BetterBetting is a decentralized sports betting marketplace that uses BETR tokens as its betting currency. BetterBetting aims to establish truly decentralized online sports betting.

Project Highlights

Decentralized Peer-to-Peer Betting
The system provides access to previously non-existent betting opportunities by offering robust escrow and settlement services between two parties who may not know each other and have no common operator.
Applicable to Other Events
Transactions do not need to involve bets - the same system can be used for any event where funds are held in escrow before the outcome and then settled to the winner (e.g., poker games), although BetterBetting initially focuses on betting.
Fair, Unbreakable
The software and transactions are fair and robust. Bettors need to know they will get their winnings - no questions asked!
Instant Winnings
Winnings are distributed immediately after the bet and are available in instant crypto funds for owners to use when the right opportunity arises.
Betting in More Jurisdictions
Most jurisdictions that prohibit sports betting target operators as licensable entities. Individuals wanting to place bets are not breaking the law as long as they dont gamble with unlicensed operators. With this system, bets are only placed against another person - no operator involved.
Access to Large Wholesale Bets
If the amount exceeds what an individual operator would consider a risk, the betting market becomes large. The system will provide liquidity to enable these bets - no system limits. Bets are aggregated so that multiple parties can match a single bet.
Funding Bets Made Easy
No more credit cards, wire transfers, and other outdated payment mechanisms. BETR (betting tokens) will be traded on major crypto exchanges and can be bought and sold with tokens like Ether at any time.
No Regulatory Entity Requirements
Since there is no central intermediary, there is no licensable entity (such as a bookmaker or exchange). This does not mean that bookmakers and exchanges cannot participate in the action, but they are just another entity in the system.

How the Project Works

Placing Bets
Everyone can place bets using BetterBettings unique peer-to-peer technology. Sportsbooks and exchanges can integrate logic into the backend using the API, while individual users can price using the Layor UI provided by BetterBetting.
BetterBetting nodes use Ethereum smart contracts to store placed bets on the Ethereum blockchain. Contracts will contain information about the bet offer, including depositor liability data and bet settlement information.
Fundamentally, the goal is to provide a global pool of betting liquidity. Each bet offer will be grouped by market and event and listed in a searchable directory. Betters can search the directory and find the bets they want.
Authentication
While parties may remain anonymous, the system can also integrate with existing sportsbooks or exchanges. In this case, betting BETR may require the counterpartys account - offered bets may be marked as requiring an account and authentication.
The registration and authentication process also means that these bets will not be merged with others. BetterBetting intends to introduce a distributed authentication mechanism to facilitate entity bets offered by player accounts.
Escrow and Settlement
When a bet is placed, an agreement is reached between the better and the depositor, and funds from either party are held in escrow until the underlying event occurs, at which point the bet is settled in favor of the winner. Placing bets requires two critical functions. The first is to hold funds from the bet placement to settlement. The second is the settlement in favor of the winner.
BetterBetting aims to accommodate different outcomes systems:
Settlement will be at the discretion of the owner.
Consensus, much like the blockchain itself remains true as all parties agree.
Third-party settlement using parties providing results and arbitration services.

*The above content has been compiled by the official NonSmallNumber team. If you wish to reproduce it, please credit the source.