Better Fan Unveils Web3-Based Sports-Betting Platform

December 6, 2022 9:35 PM EST

The growing global sports-betting market has led to a greater need for reliable, long-term revenue models. Better Fan has recently developed a Web3-based gamified sports-betting platform that lets gamers directly connect with their favorite sports clubs and avoid losing their life savings when placing bets.

The growing sports-betting market has increased the need for a safe, sustainable and legal revenue model. Better Fan has developed an innovative sports-betting platform that combines Web3-based infrastructure and the “play-to-earn” (P2E) concept. 

Noting that the global betting industry is often associated with crimes such as money-laundering, terrorism-financing and smuggling, 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,” said Durgun, noting that 47 million Americans placed at least one bet during the last 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, thus reducing gamers’ potential losses by letting them place bets without using fiat currencies or crypto.

Durgun drew a distinction between Better Fan and Web2-based platforms. “On Web2-based platforms, people use real money to place their bets,” he explained. “But if they lose, their entire stake will be lost.” 

Since Better Fan users don't stake anything of value, they can only lose their daily bets – which are renewed every 24 hours. Bet amounts and daily betting limits are determined by NFT-based Fan cards that each user holds. Users have the option of upgrading these NFTs, thereby increasing their Card Rates.

If bets are successful, users are rewarded with Better Fan’s BTB (Better Than Bet) utility tokens. These can be used for in-game activities, and users can exchange them to USDT directly in-game. 

"Better Fan’s gamification approach is based on the P2E model,” Durgun explained. “Because it doesn’t let ‘hard money’ onto the platform, it prevents the occurrence of illegal activity.”

Sports-betting market continues to grow 

Research suggests that the global sports-betting market will grow by almost 12 percent every year, reaching a total value of $178 billion by 2030. Morgan Stanley also estimates that the market is likely to generate more than $7 billion in the U.S. alone.

“With traditional betting approaches, only a small portion of this revenue is shared with sports clubs,” Durgun says. “But with Better Fan, in-game taxes and fees are collected in a common pool, thus providing a much fairer means of distribution.” 

According to Durgun, Better Fan gives the commissions it receives on transactions carried out on its platform to sports clubs. It does this by way of a voting system based on the Decentralized Autonomous Organization (DAO) model.

“This way, users can determine which sports clubs receive the pooled amount, and exactly how it will be used,” he says. “Our primary goal is to connect gamers with the world of sports betting – in a safe, secure and totally organic way.” 

Contact Info:
Name: Berkay Barutcu
Email: Send Email
Organization: Better Fan

Release ID: 89086066

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