EtherSport, a decentralised sports betting platform, has announced that its ICO campaign is set to launch on the 13th of November, 2017. The company is raising funds through the ESC token sale in order to create a transparent betting platform for sports events which utilises Ethereum smart contracts.
The EtherSport’s lottery is not based on guessing random numbers, but involves the determination of sports events results, with the goal of enabling players to leverage their analytical skills. EtherSport will provide two main avenues for participation; “Lottery 11”, an online sports lottery platform, and an analogue of a P2P betting exchange with one-on-one and one-against-all bets.
Handled via the Ethereum Smart Contract process, the lottery mechanism will afford participants completely fair and transparent results, avoiding unnecessary risks. The use of smart-contracts also guarantees transparent and immediate payment, eliminating hidden fees. Security and anonymity are also guaranteed with the use of blockchain.
Alex Tsymbal, CEO and Co-Founder of EtherSport, remarked: “We decided to make a perfect match between traditional online sports betting and cutting-edge technologies, namely, blockchain and smart contracts, to guarantee the fairness and full transparency of the process. The platform provides equality for each participant in the system, and smart contracts guarantee the fulfilment of all conditions and pay-outs.”
The platform has no limitations on betting amounts, fast withdrawals, registration with minimal personal information, and data about users will avoid third-parties. The company also guarantees ease-of-play, with its simple lottery system. EtherSport will launch ‘Lottery 11’ for testing early into Q1 of 2018 which will allow for preliminary, un-simulated testing. Shortly after this, Lottery 11 will be released fully, allowing users to wager ESC tokens on events. By Q2 2018, P2P betting will be enabled, where players can bet against each-other.
To raise funds for the ongoing development of the platform and project, EtherSport will issue its native ERC20 Ethereum-based token – EtherSportCoin (ESC). ESC tokens can be used within the platform to buy the lottery tickets and will earn 15% of the money raised from each lottery, or as a speculative commodity to trade on exchanges. 100,000,000 ESC tokens will be created, with 70% of these being distributed within the pre-ICO period between the 13th and 19th of November, and the main ICO from the 20th of November to the 20th of December.