We just witnessed the sale of SatoshiDice for almost $12 million, something like 126,315 Bitcoins, but the world of cryptocurrency is already watching as a new Bitcoin-based betting platform rises. Bitbetex is the name of the new website that allows anyone who owns Bitcoin to bet on anything with anyone else. This means you choose the value and the theme of your bet, as well as your “opponent”.
The platform is almost running its beta version, but it’s already possible to understand how the betting system is going to work on a near future. “Beta access will be given to the first 500 registrations so get signing up if you want a peak beyond this landing page. Better still, during beta we’re giving away prizes! Nothing crazy but just a little thanks to the testers and to make things a little more interesting”, explains the website.
Bitbetex allows its users to bet about almost any issue – like football games or the end of a television series, for instance – and also choose the odds of the bet. People can bet that something will or won’t happen, as well as deciding to take up an offer and put their money on an existent bet.
However, there are some limits: “we will not allow bets on people dying, or on something that has implications for someone’s health or well-being”, says Tony Hatchett, who coded the website in PHP.
According to Bitbetex’s representative, the option to exclusively use Bitcoin was the best way to reduce the cost of placing bets. “Generally, fees of around 3 percent would need to be paid to a payment facilitator but Bitcoin allows us to remove that overhead completely. Secondly, Bitcoin is globally accessible, which allows us to match a bet from someone in the United Kingdom to a bet placed by someone in the United States, for example. No complicated currency conversions are needed”, he explains.
To keep the business running, Bitbetex will charge a standard 5 percent commission on the profits from a bet. But there will be benefits for the most loyal members like discounts and some bets without any commission.
For now, the platform is presenting its beta version with virtual coins. This means that there is no real Bitcoin payout on a bet. After this experimental period, Tony Hatchett hopes to go live soon: “the date for beta hasn’t been officially set but we are very close to making a decision on this”.