In just a week from now, yet another online gambling platform is scheduled to begin its own initial coin offering (ICO). Betrium is a partially-decentralized global betting exchange, and it raised over $1.2 million during the presale event. Company officials expect the ICO to be even better.
Betrium is an exchange that allows for sports betting using legacy Bitcoin (BTC), Ethereum, Litecoin, Dash and ZCoin. It has a wide-reaching audience and currently offers the lowest commissions for online sports betting. No commissions are paid on withdrawals, deposit or winnings, and customers reportedly don’t have to pay personal income taxes on winnings.
Users can create events on the blockchain and upload them to Betrium’s betting platform to earn money. Around 80% of the income goes to the event organizers, according to the company. A digital marketing platform to promote the events is in the works, and should be launched by Betrium in the near future.
Betrium’s token, BTRM, has a pre-ICO price of 6,000 to 1 Ether token. The ICO, which is expected to raise around $5 million, will run from March 26 to April 29, after which the standard price will be 1,200 to 1 ETH. The coin will have worldwide availability and support for BTC, ETH, Dash and ERC20.
The company will provide a Public RESTful API, which will enable developers to create as any betting bots as they wish. The bets occur off-chain and are only added once the event happens and the outcome is certain. All bets are broadcast live across the network so that odds can be recalculated.
In an effort to provide as much transparency as possible, Betrium representatives are participating in a number of blockchain and FinTech events. This will enable them to be in front of users and possible investors, providing a direct line of communication to the company. Betrium promises a “volatility stabilization solution” through which user balances are fixed against virtual dollars or euros.
Betrium is the latest in the long line of ‘me too’ tokens out there that are fated to leave investors licking their wounds. Similar announcements have been made over the past year, all aimed at convincing people to punt on unproven gambling platforms. These operators promise new customer-friendly approach to betting, but to deliver on these promises, customers will first need to buy into the idea that these tokens will eventually have some value independent of their respective sites. You’ve been warned.