The growing sports betting market has increased the need for a safe, sustainable and legal revenue model. Better Fan has developed an innovative sports betting platform that combines Web3-based infrastructure and the “play-to-earn” (P2E) concept.
Better Fan CEO Metin Durgun highlights the platform’s “closed economy” model: “Better Fan’s gamified platform promises to revolutionize the world of sports betting,” he said, noting that 47 million Americans spent at least one time during the last NFL season placed a bet, according to data from the American Gaming Association.
The world’s first Web3-based gamified betting platform, Better Fan, aims to introduce the idea of legal, ethical and sustainable betting to the global sports betting market. It “gamifies” the sports betting ecosystem, reducing gamers’ potential losses by letting them place bets without using fiat currency or cryptocurrency.
Durgun said: “On Web2-based platforms, people use real money to place their bets. But if they lose, their entire effort is lost.”
Because Better Fan users don’t bet anything of value, they only stand to lose their daily bets – which are refreshed every 24 hours. Each user’s NFT-based Fan Cards determine bet amounts and daily betting limits. Users can upgrade these NFTs, increasing their card rates.
If the bets are successful, users will be rewarded with Better Fan’s BTB (Better Than Bet) utility tokens. These can be used for in-game activities and users can exchange them for USDT directly in-game.
“Better Fan’s gamification approach is based on the P2E model,” explains Durgun. “It prevents illegal activities because no ‘hard money’ ends up on the platform.”
The sports betting market continues to grow
Research shows that the global sports betting market will grow by almost 12% annually and reach a total value of $178 billion by 2030.
“With traditional betting, only a small portion of this revenue is shared with sports clubs,” says Durgun. “But with Better Fan, in-game taxes and fees are collected into a common pool, creating a much fairer means of distribution.”