BetFi: Your Global Decentralized Gaming Platform Combining Gaming with DeFi

With its typical combination of potential financial gain, risk, and excitement, betting is blessed with universal appeal — men and women play it alike. In fact, the global gambling market exceeds 500 billion USD and as online betting platforms spring up everyday due to smartphone penetration, the industry is poised to expand even further.

However, the betting industry is beset by a myriad of challenges including unfair betting conditions, low differentiation, low customer engagement, scandals involving malicious bookmakers, high bookie commissions, slow payouts, and freezing of accounts. These problems have made betting a risk-laden experience for many.

Even in its best implementation, the conventional betting model is a highly centralized venture in which the power resides with the bookmakers. As a result, close to 90% of bettors lose their funds to the “house”.

With all these in mind, BetFi is created as an innovative blockchain-enabled betting platform with a host of exciting features designed to address the flaws of traditional betting. This decentralized app allows players to bet against one another in games and receive winnings plus incentives, rather than betting with odds set by the bookies. Therefore, whatever the outcome may be, money will stay in the system instead of going to a third-party. Each transaction has its record stored on the blockchain and it remains viewable for all participants.

Sounds ambitious right? Yes. But we will put in place some impressive features to make this a reality. Read on.

BetFi: What is it?

BetFi is a new betting platform based on blockchain technology, with its peer-to-peer (p2p) transaction and trustless advantages, which allows users to bet on games with others without going through a bookie or betting service agent. It is a decentralized, open-access, and secure portal built on Ethereum’s smart contracts for a smooth betting experience. Players will enjoy its advanced gambling features including the random number-generating functionality to ensure fairness, unlike similar betting platforms.

The system allows users to not only customize their bets, but also invite friends to participate in betting at any time. They can easily select games to bet on, determine how much money they wish to commit, and choose how they will receive their earnings. With this approach, BetFi is taking drudgery out of betting, since payouts aren’t delayed unnecessarily as witnessed in traditional betting systems.

BetFi also boasts of its own native token called BFI, which is used for reward distribution, staking, fee payment, and governance.

How does BetFi work?

BetFi is based on the smart contracts technology (Solidity) used to power Ethereum. This gives users a betting system on which they can create bets easily and the amount to be won depends on the bets placed by all users at a time. Simply put, the users bet against one another, rather than bet against bookies.

Just imagine yourself watching a Liverpool vs Manchester United match with your friend with Liverpool down by one goal, but you believe that the home team will equalize and win the game, while your friend insists it’s not possible. How about immediately staking $5 against him or her without paying any bookie?

The above scenario best describes how BetFi can be put to use to bet on your favorite games with friends and other users, within the anonymity of a blockchain network. You will receive your winnings promptly without paying any betting agent.

This time, BetFi will use its BFI tokens based on smart contracts to distribute winnings to winners and do other things. Smart contracts ensure the fairness of bets and winnings are automatically disbursed once the games are concluded. This is done on BetFi within 60 seconds, unlike traditional betting platforms that take days to make payouts.

Again, there is no need to invest on expensive betting operations like funds management and oddsmaking which are common with normal booking companies. Consequently, participation fees are greatly reduced, since stakers only pay a small fee for using the smart contracts.

Key Features of the BetFi Platform

The BetFi gaming platform offers some key advantages to all betting fans. The ecosystem has a great potential for growth as it employs creative blockchain solutions to tackle challenges in the online betting market.

Cheaper and safer bets

Utilizing Ethereum’s smart contracts capability on BetFi removes the meddlesomeness of the so-called booking agents. The transactions are fair enough and practically impossible to manipulate. Winnings are promptly sent to the winners at no risk of foul play or human error since everything is automated.

Fund control

BetFi is based on blockchain technology with anonymity features which will even encourage more players to opt in. Furthermore, it ensures that users are in direct control of their own funds as deposited in their wallets.

Broader User Pool

BetFi is a decentralized, open source, peer-to-peer betting platform which provides a transparent and universal access to its games.

Guaranteed Payouts

The BetFi Platform is built on Ethereum which assures automatic payouts that no one can interfere with.

Random number generation

One feature that sets BetFi apart from its peers is its ability to generate unique random numbers using Provable. Provable is a top Oracle service for blockchain applications, used in millions of transactions daily on Ethereum, EOS, Hyperledger Fabric, and R3 Corda, unlike other such blockchain platforms built on Solidity.

After a bettor must have initiated a bet, he or she can use the external Provable API to generate random numbers to ensure fairness. The fees charged on smart contracts will be used to pay for using Provable.

Staking

BetFi will allow users to stake and participate in creating the platform’s liquidity pool. The greater the stakes and the time spent, the higher the interest rate for each player.

80% of the fees collected in ETH will go to the stakers, 10% will go to buy back betfi tokens and sent to a token burn address, 10% will go to the team foundation.

Games

For now, BetFi offers 4 in-house (coinflip, dice, poker, and roulette) with double versions of the games; one using the BFI and another using ETH. Common features of the games include:

· A maximum and minimum betting value which can be changed by the smart contract owner.

· A requirement to call Provable to generate random numbers and the usage fee will be paid by the bettor using the service. Along the same line, there is a house fee of 1% on all games payable by the smart contract owner.

It must be noted that each game has its own smart contract features. Simple instructions to follow in playing the games are outlined here.

BetFi’s Solutions

1# User-friendly:

BetFi aims to provide a user-friendly service to players by simplifying the betting processes for them. It is easy to understand and use even for casual bettors.

2# Cutting out the bookies:

The system is created to solve problems associated with betting agencies and bookies by using blockchain technology to transfer betting power to the players directly. The players can set the odds themselves by staking on their favorite games with other users and providing liquidity required for payouts in the process.

3# Gamification:

This platform is not only about offering better betting conditions or empowering the players. It also wants to make betting as exciting as possible. To achieve this, the focus will be on providing incentives to players in order to improve user engagement and loyalty.

Additionally, staking on BetFi tokens works with a 30% of the token supply added into the Staking Pool. Similarly, 80% of the fees collected in ETH will go to stakers, while 10% will go into buying BetFi tokens and sent to a token burn address. The remaining 10% goes to the Team Foundation.

As mentioned before, BetFi already has 4 interesting in-house games and more 3rd-party games will soon be added from Casino game companies.

In all, BetFi seeks to redefine online betting by providing incentives to stakers as well as: lower playing costs and greater satisfaction.

Conclusion

The global betting industry continues to be undermined by unfair odds, lack of privacy, local legislations, account freezing, exorbitant commissions and fees, and sundry issues that create barriers of fear in bettors around the world. As the betting market expands therefore, the only platforms that will survive are those with innovation, market-fit products, and an inventive revenue model. BetFi has all these and other game-changing features that can potentially disrupt the industry and make it a viable investment, whether as a token holder or a bettor.