Better Fan unveils Web3-based sports betting platform
The ‘closed economy’ system used means US players are not liable to lose real money.
Better Fan, a Web3-based gamified sports betting platform, has announced the development of a new secure platform that combines Web3 infrastructure with the play-to-earn (P2E) concept.
The company’s CEO Metin Durgun noted that the burgeoning US sports market had begun to fully understand the need for safe, sustainable and legal revenue streams. He touted Web3 as an answer to the sports betting industry’s cyber security problems, saying Better Fan’s platform offered a ‘closed economy.’
Durgun commented: “Better Fan’s gamified platform promises to revolutionize the world of sports betting.” He noted that 47 million Americans had placed at least one bet during the 2021-2022 season, according to data made available from the American Gaming Association.
Better Fan claims to be among the world’s first Web3-based gamified betting platforms, with the element of gamification meaning that customers are not liable to lose large amounts on bets. Rather they can enjoy gaming mechanics in a non-real-money environment.
Durgun distinguished between his company’s operation and traditional sports betting platforms, saying: “On Web2-based platforms, people use real money to place their bet. But if they lose, their entire stake will be lost.”
Since Better Fan users don’t stake anything of monetary value, they can only lose their daily bets, which are renewed every 24 hours. Each user’s NFT-based ‘fan cards’ determine bet amounts and daily betting limits. Users are able to upgrade these NFTs, thereby increasing their card rates.
If players do win their wagers they are rewarded with Better Fan’s BTB (Better Than Bet) utility tokens. These can be used for in-game activities and users may exchange them for US dollars while directly in-game.
Durgun remarked: “Better Fan’s gamification approach is based on the P2E model. It prevents illegal activity because it doesn’t let ‘hard money’ onto the platform.”
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