The online gambling industry is gigantic: according to Casino.org in 2017 it was worth USD 400 billion. Players are looking for new sites to join and until now the entire betting system has run on an old-fashioned paperless economy system. Although this has proved to be efficient, it could be improved by the use of new technology, hence the emergence of CyBet.
What is CyBet?
CyBet is a unique (for the moment) example of a secure and technologically advanced online betting portal. The platform is based on the blockchain and boasts of secure smart contracts and easy availability of tokens (in the form of CyBet token) to initiate and complete various forms of transactions.
Using blockchain in online betting is a world first and the CyBet platform allows players worldwide to securely buy CyBet tokens using ETH.
The platform offers 1,000 CYBT tokens for one ETH. Once players have bought their tokens they can use them to place bets on a range of odds. Once the results of the bet are declared and the prize amounts of the winning players are automatically transferred back to their ETH wallet to further cash out as profit.
CyBet’s founders’ ambition is to “create a fully decentralized autonomous online betting system which allows players from all across the globe to bet the odds on any sports of their choice anonymously and securely,” says CyBet. The advantage of anonymity and decentralisation is that it opens up the opportunity to “go around bookmakers who are known all across the globe to keep a hefty amount of profit for themselves and also set up sports matches.” Furthermore, players on CyBet can make bets on sports events worldwide, something that traditional platforms don’t offer.
CyBet believes it will change the current online betting scene, because it is “a user-centric platform that operates on a decentralized approach to facilitate players and bookmakers across the globe with boosted opportunities to earn substantial profits.