- Legal States
Angel Hristov January 17, 2023 3 min read
Better Fan Launches Innovative P2E Betting Platform
Better Fan announced the launch of its new platform, which combines engaging gamified Web3 elements with pay-to-earn mechanics
Better Fan, a Web3-based platform for sports betting, seeks to further capitalize on the popularity of blockchain solutions through its new platform. The company unveiled a project that combines the best of blockchain with play-to-earn (P2E) mechanics.
Better Fan Leveraged Web3 Solutions to Create a Novel Platform
P2E games have long been popular among fans of cryptocurrencies, NFTs and the like. Knowing that, Better Fans seeks to engage players with exciting Web3 experiences where fans can enjoy betting safely.
The new platform employs a closed economy system, preventing its users from losing real money. The gamification elements of Better Fan’s solutions have always sought to protect fans from going bankrupt, ensuring safe and healthy gaming experiences. Thanks to that, players can enjoy gaming mechanics with none of the risks usually involved.
The only thing players can lose is their daily bets. These are refreshed each day and are dependent on users’ fan cards.
The fan cards, which are based on non-fungible tokens to further immerse players in a Web3 environment, are what determine players’ daily betting limits and maximum bet sizes. Fans can update these cards to increase these parameters, further attesting to Better Fan’s gamification efforts.
Fans who correctly guess the outcome of a game and place winning bets will receive an amount of Better Than Bet (BTB) tokens. These tokens can be used to unlock a variety of features and activities or may be alternatively exchanged for USD in a classic P2E fashion.
CEO Durgun Speaks about the Benefits of Playing with Better Fan
Metin Durgun, Better Fan’s chief executive officer, commented on the inspiration behind the new platform. He said that the US sports betting market is currently in need of safe, sustainable and legal revenue streams. According to Durgun, Better Fan’s closed economy and the inherent cybersecurity of Web3 solutions are what makes the platform special.
Durgun is sure that the new platform has the potential to revolutionize sports betting and capitalize on its growth. The CEO pointed out that as many as 47 million Americans have placed wagers in the 2021-2022 season, showing customers’ passion for the vertical.
However, the main difference is that customers who pick Better Fan over traditional sportsbooks don’t risk losing all their money.
On Web2-based platforms, people use real money to place their bets. 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.Metin Durgun, CEO, Better Fan
Durgun concluded that Better Fan will also have a “fairer means of distribution” when collecting in-game taxes and sharing a portion with sports clubs.