Our new Disruption by Blockchain series aims to highlight companies that are leveraging the incredible potential of blockchain technology to disrupt and revolutionize their industry. Through one on one interviews, we'll speak directly with industry leaders to cut beyond the hype and get directly to the heart of practical use cases and examples of how it will change the world, one industry at a time.
The following is an interview we recently had with Adriaan Brink, CEO of BetterBetting.
1. What’s the history of BetterBetting? How and where did you begin?
AB: I started whiteboarding concepts mid 2016 when I saw the traction that blockchain currencies were achieving. Mid 2017 I took the decision to ICO – kicked off in December and we finish tomorrow (31 Jan 2018).
2. Who are the founders and key team members?
Adriaan Brink, CEO
Ian Sherrington, CTO
Hilly Ehrlich, Co-Founder
Mitchell Rankin, Management Team
Vlad Agaev, Consultant
3. What problem are you solving? Who are you solving it for?
AB: The online betting industry has lacked innovative ideas for some time. Odds are massively in favour of the bookmaker, payment methods are outdated and regularly winning players are restricted or banned. There is a lack of security, lack of privacy, extortionate fees and low returns, all of which are factors which either put bettors off or drive them to underground betting.
4. What is your solution to this problem?
AB: BETR is different. It is the betting crypto-currency that will establish truly decentralised sports betting on the internet. With BETR providing financial security true peer-to-peer betting becomes possible on the internet with entities that have no prior relationship. Using blockchain we are able to provide sportsbook clients that operate with no human or business entity in the middle. The system is safe, the software and transactions are provably fair and robust. Add on the ease of paying for a bet through BETR currency and the fact that you can make larger bets, and you can see why BETR Betting is the future of betting.
5. Why is your industry ripe for disruption?
AB: Any industry can be disrupted – online gaming is already a huge industry. I don’t buy into all the ICOs that claim that operators are unfair or cheat – this is not my experience. What is true is that operators, particularly in the UK, elect to take more money from bettors who are overall losing bettors – often with algorithms that don’t correctly implement this. This risk control is not as prevalent in other territories such as Asia – by opening up the liquidity pool to all we are able to bridge the gap.
BETR also provides a seamless mechanism to cover authentication and funding which will provide an easy and secure mechanism to implement one-click betting from new and innovative places (think a button on your TV or a message in Whatsapp).
6. What’s the future of your industry?
AB: Huge – north of $50Bn is in escrow or accounts in sports books at any one time