The Better Betting Foundation depends on an effective technical implementation to reach its intended goal of providing a Global Betting Liquidity Pool. Alongside the evolving business requirements, a technical investigation has been taking place with the intention of finding the optimal technical solution. Fundamentally, the intention is to provide a global betting liquidity pool for use by bet market creators and bettors. In principal, anyone can create a Bet Offer based on real sports events, this is more traditionally known as laying a bet. Each Bet Offer will be grouped by market and event and listed in a searchable directory. Bettors wishing to place a bet can then search the directory and locate the bet they want. The betting acceptance process then involves the Ethereum blockchain to store the agreed bets contracts which also holds the stake and liability in escrow — the system will use our own issued betting tokens (BETR). When the events are over, the bets related to that event can be settled. In order to settle a bet, the result of that selection must be determined. The bet smart contracts will contain information as to the party that will supply resulting for the selection. In the case of bets offered by sportsbooks this will generally be the Bet Offer Creator (the layor of the bet). Other solutions are to appoint a 3rd party to result (this could be a data feed) or to appoint a 10 special 3rd party which is the consensus node — this node would settle according to a set of rules based on all other settlements of the same selection.
One Application and Two Linked Systems
The Ethereum network will be used for the management of the bet contracts and the BETR tokens and interface to another system on top of that to provide a UX for the Bet Offer creators and Bettors by running the betting directory services as a distributed database. This system we call the ‘Better Betting Node’ (BBN).
The BBN is a downloadable application which is installed on the user’s device and incorporates an ethereum wallet. It is similar to a blockchain application in so far as it operates without central servers and the nodes communicate with each other to maintain the state of the database. BBN does not need to store data indefinitely, and that is one aspect that sets it apart from standard blockchain networks where every node (or miner) stores a complete copy of the transaction ledger.
How it Works for All
There are two parties to a bet. In our terms we call the party that creates (or lays) a Bet Offer 11 a BET CREATOR. Traditionally this would be a sportsbook but in our case, anyone can be a Bet Creator. On the other side, the party that takes the bet offer (or a part of it) is called the BETTOR.
From the Bettors point of view, they fundamentally would like to see a list of sporting events and the bet options with odds and limits that are available. By selecting a bet option and applying a stake amount, the bet can be created. For the Bet CREATOR, they want to be able to set up a series of Bet Offers with bet options, odds and limits (maximum risk exposure) and place them onto the bet directory so that the Bettors can then select them as above. It is envisaged that a standard BBN API will be created that will enable the Bet Creators to integrate directly with their own systems so providing automatic bet offer creation.
Above all this the system needs to know when the sporting events are scheduled and when they are resulted. To do this the same API that is available to sports books can be used to link instances of BBN and data feed providers. This will facilitate automated event, market and selection creation and may also facilitate resulting. One of the key features of the directory will be to provide Event, Market and Selection IDs so that the event data can be cross matched with the bet creators systems. The Event IDs will include major Data Feed Provider’s IDs and may also include Bet Creators IDs.
BBN’s Three-Layered Structure
To provide a technical solution for these requirements, a three-layered application is envisaged which can be described as follows:
The system will be funded through the issuing of a betting token (BETR). BETR will be capped in terms of the total number of tokens that can exist and will be issued according to the following schedule:
ICO and token sale
A minimum $2M, maximum $30M will be raised through issuing of tokens. These funds will be used for
Development and release of the better betting protocol
Development and open-sourcing of dapps and node software
Marketing to key stakeholders and consumers
Legal and administrative costs
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