactions and licensing, structuring investment projects, risk assessment, financial planning as well as ICOs and cryptocurrencies.
Within the framework of ICO platform, XWIN CryptoBet will issue a limited number of tokens, 80 percent of which will be available to the investors and players. The community of XWIN members is already over 5,000 and increases every day.
Get the TNW newsletter
Get the most important tech news in your inbox each week.
This post is brought to you by The Cointelegraph and is not an offering of securities or a solicitation to invest in securities. Yes, TNW sells ads. But we sell ads that don’t suck.
