BETR ups multi-crypto dynamics enhancing peer-to-peer wagering capacities

BETR, a crypto-based online sports betting company, has announced its reformed its  ‘decentralised betting system’ to provide customers the opportunity to wager using multiple cryptocurrencies.

Established in 2017, the blockchain focused betting company aims to revolutionise sports betting by adopting new technology disciplines, which will deliver an effective  “peer-to-peer” betting system.

Changes to the current system presents customers the option to choose on which currency they wish to place a bet in.

Once a customer has decided on their currency, the bet is recorded with a fixed exchange rate which is used to calculate the possible winnings.

BETR Founder Adriaan Brink said: “Today we introduce native ETH betting – a bettor can now bet in either BETR or ETH. If you bet in ETH you will be paid winnings in ETH. Simple. And it works. Seamlessly.”

Bets can be stored in any one of the supported currencies, and then mixed on both the bet history and in the underlying smart contracts.

The given bet will be laid against the peer-to-peer layer at the BETR amount according to this rate.

When a BETR transaction is placed, the funds are escrowed through a smart contract on the blockchain until the underlying event has been resulted, at which point the bet is settled in favour of the winner.

In addition to the laid bets, affiliate payouts revenue shares and the underlying liquidity pool will also remain in that currency.

Brink spoke of his excitement on possible further technological innovations.

He explained: “We are working on adding cross-chain cryptocurrencies such as EOS and LTC to the client and hope to have more news on these soon.

“We are also, as a part of this change, moving to a technical architecture where we will be able to operate across multiple core systems, be it Ethereum, EOS or any other performant cryptocurrency.”