ICO Review: RoBET
RoBET is a crypto sports and betting exchange. Their goal is to be a decentralized blockchain ecosystem for sports, operating via smart-contracts, as well as using AI to help customers identify risk, odd evaluation, and odds comparison. This could be a gamechanger for the international online gambling community, putting everyone on a level playing field.
As an ETH-based token, RoBET is looking to raise approximately $33,580,160 in their RAC (RoboAdivorCoin) token sale, and are already around 86 percent of the way there, here’s what we thought of their whitepaper:
What RoBET Is
RoBET aims to be the first platform on the Ethereum blockchain that’s designed to be a ‘Betting Exchange.’ They also hope to implement Artificial Intelligence and smart contracts to facilitate an automated, more efficient system, as well as host a digital multi-crypto wallet. Specific deliverables RoBET wants to include are:
- Robot betting advice.
- Custom advice based on user-defined objectives.
- Custom advice based on user-specified preferences and suggestions.
- Statistical Analysis.
- Gaming services where a player can beat the RoBET.
- New betting exchange services where each player can create a custom sportsbook and become a bookie.
- Participation in other sportsbooks.
- Propose new odds and new kinds of bets.
- At least two new skill games based on sports events where users can use RAC tokens, or other cryptocurrencies, to play against each other.
Furthermore, RoboAdivorCoin (RAC) will incorporate three main products:
Financial RoboAdvisor, Crypto RoboAdvisor, and Betting RoboAdvisor.
Artificial Intelligence On The Blockchain
Perhaps one of the most significant selling points RoBET makes early on is their implementation of an AI solution. They describe the specific AI gaming system to empower machine learning-based predictive frameworks to:
- Obtain and generate continuously large volumes of data.
- Generalize and spread the events object of interest (I.E., The odds and bets).
- Ensure high transparency of the sources of information.
- Embed the growing role of social media.
RoBET believes that AI and blockchain together will allow for a more efficient design in digital betting, enabling to represent an ecosystem of sports predictions and advice, which can be transparently certified and stored on the blockchain.
RAC aims to manage the complexity of end-to-end gambling by implementing on the blockchain:
- Opening a game account
- Establishment of guarantees or deposits
- The possibility of being able to play in partnership with other players
- Certification of winnings and prizes won
- Certification of any relevant data for the purposes of the game
- Generation of custom odds
Overall, RAC is a platform where players can ask the Robot for the best forecasts about sports results and simultaneous represents a new betting environment where the blockchain guarantees trust and transparency.
The RoBET platform believes their platform is innovative to the betting industry for two reasons:
- It provides a reliable, easy to use forecasting platform for the odds of sports events at a fraction of the cost it would be to pay an expert or human-based predictive system.
- They give users the opportunity to sign up on the platform as a business client and publish custom sportsbook powered by a smart-contract.
The platform establishes default odds and legal gambling limits, acting as an intermediary matching supply and demand, and earning spreads and fees based on a minimum margin amount of gaming winnings.
In terms of revenue models, RoBET lists out that:
- Users can access Robo advisor services through subscriptions or on-demand payments.
- Betting exchange services will be entirely regulated between the platform and its bookies with a revenue shares model except for a smart contract handling fee of 1 RAC/month. They additionally will take a limited percentage of revenue from bookies (est. 0.5 percent)
- RoBET exchange services: a low fee (0.15 percent) will be applied if the player wants to convert its winning price from crypto to another crypto.
- Deposits on the RoBET Account Wallet will be free. However, withdrawals will come between (0.01 to 1 percent), with a minimum withdrawal of $30
Their whitepaper goes pretty in depth with the products created, giving a full scope of how their betting marketplace will work across the board. If you’d like to learn more, I encourage you to check it out at the link above, as RoBet gives a vast scope.
It’s easy to see why RoBET has already been able to raise the majority of their ICO. As they not only already have a product developed, but dive deep in their whitepaper on how they plan to implement their blockchain marketplace on top of that, it’s no wonder that this has been a hot sell. Especially when you consider that gambling is now legal in the US, the potential for this project is through the roof. Overall, it’s not a bad idea to consider buying in now, because at this pace, tokens might be completely sold out soon.
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