What is a Gambling ICO? BetterBetting, CoinPoker, Goal Bonanza

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CryptoNinjas puts it best in their excellent piece on gambling ICO’s, “Go Big or Go Home”. 

Bookmaker accepts most forms of crypto-currencies

That site notes:

The cryptocurrency space is particularly well-suited to online gambling.  It’s an industry that can benefit from the revolutionary payment systems, as well as a greater transparency and cutting out the middlemen. 

An ICO is an Initial Coin Offering.  Anyone who dabbles in crypto-currencies can take part in an ICO.  The blockchain provides transparency for players while the investment, in theory, should help support an online casino, sportsbook or poker room that is relatively easy to set up based on the crypto-currency ICO concept.  We say “in theory” as quick cash grabs could be the motive behind some unsavory operators.  Indeed we at Gambling911.com have covered a few failed crypto-currency online casinos in recent months.

CryptoNinjas offers up examples of three of today’s top ICOs in the gambling realm.

CoinPoker has an ICO running for a three month period through to the end of January 2018.

Their whole concept is a simple one that for close to a decade now has hindered the growth of traditional online poker sites in so-called grey markets, including the US: The ability to pay out and take deposits quickly.

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CoinPoker.com is one of a handful of recent ICOs in the gambling space

The Etherium blockchain has a football betting site called Goal Bonanza, which claims to be 100% fair and transparent with payments handled through the smart contract system that Etherium is built off of.

The site is based on a lottery like crowd betting on ten possible football game final score outcomes where the crowd drives the potential returns.  The bigger the crowd gets, the better potential for a big pay day.

BetterBetting, meanwhile, seeks to decentralize the sports betting experience online by creating a peer-to-peer system.

The BetterBetting goal is to establish a global betting liquidity pool.

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They unveiled their digital BETR in hopes that it will shortly become the betting currency of leading sports betting sites, especially those in more tightly regulated jurisdictions.

“With Better Betting we are excited to bring a new paradigm to the world of sports betting,” said Adriaan Brink, CEO and Founder of the Better Betting Foundation. . “By combining the power of blockchain with our experience and knowledge of the sports betting industry, we are introducing a new betting currency that understands the underlying structure of a sports bet, ensuring fair and robust betting opportunities between two parties, who do not have any relationship with one another.

“Working with major industry players, this decentralised liquidity marketplace for sports betting can be used in many different ways and provides automated programmatic interfaces so that existing sportsbooks can link into the system,” he added. “Working with, rather than against, major industry players with a zero margin model, we seek to provide the railway tracks for sports betting in the future.”

- Aaron Goldstein, Gambling911.com

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