First-ever non-profit sportsbook arrives to the Ethereum blockchain platform, enabling trustless wagering and live betting innovation.
Tallinn, Estonia, January 24, 2018 – WinFlow, a blockchain-based sports betting platform operating in a unique not-for-profit model, is set to launch its ICO crowdsale on February 27, 2018 under the guidance of industry veterans. After a year of research and development, the company is well under way in creating a blockchain-based betting platform that inherently offers an unprecedented level of security, transparency, and innovation to bettors and the industry as a whole. It is expected that WinFlow will quickly disrupt the traditional incumbents in the multi billion-dollar market.
Traditional operating models result in the house raking significant profit from its players, but WinFlow intends to turn the tables. Instead of retaining the house rake, the platform will automatically redistribute the would-be profits to players through a transparent and secure Ethereum smart contract-based system. The company refers to this as the WIN Back Rewards program.
“Unlike every existing sportsbook, WinFlow will not be looking to profit off the losses of its customers,” says WinFlow CEO Matt Ricci. “The house winnings will be systematically redistributed back to the players as part of our rewards program; providing the best possible value to all bettors.”
Winning players will earn a small share of the rewards while losing players will receive a much larger cut. Players will be able to claim back 20% of their net losses at any time or wait until the end of the month to collect a portion of an aggregated payout pool that would traditionally be retained by a centralized house. The latter option may equate to a much larger share of their losses depending on individual gameplay. This establishes WinFlow as the first-ever sports betting service to offer an ongoing rebate of this magnitude.
WinFlow is also the first trustless wagering environment offering a fully transparent and publicly auditable pre-match and live betting platform on the Ethereum blockchain. The project is developing several innovative second layer technologies extending upon ethereum’s native functionality. Through implementation of a custom off-chain state channel system, bets can be processed near-immediately and without transaction fees — alleviating many of the drawbacks and user-experience concerns inherent to blockchain platforms. As a result of this multi-layered approach, growing transaction fees will be significantly reduced allowing WinFlow to cover all gas fees and offer a no-fee betting experience. Additionally, event results are settled using a secure Intel SGX-based oracle system, providing event result reporting directly from industry providers to the platform in a verifiable and trustless manner. Use of this system ensures there is no possibility of interference from centralized operators or bad actors who could tamper with the resulting game data.
By utilizing smart contract wallets controlled only by their owner, bettors are able to retain ultimate control of their funds. WinFlow has no ability to interfere with users’ balances in any way other than processing losing bets or crediting winnings via fully audited, unalterable smart contracts. Moreover, bets on the platform are also processed and resolved via smart contracts, completely removing the risk of bet reversals due to operator intervention.
Operationally, the WinFlow platform enables a level of efficiency unachievable before the advent of the Ethereum platform. Compared to traditional centralized operations, the cost-savings implication is estimated to be millions of dollars per year. Internally developed odds-generating algorithms and models designed by the company’s industry-experienced team further facilitates these savings. Additional conventional overhead concerns such as data center maintenance, large customer service and trading teams, and risk management is greatly minimized without having to compromise quality of service and support to users.
All of these elements make it clear that bringing innovation to the stale space is a primary driver for the company. However, that’s just a slice of what’s expected to come. The team is already developing innovative new live-betting products, perhaps most notably, a new play-by-play experience they’re calling FlashBets. Additionally, new jackpot-style and pooled live betting multiplayer experiences such as Goal Rush and WinCast, are slated for release.
WinFlow is currently in the process of applying for a European remote sports betting license through the Malta Gaming Authority. The licensing process is anticipated to be complete in the second half of 2018. This license will provide a considerable boost to WinFlow’s endeavors to assert itself as a disruptive force in the online gambling industry, as it will be put on equal footing with centralized operators in many European and international territories, including South America and Southeast Asia. WinFlow is also keeping a watchful eye on the recent developments and shift towards a regulated online sports betting landscape in the United States and will prepare to be one of the early applicants should the federal ban on sports betting be overturned.
“There is currently no active sportsbook on the blockchain. There are also no non-profit sportsbooks in the gambling industry and even the for-profit operators do not offer the level of live betting product innovation that we are developing. This is going to be a game changer,” declared Mario Dodev, COO of WinFlow. “You can bet on that.”
For more information, join WinFlow’s Telegram group for direct access to the staff, download the whitepaper from the website or take a look at the FAQ.