General Idea
RoBET wants to create a betting platform. However, the betting and predicting aspect won’t be limited only to sports or events. The player will be able to choose which cryptocurrency to use to place the bet, and in which cryptocurrency he wants to get the reward. That way he can benefit not only from proper game results predictions, but also from market movements and price changes. Another interesting feature of the platform is a usage of Artificial Intelligence, which will help players to handle risk management, odd evaluation and odd comparison. Moreover, one can even create their own sportsbook and accept bets from other players. The whole platform is based on the blockchain technology.
Cryptocurrency bets
RoBET has noticed that both the cryptocurrency market, as well as online betting market have been rapidly developing in recent years. Cryptocurrency market managed to pass tremendous amount of 500 billion dollars, while the online gambling is expected to reach $60 billion until 2020. Therefore, it seems like a perfect moment to launch a platform, which could combine both of these phenomena.
The development of the blockchain technology has brought a great improvement when it comes to reliability and transparency of platforms. It is especially demanded and valued by users, who want to be sure that games in online casinos, as well as sportsbooks are set up properly and provably fair, so that they don’t get cancelled in case of potential win.
Custom sportsbook
An interesting feature of the platform is that every user can become a real bookie, which is a person who creates bets and manage games for other players. Such person can even create their own odds and set potential rewards. A robo avisor service can help such person with the result predictions to estimate the most profitable and safe odds. All of the interactions between bookies and players will take place in a transparent and certified way as they will be managed by the blockchain, as well as all the transfers of cryptocurrencies.
The platform allows also for a suggestion and creation of your own bets without setting up and going for all of the bookie features. Any user could easily suggest an event, which could include politics, entertainment industry or maybe minor or amateur sports event. He needs to specify a title, an unambiguous description of the bet, the closing date, and also the source where the platform can check the outcome.
Robot Advisor
Apart from betting platform, the developers want to put a focus on creating a set of Robot Advisors, which could help in making bets, estimating the possible outcomes or in predicting cryptocurrency price changes and market movements. There will be three main advisors; Financial, Crypto and Betting. Each of them is created with the Artificial Intelligence technology, as well as machine learning, which means the quality of the predictions and help will be increasing with time, as it will be constantly getting more and more data.
It’s worth noting that the Financial Robo-advisor has already been developed, while Crypto Robo-advisor is currently in beta testing stage. The financial bot analyzes multiple securities, its current movement and history. That way it’s able to produce extensive financial research reports and detailed forecasts and analytics about particular security.
The most important feature will be the Betting Advisor. The algorithm will study histories and previous results of matches, compare odds among various sites and calculate risks in order to advise the users about the winning probabilities.
The Token
The RAC tokens will be used as the main currency choice within the platform. However, players will be able to place bets using multiple other cryptocurrencies, as part of the betting strategy could include choosing particular currencies for rewards, hoping for positive price and market movements before the bet is finished. The RAC token is Ethereum-based with the ERC-20 standard, which means it can be stored in most of the popular Ethereum wallets. Users will be able to store them in a wallets connected to the platform as well, in order to place almost instant bets. When it comes to the RoBET wallet, it will be able to store several digital currencies and offer multiple services along to simplify the management of profits and won money.
It’s also worth noting, that the platform wants to encourage wider usage and adaptability of RAC tokens, therefore every quarter, 20% of all profits generated by the platform will be distributed among the token holders accordingly to the amount of token they hold. RAC holders can then decide to use them to play on the platform or to exchange with other cryptocurrencies.
ICO Phase
The project has already conducted a successful first initial token sale in the November, 2017. This allowed to start the development process for the platform. The current main ICO phase is scheduled to be running from April 20 to May 21, 2018. The exchange rate is set at 1 ETH = 50 RAC Tokens.
The Team
The team behind the project is relatively small, however there are all necessary and needed members. There are blockchain specialists and programmers, which will be taking care of the technical part of the project, as well as people experienced with the betting and sportsbooking market. All of the members have links to their LinkedIn profiles to prove their previous experience and skills.
Final Thoughts
With the development of blockchain technology, as well as Artificial Intelligence it seems natural for such platform to be created. Cryptocurrencies are becoming widely available with more people looking for ways to spend them and benefit from the secure, almost instant and transparent transactions. At the same time, online gambling and booking sites are also gaining huge popularity, therefore the platform will most likely find it easy to gather potential players and create its community. The design of the site, as well as the content of the whitepapers are on the very good level.