Allbebet – a social betting platform that leverages neural networks to predict event results – has announced the first round of its IEO. The token offering will be held on the major crypto exchange Coineal on August 26 and 27, 2019. A total of 1% of Allbebet tokens will be available for sale at the price of ETH 0.00015 per token.
The online betting and gambling market is expected to reach $120 billion by 2026, growing at an annual rate of over 10%. However, this massive industry suffers from a poor reputation due to high incidences of fraud. Players often have difficulties obtaining their winnings or even get blocked when they win too often. This creates an unhealthy atmosphere of antagonism between bettors and bookmakers.
The rise of the P2P economy in general and blockchain ecosystems in particular have offered a viable alternative: decentralized social betting projects. One of the most innovative among them is Allbebet, an AI-driven platform where players can create their own events, set their own odds, and place casual bets against other members – not against the house.
P2P and team betting on Allbebet
Fair and efficient social betting will become possible thanks to the Ethereum blockchain. All bets will be deposited in a smart contract, and the outcome of each event – obtained from a trusted oracle – will trigger the distribution of winnings. Guaranteed automated payouts in tokens will mark a new stage in the relationship between players and sports-betting platforms.
In addition to individual social betting, the project will introduce the concept of team bets. Users will be able to not only bet against each other but also join other members, create stable teams, and accumulate rating points. These elements of gamification will undoubtedly attract users who are disappointed in the traditional solitary, player-against-the-bookie model.
It’s in the field of machine learning that Allbebet really demonstrates its innovative nature. Traditional bookies set their odds and coefficients with the help of highly qualified analysts who go through vast amounts of data: players’ physical conditions and injuries, disqualifications, game schedules, prior results, and so forth. Based on these data, bookmakers try to determine the true odds of various outcomes. Then they adjust the odds in such a way to guarantee a profit for themselves.
On Allbebet, the gathering and analysis of data will be done by a next-generation AI. It will draw information from dozens of verified oracles and identify patterns and then calculate the odds. The algorithm developed by Allbebet will be able to forecast game results with an accuracy rate of up to 70% even in the first stages of implementation.
As the user base of the platform grows and more bets are made on Allbebet, the AI will include their results into its calculations, which will create a true self-evolving neural network – one that learns from the winning and losing bets of platform members. The founders expect that this will raise the prediction accuracy level to 75–80%, making it the most reliable on the market.
Towards a fair, non-antagonistic betting system
It should be stressed that the project will not use its evolving AI to bet against its users. Quite the contrary: The neural network’s predictions will be available to all players. Allbebet will act as a social betting interface, not as a bookie, earning a fixed fee on each transaction on the platform. This monetization model will set Allbebet apart from almost all other betting platforms and increase customer loyalty.
Allbebet is currently preparing for the first round of its IEO on Coineal, one of the top 20 digital exchanges in the world, according to CoinMarketCap. The tokens will be offered at the price of ETH 0.00015. In the second round, the price will be increased to ETH 0.0002. Holding an initial offering at a major exchange like Coineal will allow the project to maintain strict legal compliance and guarantee that the interests of all token buyers are duly protected.
For more information about Allbebet, visit https://allbebet.io/.
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