How Betswap.gg Makes Betting Transparent By Being The First Truly Decentralized Peer-to-Peer Platform For Bets.
When participating in sports betting, have you ever had the feeling that something was wrong?
That you were being tricked?
According to Thawfeek Ameen, brand ambassador of decentralized betting exchange Betswap.gg, your doubts were absolutely justified. Centralized betting houses indeed will do everything to prevent you from winning.
I did an interview with Thawfeek to find out more about the state of the betting industry, how Crypto can contribute by ensuring more transparency and fairness, and how Betswap.gg wants to become the first to offer a truly decentralized betting experience.
Betswap.gg is the first truly decentralized (DeFi) peer-to-peer betting matching engine.
- Users can act as bettors and bookies in an open and fair system that runs on a trustless and immutable blockchain protocol
- Betswap.gg doesn’t hold custody of users’ money. Funds are fully controlled by smart contracts
- Betswap.gg tokens (BSGG) are utility tokens used to govern the protocol
- Through the token, users will eventually be able to control 100% of the company, being able to make fundamental decisions about the platforms future course
Visit betswap.gg to find more information about the platform.
The betting industry is one of the fastest-growing, with sports betting exchanges alone having a global market volume of 1 Trillion USD.
A lot of money and part of the reason why there is much exciting stuff happening in the space. Thawfeek didn’t want to miss out on this. After successfully creating and selling a fin-tech start-up in Singapore, he joined a European sports betting company as a risk manager to learn more about what moves the industry.
It was a great experience, but also one that gave him insight into the dark side of betting.
„I saw all the tricks these companies use to prevent people from winning. They won’t accept your bets, give you bad odds, and will really do everything to make you lose. It is not fair.”
That’s why Thawfeek quit and joined forces with an ex-banker to build their own betting platform. A system that utilizes blockchain technology to make processes transparent and that doesn’t rig bets or take a big cut when users win.
Betting On Decentralization
Today, Betswap.gg is the very first solution to offer decentralized betting.
The platform allows users to place bets by transferring money to a smart contract via their wallet, while other users act as bookies. External providers supply the system with betting odds and game results. A smart contract holds the money and releases it once the result is announced. The whole process is optimized to be as simple as possible for the user.
The system will soon start open beta testing, running off-chain. After this test phase, the platform will move on-chain.
„Originally we were planning to use the Ethereum blockchain. But due to high gas fees, we switched to Polygon. This allows us to minimize the commission fee. While other exchanges pocket up to 5% we only take 1.5% on winning bets.“
The fees are used to cover the operational costs and pay the team. Including the 3 founders, a total of 18 people work on the project. Among these, 8 are developers who have backgrounds in the betting industry. But as Thawfeek told me, Betswap.gg is also relying on some high-tier external sources to get things done.
“We approached the people behind Ethereum foundation for legal and technical advice and are also collaborating with people from one of the top Crypto foundations from Switzerland to get their support.”
It was their expertise that made Betswap.gg focus on Europe, Russia, Brazil (football), and India (cricket) as their first markets. Other parts of the world such as the US will follow.
But for Thawfeek sports betting is only the start.
“In the future, users can also do bets on fantasy sports and E-sports such as Fortnite, StarCraft, and Counterstrike.”
Giving Users Control Over The Platform
For Thawfeek there is no limit to the kinds of games users can bet on. Because eventually, the community will be able to make that decision by itself.
“I hate centralization. And that is why at some point, we want to become a 100% DAO (decentralized autonomous organization), giving the community full control over the company. This means that users will not only be able to choose which sports they want to add to the platform. They can also change the fee structure, decide on-chain updates, and so on.”
This is made possible by a utility token (BSGG token) which will not only enable community governance but also allow staking. Total supply is 10,000,000,000 of which 10% are held by the Betswap.gg team. Public sale is planned to start in Q1 2022 after the beta testing phase has successfully concluded.
Being on the forefront of one of the hottest topics in Crypto — DeFi betting and gaming — and with the testing phase starting very soon, things are looking good for Betswap.gg.
However, some challenges remain.
For Thawfeek, a major point deals with educating people.
“DeFi is still in its early stages and a lot of people don’t really know it or don’t understand what it’s all about. Meanwhile, there are numerous centralized solutions out there where the only thing related to Crypto is that you can use your coins for betting. So what we need to do is to educate people about the benefits that decentralized solutions bring, such as easy access without KYC and transparency.“
Another issue revolves around liquidity. Low liquidity is what kills many platforms. To deal with this, Betswap.gg plans to set up a liquidity pool and cooperate with other companies in the market. For Thawfeek this is an important point. In his opinion, success lies not so much in competition but in finding ways to benefit from each other.
And finally, there is the issue with regulators. It’s a problem most companies in the Crypto space have to face at some point.
„Regulators want to protect customers. But to do the job right, they also need to understand the technology. For example, many of them haven’t yet fully grasped the difference between a centralized and a decentralized platform.“
So there is still some work left to do for Thawfeek and his team. But Betswap.gg continues to push forward and is ready to leave its mark.
The game is on.
Disclaimer: This article was sponsored by Betswap.gg. It is intended for informational purposes only and should not be taken as financial advice. As always, before any buying or investment decision, you should do your own research. For more information, visit betswap.gg.