More information on BitGoal project

The widespread enthusiasm for spectator sports shows no sign of abating in the 21st century. As for sports betting, it is more popular and more widely available than ever, thanks to loosening regulations and the rise of online gambling. However, the industry has an unsavoury reputation. The illegal sports betting market is still much bigger than the legal one. Bookmakers and betting sites often refuse to play fair, rigging the odds and introducing hidden fees. There are also instances of straight-up fraud. On the other hand, even on-the-level betting services tend to have complex registration procedures and high charges.
BitGoals hopes to provide a superior alternative based on blockchain technology. Its platform is intended to be a transparent, reliable and easy to access hub for betting on a wide variety of sports. Nor does it plan to stop there – given the right partners, the BitGoals design is meant to potentially accommodate any number of sports- or gambling-related activities, becoming the heart of a broad online ecosystem.

How will the BitGoals platform operate?

BitGoals is meant to be a platform that any number of third parties, whether individuals or businesses, will be able to use to organise their own sports betting activities. The things that the company itself brings to the table are as follows:
1. The blockchain platform itself and its user interface;
2. Smart contracts, which will be used to carry out secure, automatic and transparent transactions and store all relevant game data for a month, as well as to help ensure regulatory compliance from all participants;
3. The STP token, used to both place bets and collect winnings, as well as for all other transactions on the platform such as bonuses or fee payments. Notably, there will be no betting limits;
4. A set of tools and pre-made modules that third-party developers will be able to use in order to develop their own sports betting apps for the platform;
5. A secure wallet. In order to participate in any betting event on the platform, all that a player would need to do would be to long into it. This participation will be fully anonymous, with all sensitive data safely hidden. All payouts and withdrawals connected to it will be quick and straightforward.
The scope of activities that could be arranged on the platform will be very wide. BitGoals will support betting on sports from football to horse racing. It will also allow other forms of gambling, such as poker or lotteries; other forms of sports interactions, such as fantasy sports; and even a marketplace for match tickets and merchandise. The eventual intent is to make it easy for individuals to set up their own casual sports betting games with BitGoals' open-source software.
However, the platform will also rely on games provided by partner companies, beginning with King Scorer, a casual game that lets its players select any five football players in a specific game and then accumulate points based on the goals they score. An STP bonus in that game will be distributed to the top 100 players on the leaderboard based on the amount of points they have. The players will be able to use those rewards to make in-app purchases for King Scorer or to make further “bets” in that or any other game.

What are the strengths of this project?

As is widely acknowledged, blockchain technology and gambling is a match made in heaven. There is perhaps no more obvious use case for a smart contract than ensuring that the terms of a previously agreed-upon bet are implemented automatically and transparently. The decentralised structure enabled by the blockchain also allows the BitGoals team to circumvent many of the endemic problems in the gambling and sports betting industries, allowing them to cut out the bookmakers and dispense with many of the usual restrictions and complicated procedures of betting sites. As complexity and high participation costs, together with the industry's reputation problem, are the main factors driving away potential participants, those advantages should make it easy to attract a vast audience of casual players if the platform takes off.
The BitGoals team has gone to some lengths to ensure that all of its activities are on the level. This includes extensive legal consulting that preceded the development of the platform. Using smart contracts should make it easy to prove to both participants and the authorities that all the regulations are being adhered to. BitGoals is itself a licensed gaming manufacturer and service provider. It has also already secured a number of key partnerships with sports betting industry players and should therefore be able to use their respective client bases in order to jumpstart its ecosystem. The team has arranged to use the up-and-coming finance-oriented Zen Protocol blockchain for this platform, which should ensure quick and reliable transactions.

Token sale details

The STP token sale has started on June 14th and will continue until July 15th 2018, with the price rising over time from 0.5 to 1 USD per token.

A tentative plan for a vast new sports ecosystem

BitGoals is far from the only project to try to make use of the tremendous opportunities that blockchains have created in the field of sports betting. However, it may be the most broad-based one and has the potential to absorb or overtake many of its competitors. This promise is undermined in part by the current vagueness of its setup. Many important details of the platform's design and function have not yet been sufficiently elaborated on. It will clearly need more than one game to live up to its promise of becoming a universal sports betting platform. The current comparatively low level of social media activity is also rather concerning.
All that being said, those problems can still be rectified. The core concept of the platform is very sound and it may be able to corner a huge and constantly growing market by providing a superior service. As is always the case with blockchain startups, it all depends on the buy-in this project gets from industry stakeholders: both the betting service providers and people willing to bet on sports on a blockchain platform. If it manages to clear the initial hurdles and attract further partners, BitGoals could become one of the heralds of a new paradigm of sports betting: no longer reliant on middlemen or trust and able to deliver a far greater variety and quality of service.

Links:

Bitcointalk Username: Abdulowad
ETH 0xf59AD35638e02b00b694c5e1d7f0520397008D21

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