BetSwap Space, a sports betting platform has launched its blockchain-based peer-to-peer protocol that allows users to create betting pools or place bets in a trustless way (without the need for a middleman or house), at a super low fee and zero counterparty risk. It uses blockchain-deployed smart contracts to bring trust, transparency, and immutability to betting.
In the last few years, online gambling has recorded substantial growth, recording a market size valued at USD 57.54 billion in 2021, and is expected to expand at a compound annual growth rate (CAGR) of 11.7% % from 2022 to 2030. The increasing use of mobile phones among users for playing online games in public places as well as in their homes, in addition to rising internet penetration, is propelling the market
Considering the potential for growth in this market, BetSwap aims to capitalize on the opportunity by creating a first-of-its-kind betting platform that uses smart contracts and utilizes the first-mover advantage to be a global leader in this space.
In addition, BetSwap has no restrictions on choosing a sport, no maximum or minimum limits on the amount they can bet, and no rollover requirements. All bets are peer-to-peer and based on a pool created by users, whereas control lies with the users themselves, not with BetSwap. This way, by avoiding middlemen, it not only reduces the intermediary costs but also ensures the integrity of the Bet.
The process works as below:
A user opens a bet by selecting a sport, defining a stake, and setting odds. Alternatively, they can also create a pool of their choice and set odds, which allows other users to join as well.
Once the bet is completed, users claim their rewards directly using the interface. All transactions are on-chain, ensuring transparency and ruling out the risk of manipulation.
BetSwap uses USDT, a stablecoin for betting, ensuring no selling pressure or liquidity issues and price impact on the bets.
About BetSwap Space
BetSwap Space offers on-chain betting of various sports by facilitating users to create bets on sports that can attract predictions. It allows them to create their own pools, set odds, and most importantly be the house while cutting the costs of traditional sportsbooks and middlemen, allowing users to enjoy a super low as 1.5% fee.