Betrium’s Global Betting Service Accepts Cryptocurrencies, Creating Unique Platform For Online Gambling

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Online betting represents a global market of more than $1 trillion and is growing rapidly, but it has been hamstrung by its inability to accept cryptocurrencies and other limitations.

Betrium recently sponsored GDL racing number 87 Lamburghini Huracan Super Trofero for 24 hours of Dubai.

Betrium marks the first partly decentralized, global betting service that accepts cryptocurrencies and offers a platform for developers, third-party service providers and event organizers. The service includes a betting exchange and a sportsbook for all types of games.

The globally regulated gambling market is estimated at about $533 billion, delivering $70 billion in gross yield. The unregulated sector is estimated at significantly more; Interpol estimates the global unregulated market surpassing $1 trillion.

Mobile gambling represents the fastest growing gambling sector, gaining 26% from 2014 to 2016.

Existing Services Constrained

Online betting services are challenged, however, by restricting certain countries since they are not global services. In addition, the services mostly do not accept cryptocurrencies, take high commissions, tax personal income and only profit the beneficiaries.

The decentralized online betting solutions, for their part, are limited by slow bets processing. Solutions powered only by the Ethereum blockchain cannot deliver the speed needed for professional trading and betting on sports.

The volatility of cryptocurrencies further compounds the problem for many decentralized online betting systems.

Betrium Seizes The Initiative

Betrium offers a solution that accepts cryptocurrencies, including bitcoin, ETH, Litecoin, XZY and Dash, and can process bets rapidly on its decentralized platform, and can stabilize cryptocurrencies’ volatility.

On Betrium, smart contracts process the payouts automatically and enable reliable and secure events processing. All transactions are verifiable publicly and are not subject to the risks of institutional processing.

Betrium bets occur off-chain and get added to the chain when the event occurs with an undeniable outcome. The bets get broadcasted networkwide immediately and allow the odds to be recalculated.

Unlike other betting services, the Betrium platform provides high-speed betting on a decentralized architecture.

In cases where the amount of a player’s win exceeds the amount of their unsuccessful stakes, the bookmaker requires reserves to cover the shortage. Betrium will reserve about 10% of raised funds for this purpose.

Betrium’s “organizers platform” allows organizers to open an account, create a game, add a description, schedule an event, add opponents and possible outcomes, and establish betting parameters.

The platform has been designed to offer the lowest commission and the most profitable odds. Betrium automatically optimizes users’ taxes and feeds, and provides organizers like e-sports streamers and sports leagues a way to create their own games on a blockchain in a way that allows them to earn money.

A powerful betting API is available for developers, betting bots and third-party apps. It could become a global betting processing center for a large number of services.

The platform is 20% more profitable for customers than any other service.

ICO Planned

The Betrium ICO will release a total 140 million BTRM tokens.

The second of two pre-ICOs will run from Jan. 22 to Feb. 14 and will put 14 million tokens up for sale. 1 ETH will equal 5,000 BTRMs with a 320 ETH soft cap and a 2,330 ETH hard cap.

The ICO will run from Feb. 28 to March 30, releasing 63 million BTRMs. The token price will be based on the number of tokens issued.

Half of Betrium’s profit will be shared in ETH among token holders, with the balance going to platform development and support.

Participants in the pre-ICO and ICO contributing more than 1.200 EUR will be eligible for an individual premium account, which offers full access to the closed Betrium BETAs, invitations to thematic events for sports and e-sports, exclusive commission rates of 0.01%, and the lowest possible service fees.

The company raised $0.22 million seed investment from an angel investor in 2017.

Betrium recently sponsored GDL racing number 87 Lamburghini Huracan Super Trofero for 24 hours of Dubai.

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Lester Coleman is a media relations consultant for the payments and automated retailing industries.