Better Fan has launched its Web3-based sports betting platform which it claims offers a ‘safe and sustainable’ way of betting on sports.
Combining web3 infrastructure and a play-to-earn (P2E) model, Better Fan’s platform offers a ‘gamified’ experience, ensuring that players cannot lose fiat or cryptocurrencies when betting but instead NFT-based Fan cards which renew daily.
Citing the need for safe, sustainable, legal revenue model in light of the rise of sports betting in the US, the firm allows users to bet using NFT cards not attached to hard cash.
Better Fan CEO, Metin Durgun, commented on the new platform launch: “Better Fan’s gamified platform promises to revolutionize the world of sports betting. On Web2-based platforms, people use real money to place their bet. But if they lose, their entire stake will be lost.”
“Better Fan’s gamification approach is based on the P2E model. “It prevents illegal activity because it doesn’t let ‘hard money’ onto the platform.”
The company has stated that bettors on its platform do not need to stake ‘anything of value’; instead their NFT cards determine the bet amounts and daily betting limits that any player has each day.
Winning bets on Better Fan are rewarded with the platform’s Better Than Bet utility tokens which can be used for in-game activities, and users can exchange them for USDT directly in-game.
“With traditional betting approaches, only a small portion of this revenue is shared with sports clubs,” Durgun added. “But with Better Fan, in-game taxes and fees are collected in a common pool, thus providing a much fairer means of distribution.”