BX.BET - Market ecosystem
BX is a blockchain-based betting and prediction market ecosystem, designed to change the way the world bets. With BX, we are creating a decentralized betting exchange without a middleman and centralized structures, that has the ability to disrupt and redefine the traditional betting industry by offering its users a unique and enhanced experience. In recent years the online sports betting industry has been characterized by strong growth. Since 2009 the market has doubled in size, and currently has a volume of nearly 60 billion USD. However, despite this prodigious growth, the online gambling industry has experienced decreasing levels of trust and diminished reputation in recent years...
Token sale starts in:
- Token: BX
- Price: 1 BX = 0.19 USD
- Country: Malta
BX is a blockchain-based betting and prediction market ecosystem, designed to change the way the world bets. With BX, we are creating a decentralized betting exchange without a middleman and centralized structures, that has the ability to disrupt and redefine the traditional betting industry by offering its users a unique and enhanced experience.
In recent years the online sports betting industry has been characterized by strong growth. Since 2009 the market has doubled in size, and currently has a volume of nearly 60 billion USD. However, despite this prodigious growth, the online gambling industry has experienced decreasing levels of trust and diminished reputation in recent years. Traditional online bookmakers face many problems, including lack of trust, lack of transparency, strict regulations, and high operational costs resulting in high margin odds in favor of the bookmaker, all stemming from their centralized structures. Big centralized companies are in charge of the outcomes, odds, and player funds, which ends up in a lack of transparency and trust as perceived by the end user.
BX will tackle these problems at source, by providing a betting ecosystem that utilizes blockchain technologies, especially smart contracts, to give its users full control over their funds and betting transactions at all times. By decentralizing the betting process, BX allows the players to benefit from full transparency and total freedom in their betting experience, and neutralizes the aforementioned problems and weaknesses of the current betting industry.
The key paradigm of BX is our belief that betting should not be restricted, and that the control and power of all betting transactions should be given back to the community.
On BX, users can take over the role of the bookmaker, create their own markets, place and offer bets with self-determined odds, and even participate in the outcome determination of a market. Ultimately the community decides whether a new market or a bet gets accepted or not. The usage of the bespoke BX token as the key component to enable all betting transactions on BX, together with a strongly community-driven ecosystem, creates a unique and unprecedented betting experience with a strong focus on transparency, fairness and decentralization – without any limitations and restrictions.
The BX ecosystem provides its users the unique opportunity to trade bets in three different types of markets: sports (including esports), prediction markets and financial markets. We use an interactive approach to develop each market type with full attention to their individual characteristics and requirements. Our vision is to create an ecosystem which fully supports each of these vertical markets, and provides a truly unique and engaging experience for all players.
The BX token sale aims to introduce BX to the world in a fair, secure and efficient manner. As an integral part of the ecosystem, BX plans to establish the BX token as the central token within the betting industry. The public token sale is divided into two phases: A pre token sale and a main token sale, creating two opportunities for contributors to participate in the success of the project. Both periods contain substantial bonus offers, depending on the contributed amount in the respective
The BX team is highly experienced in launching and operating traditional online betting offerings and has worked at the C-Level of well-known brands such as Betsson, Betfair or Bwin, as well as highly successful own brands like Mobilebet, Wetten.com and esportsbetting.com. Now, we are ready for the next level and determined to realize the vision of creating a decentralized betting ecosystem that reinvents the betting industry, and offers an unique and unprecedented experience for its users. BX is the future of betting.
In recent years the online sports betting industry has been characterized by strong growth, and remains a fast-growing and highly-segmented market with millions of players. Since 2009 the online gambling market has doubled in size and currently has a volume of nearly 60 billion USD per year¹. However, despite this prodigious growth, the online gambling industry has experienced decreased levels of trust and reduced reputation in recent years. Online sports betting customers and bookmakers are facing several problems:
With the current situation in the sports betting market, anyone who wants to place a bet online needs to become a customer at a sportsbook, and transfer funds from their own bank account into the hands of the operator. As a consequence players are completely isolated from their funds, which stay in the central deposit of the bookmaker. This requires a high degree of trust – which is sometimes exploited by the bookmakers, to the detriment of their users. On the other hand, this responsibility results in high procedural and financial expenditures for the bookmakers as well.
The possibility of not getting paid when requesting a withdrawal through an online sportsbook is a real risk that gamblers face. But even without the worst case scenario of not getting paid, the distribution process that sits between the betting and withdrawal is often experienced as a “black box” and major pain point. At all ordinary online betting platforms, players must endure a delay when it comes to cash withdrawal, as it takes several days for their funds to be transferred from the bookmaker to their bank accounts.
Within the current betting landscape, the players are very limited in their freedom of betting. Not only the odds are defined by just one market maker, the bookmaker itself, but also the markets themselves are chosen and created by the bookmaker. The players have no influence on the selection of betting markets available. In addition, through the current constellation of one bookmaker and many players, the betting experience completely loses its social character.
INTERFERENCE OF PROVIDERS
Traditional bookmakers often interfere with the betting activity on their platforms, and thus actively regulate their users‘ betting behavior. They penalize players who win frequently by limiting or even banning them. Furthermore, some traditional online sportsbooks limit the amount that can be withdrawn in a particular period. High-limit players will often need to wait long periods before they eventually get their full payout.
This leads to frustration and increasingly diminished trust in the bookmaker.
HIGH OPERATIONAL COSTS RESULTING IN HIGH-MARGIN ODDS
There are a lot of everyday challenges that threaten traditional online sportsbooks with centralized structures: Payment processing, odds determination, sportsbook and risk management, player funds protection and different local regulations are just a few cost-intensive responsibilities bookmakers have to put significant efforts into, just to keep their business running securely and efficiently for both the players and the company itself. This results in a significant cost burden which is reflected in high margin odds in favor of the bookmakers, and thus directly charged to the players, to compensate for the high operational costs
LACK OF TRANSPARENCY
From a user’s perspective, the odds determination process of most sportsbooks is entirely intransparent. Not only is it difficult to understand which information has led to the specific odds, but it is almost impossible to ascertain whether the resulting odds are fair, or if they are clearly stacked in the favor of the bookmakers – because they do not represent the aggregated opinions of the players. Furthermore, traditional operators provide no information about market sentiments, so there are no insights visible concerning where and how other bettors are positioned for each bet. The whole process thus remains hidden.
All of these problems are a direct result of one simple fact: the current online betting market is highly centralized. Centralized companies are in charge of the markets, the outcomes, the odds, and even the funds of the players. At the same time, these companies are struggling with strict regulations, frozen assets, and high safety requirements.
BX will change the current situation – eradicating all of these issues. With a decentralized blockchain solution, these centralized processes will be replaced by a trustless and distributed ecosystem running on self-executing smart contracts, powered by state-of-the-art blockchain technologies. Players will benefit from full transparency, while gaining total control of their betting experience.
BX – the decentralized Betting eXchange – is a betting ecosystem that fulfills all requirements to act in the best interest of our users, by giving them full control of their actions and funds at all times. The decentralized structure of the BX betting exchange eliminates the possibility of a single point of failure. In combination with the betting exchange model, the BX infrastructure will facilitate a fully transparent and easy-to-use betting experience. We believe that centralized betting models will become quickly outdated, as users begin to fully understand the significant advantages of a decentralized model.
Co-founder, Management & Execution Expert
Co-founder, Operations & Marketing Expert
Co-founder, Blockchain & Project Management Expert
Co-founder, Product Development & Lead Generation Expert
Product and Usability Expert
Marketing & Business Development Expert
Solution Architect & Lead developer
Lead Blockchain developer & Architect
Solution Architect & Senior Project Manager
Corporate Development & Strategy Advisor
- Q3 2018Token sale is completed. The development of the BX ecosystem proceeds. The BX token is listed on the first exchanges.
- Q4 2018Release of the private alpha version of BX. This version will be a light version of the BX ecosystem. Starting with the online application, the creation of betting markets, the betting as well as the Oracle functionality is implemented. The Superuser concept is ready to be tested by the community. BX continues to work together intensively with the authorities to ensure that BX is in line with all regulatory requirements and to establish BX as a fully compliant player in the gambling industry. We shall be liaising with our advisors and the relevant regulatory authorities to obtain any necessary licences if and when required.
- Q1 2019Release of the public beta version of BX. A new interface to use BX is released with a redesign to present the final and intuitive UI/UX design. The private betting market feature is ready to use, enabling a whole new betting experience. The BX desktop application goes live with the BX wallet included, giving our community a method to store their tokens safely. Market Owner functionality is fully implemented, to ensure liquidity on BX markets from the outset.
- Q2 2019The native iOS and Android mobile apps of BX go live with full support for all BX applications. Furthermore, the BX developer API is published and ready to use, enabling developers to build customized betting tools and interfaces to use the BX ecosystem. BX fully supports sports, including esports markets, and prediction market functionality.
- Q3 2019BX rollout with full functionality. In-play betting, multi-betting and bet trading is added. The multi-platform strategy is completed by finishing the webmaster plugins as well as all other applications, creating a unique betting ecosystem.
- Q4 2019BX adds full integration of all esports markets including twitch livestreams and other gamification features. Furthermore the third vertical market type, the financial markets, will be rolled out and thus complete the betting experience offered on BX.
- Platform: Ethereum
- Price: 1 BX = 0.19 USD
- Accepting: ETH, BTC, FIAT
- Token distribution: 60% Token Sale 10% Team 10% Advisor 5% Bounty 15% Company Reserve
- Soft cap: $ 5,000,000
- Hard cap: $ 20,000,000
Prehistory of project
No prehistory of project were found.
Product or its MVP
Beka Tomashvili – Co-Founder of https://vobi.io/
Giga Chkhikvadze – Co-Founder of https://vobi.io/
Luka Oniani – Chief Business Development Officer at https://vobi.io/
Joseph F Borg – Head of Blockchain and Gaming & Gambling Advisory at http://www.whpartners.eu/
Co-Founder and Vice-President at http://www.bitmalta.com/
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