Case Study

PlayBetr

 

Online betting and gaming are one of the fastest-growing markets on the planet – especially now that an ever-larger percentage of the world’s population has mobile Internet access.  Playbetr is a cryptocurrency casino and sportsbook where you can deposit in cryptocurrency, play and then withdraw your winnings easily within minutes.

Challenges Overcome

Playbetr is an online casino and sports betting site that requires the user/player to provide payment for their bets and to receive payments for their winnings. For the infrequent bettor, it is a difficult or a time-consuming process to accept bank transfers for this amount due to the account detail verification and authentication steps required. In addition to that, bank transfers for online games are not legal in some locations.

Cryptocurrencies are very popular these days and are designed to work as a medium of exchange that uses strong cryptography to secure financial transactions. Cryptocurrency transactions are much faster than bank transfers. It expedites the process as you just need the wallet address of that cryptocurrency to securely transfer the amount.

As a result of these, we were summoned to add Crypto/Digital currencies as a payment option for their bettors. 

Goals of the Project

The aim was to overcome the challenges in the online betting industry by the implementation of the crypto/digital currency for secure financial transactions.

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$100 billion

The expected evaluation of the online betting market by 2025

4%

The proportion of online gaming & betting websites  that allow blockchain transactions

24.5 billion

Bets have been placed with bitcoins over the past two years, as reported by the Bitcoin Casino Statistics.

Blockchain technology enables distributed public ledgers that hold immutable data in a secure and encrypted way and ensure that transactions can never be altered. While Bitcoin and other cryptocurrencies are the most popular examples of blockchain usage, this “distributed ledger technology” (DLT) is finding a broad range of uses.

PlayBetr

What is different in PlayBetr?

Cryptocurrency uses blockchain to hold all transactions. Blockchain is a diary that is almost impossible to forge which cryptocurrency uses to hold all transactions. A Blockchain is effective as it is spread over many computers, called nodes which a copy of the Blockchain each. The Blockchain updates itself every 10 minutes with each transaction in blockchain generating a hash which is a string of numbers and letters.

Balance Corraboration

We developed packages to validate balance from the player's cryptocurrency address/wallet.

Easily Add Money to Wallet

Expedited process of amount withdrawal from the player's cryptocurrency address/wallet.

Simplified Financial Transactions

Easy deposit of the winnings into the player's cryptocurrency address/wallet.

Record Logging

Get your account transaction history by viewing the online gaming platforms'master cryptocurrency address/wallet.

Live Sporting Events

With the novel capabilities achieved with the app, the players can bet on live sporting events and make earnings in real time.

Interactive Games

The platform provides online gamers to play riveting games and capitalize on their winning streaks.

Capabilities Unlocked

Solutions Provided

To deal with multiple cryptocurrencies and facilitate their transactions within the Playbetr Application, we created multiple packages using Laravel Framework(PHP) and Node JS for multiple popular Crypto/Digital Currencies. Using these packages we enabled Crypto/Digital payments in the digital betting platform.

Because the entire process is supervised through smart contracts and blockchain technology, users can easily manage the end-to-end betting process by themselves.

When a bet is made, a smart contract is created, locking all parties into the bet. A decentralized token economy allows bettors to self-report results and the marketplace to resolve all disputes and customer support queries.

We enabled the following Crypto/Digital Currencies for the  players:

  • Bitcoin
  • Cardano
  • Iota
  • Neo
  • Stellar
  • Ripple

This allowed the user to use cryptocurrency to bet and play the game hasslefree.

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