What is EtherSport?
EtherSport is a new London-based sports betting initiative. What separates EtherSport from the existing sports betting platforms is that it is a decentralized sports betting platform based on blockchain technology and Ethereum smart contracts. EtherSport is aiming to disrupt the extreme centralization in the sports betting industry by bringing in decentralization and competitive betting procedures.
What does it offer?
EtherSport offers two products: P2P betting exchange and Lottery 11.
As the name suggests, P2P betting exchange is a bet between two individual participants on the outcome of any sporting event. EtherSport gives a payment guarantee in the form of escrow, and the funds are automatically released once the necessary conditions are met. The use of Ethereum smart contracts makes one-on-one bets placed via P2P betting exchange a lot safer and practical than similar bets placed via traditional platforms.
Lottery 11, despite its name, is nothing like a normal lottery. Unlike lottery tickets, participants don’t have to just guess a random number and pray for good luck. Lottery 11 offers participants the opportunity to use their skills and knowledge of the leagues and tournaments to predict the outcomes and earn handsomely if they are right.
EtherSport uses Ethereum smart contracts to handle the lottery mechanism, which offers the participants the benefit of fair and transparent results. Moreover, the use of Ethereum smart contracts also does away with the risk of unnecessary risks and scams by preventing the involvement of any third-party.. As the platform is based on blockchain technology and Ethereum smart contracts, the payouts are going to be instantaneous and transparent.
EtherSport also brings a few more salient features to the table. It guarantees unlimited winnings, without any limitations on betting amounts. Moreover, it will support fast withdrawals, and a streamlined and easy registration procedure that requires very little personal information.
EtherSport is going to launch its products in phases. Lottery 11 will be launched in the first quarter of 2018. This is going to facilitate unsimulated, preliminary testing. Shortly afterwards, Lottery 11 will be released fully, and participants will be allowed to place bets using ESC tokens. The other product, P2P betting, will be launched in the second quarter of 2018.
In order to fund the ongoing development of the platform, EtherSport has issued its native ERC20 Ethereum-based token – EtherSportCoin (ESC). Participants can use ESC tokens to place bets on the EtherSport platform or use them to earn more ESC (15% of the total amount raised from each lottery). ESC tokens can also be used as a speculative instrument to trade on major exchanges.
A total of 100,000,000 ESC tokens will be created. 70% of these are marked for distribution during the pre-ICO period (November 13th to November 19th) and the main ICO (November 20th to December 20th).