Source: news.google.com
The growing global sports betting market has created a greater need for long-term, reliable revenue models. Better Fan has recently developed a Web3 based gamified sports betting platform that allows players to connect directly with their favorite sports clubs and avoid losing their life savings when placing bets.
NEW YORK, January 16, 2023–(BUSINESS WIRE)–The growing sports betting market has increased the need for a legal, sustainable and secure revenue model. Better Fan has developed an innovative sports betting platform that combines Web3-based infrastructure and the “play to win” (P2E) concept.
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Better Fan Introduces a Web3-Based Sports Betting Platform (Photo: Business Wire)
Better Fan CEO Metin Durgun emphasizes the platform’s “closed economy” model: “Better Fan’s gamified platform promises to revolutionize the world of sports betting,” he said, noting that 47 million Americans placed at least a bet during the final NFL season, according to data from the American Gaming Association.
The world’s first Web3-based gamified betting platform, Better Fan aims to introduce the idea of legal, ethical and sustainable betting to the global sports betting market. It “gamifies” the sports betting ecosystem, reducing potential player losses by allowing them to place bets without using fiat or cryptocurrencies.
Durgun distinguished: “On Web2-based platforms, people use real money to place their bet. But if you lose, you lose your entire bet.”
Since Better Fan users do not bet anything of value, they can only lose their daily bets, which are renewed every 24 hours. Each user’s NFT-based Fan Cards determine the bet amounts and daily bet limits. Users can upgrade these NFTs, thus increasing their card fees.
If the bets are successful, users have been rewarded with Better Fan BTB (Better Than Bet) utility tokens. These can be used for in-game activities and users can exchange them for USDT directly in-game.
“Better Fan’s gamification approach is based on the P2E model,” Durgun explained. “It prevents illegal activity because it doesn’t let ‘hard money’ into the platform.”
The sports betting market continues to grow
Research suggests that the global sports betting market will grow by almost 12% annually, reaching a total value of $178 billion by 2030.
“With traditional betting approaches, only a small part of this revenue is shared with sports clubs,” says Durgun. “But with Better Fan, taxes and fees for the game are collected in a pool, providing a much fairer means of distribution.”
View the source version at businesswire.com: https://www.businesswire.com/news/home/20230116005294/en/
Contacts
Berkay Barutcu
berkay@better.fan
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