Betrium Wants to Revolutionise Online Gambling with Blockchain Technology

Betrium, a blockchain-based platform, is hoping to change the future of gambling with the acceptance of cryptocurrencies including bitcoin, ethereum, and dash.

Data from the Global Betting and Gambling Consultants (GBGC) and Morss Analysis suggests that the global licensed and regulated gambling market is worth $533 billion. This is compared to its $363 billion figure recorded in 2007. According to Interpol, though, the unregulated betting market worldwide is worth significantly more, at $1 trillion. Research from FirstGaming, an expert in the betting business, suggests that mobile gambling has become the fastest growing gambling segment. Due to a rise in mobile audiences, the share of mobile yearly annual revenue growth rose from 24.5 percent to 29.4 percent in 2015. Whereas, revenue of mobile gambling in 2016 is 26 percent higher than that of 2014.

Yet, while the online gambling and betting market is growing dynamically each year, there are some countries where online betting is not permitted. Not only that, but according to Betrium, the online betting industry has suffered from a lack of innovation for a number of years. Some of the problems it currently faces are high commissions on deposits, withdrawals, and winnings; tax issues where betting services automatically take taxes on personal income; they are not worldwide; many only make profits for beneficiaries; and there is no support for cryptocurrencies.

Betrium is aiming to solve these, and other, problems as it attempts to revolutionise the future of the gambling industry. The main phase is scheduled to launch on the 5th of April 2018. Its white paper states:

“Betrium is the solution developed by group of entrepreneurs and MIT & MIPT graduates offering the first partly decentralized worldwide betting service (betting exchange & sportsbook) with zero-commissions accepting cryptocurrencies and offering platform for event organizers, developers, and third party service providers.”

As it is a blockchain-based platform, Betrium allows players from all over the world to enjoy gambling, but it has lower commissions – between zero and one percent on money deposits, withdrawals, and winnings – compared to betting exchanges and sportsbooks, which can be as high as five percent. Additionally, as its white paper claims, it supports popular cryptocurrencies including bitcoin, ethereum, litecoin, dash, and zcoin. Users will also be protected from losing their cryptocurrencies as balances will be fixed in USD/EUR to ensure volatility stabilisation. This will also provide a greater chance for users to maximise on their profits. Not only that, but the blockchain platform is 20 percent more profitable for customers than any other service.

In addition to addressing the problems Betrium believes face the traditional gambling industry at present, the blockchain platform wants to give event organisers the chance to earn money on bets.

“In Betrium, bets happen off-chain and [are] only added when the event happens and the outcome is undeniable,” the team said. “That means, in contrast to competitors, we are able to provide [a] high-speed betting service built on decentralized IT architecture.”

In order to provide the best service to its users, Betrium will be conforming to the laws and will act fully within the Curaçao online gambling license. As Curaçao is the most popular location for gambling it is used by many large gambling companies such as Bitstarz, Cloudbet, and 1xBit. Betrium also hopes to obtain licenses in Malta, the U.K., Germany, Australia, and the U.S.

The team are hoping to change the face of gambling by providing a decentralised platform that is available to everyone.

Betrium Token Sale

The Betrium public initial coin offering (ICO) token sale begins on the 5th of April at 23:00  and is set to continue until 23:00 on the 14th  of May, 2018. During the ICO, 63 million (45 percent) BTRM will be distributed. Any unsold tokens will be burnt after the ICO. Secondary coin offerings (SCO) will be allocated 20 percent of tokens issued; a further 20 percent will be distributed to Betrium’s management; and five percent to the advisors. There will be a total of 140 million Betrium tokens (BTRM) on offer.

During the first two pre-ICO sales, Betrium put up 14 million tokens (10 percent) for sale. The team were able to raise $1,283,000 during the pre-ICOs. Once the initial sale is completed, tokens will be transferable and will be listed on exchanges, according to Betrium.

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