When Bitcoin started to go big, one of the most obvious use cases for it was online gambling. Owners of online casinos could easily integrate Bitcoin and hopefully get around government regulations that make it difficult to place a bet online.
The problem with online casinos that accept Bitcoin wagers, however, is that sometimes withdrawals are impossible, the owners of centralized casinos can run afoul of government regulation, or the casinos disappear with their users’ funds. Wagerr takes this concept one step further by making use of decentralized smart contracts that are difficult for governments to shut down on.
Trustless and Easily Accessible Betting
You don’t have to wonder if the other parties in a bet are going to flake on you if they lose when you use a blockchain smart contract betting system like Wagerr.
It can easily check on the results of any sporting event you can think of and automatically award the money to the winner. Your football-watching pals may be mad about losing $50 on a bet involving the Super Bowl, but at least they won’t be able to dispute the results and you won’t miss out on the money.
This is a system in which anybody can participate even if they aren’t high rollers or don’t even place bets all that frequently, which may make it palatable even to people who are only interested in sports championships or only follow one particular sport and one particular team.
It’s easy to make a bet, keep an eye on sports entertainment, and earn a stake in the system by running Oracles that help maintain the system or simply holding Wagerr tokens. This is also a case where hodling is a good thing, because half the tokens used to pay fees is destroyed in order to increase the value of the remaining tokens.
The Untapped Market is Beyond Huge
According to NBA commissioner Adam Silver, “$400 billion is illegally wagered on sports each year.” That means $400 billion a year is difficult to track by government authorities, which makes it difficult and dangerous to place a bid and reporting that an unlicensed gambling venue or dishonest bookmaker cheated you means that you might risk criminal charges for participating in illegal gambling activities.
Wagerr aims to solve that problem by implementing blockchain technology that can at least make certain that illicit gambling is operated in an honest and fair manner that won’t cheat the participants.
Wagerr doesn’t necessarily need regulation because it is self-regulating and the contracts that represent bets are irreversible. You could think of it as an automated escrow service in which you don’t have to trust the person holding the money to not disappear with your winnings, if you like.
You could set up each contract so that, if the other party in the contract refuses to attach his or her bet to the contract, then you won’t have to pay up if you would have lost the bet.
Mainnet Coming Soon
The Wagerr Proof-of-Stake mainnet and testnet are set to be released in January 2018, along with a testnet with the beta version of Head-to-Head betting. If the beta version turns up no major bugs that need to be fixed, the Head-to-Head system will be added to the mainnet as early as late Q1 2018 and enable users to place a bet on sporting events.
Be prepared to blog about your first impressions of the system when it goes live because Wagerr will open an affiliate program as early as Q2 2018. Features that are also slated for Q2 2018 include eSports integration and an address book of past betting partners for easier connection with the sports-loving friends that you place wagers most frequently with.
The second half of 2018 will see the release of direct chain betting in which you can bet against the chain, multibetting options that allow multiple users to place a bet against one bettor, and a multi-currency exchange that makes it easy to convert your winnings to Bitcoin or fiat currencies. Features slated for 2019 release include live betting, fantasy sports, and dynamic odds.
Because Wagerr promises to make unregulated betting safer and reduce the chances that you’ll get cheated on a bet, it’s probably no surprise that the value of Wagerr tokens has taken a more than 90% jump in the past seven days. This is a system that will make it easy to bet on sporting events without having to worry about the predictions venue or your buddies flaking on you.
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