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HEROcoin Esport Gambling On The Blockchain

by Crypto Research by William ThrillFebruary 23rd, 2018

Too Long; Didn't Read

<strong>Secure betting with a focus on esports</strong>

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Secure betting with a focus on esports

Esport is a rapidly growing field, with an estimated 250 million viewers in 2016. This already makes it more popular in the US than ice hockey, and it is set to overtake the total fan base of the NFL later this year. Global revenue surpassed USD 500 million in 2016, and is expected to surpass USD 1 billion next year. With average annual revenue per fan of just over 3 dollars, there is still plenty of scope to grow. The estimated revenue number per fan of the NBA is 20 dollars, and of the NFL it’s over 60 dollars. One of the main avenues of growth will come from expanding gambling to the market.

The global online gambling industry turns over hundreds of billions of dollars each year. The amount wagered on esports is predicted to grow from around USD 600 million in 2016 to between 10 and 20 billion dollars in 2020. Despite its size, the online gambling market is still plagued by problems like uncompetitive odds from bookmakers and default on payouts from unscrupulous companies. Hero aims to solve these problems with the introduction of the Hero Network. This will allow users to start their own secure pools around any betting event they choose, and the network protocol will manage and secure all transactions. Aside from providing all participants will full transparency of the betting event, and assuring that all bets will be paid out in full, this also keeps transaction costs to a minimum.

All wagers and settlements in the Hero Network will be done with their own crypto currency, Hero (PLAY). The Hero is a decentralized ERC 20 token on the Ethereum blockchain that will be listed on multiple crypto currency exchanges.

Coin Name : HEROcoin (PLAY)

Total Supply : 252,165,029 PLAY

Circulating Supply : 115,867,645 PLAY

Market Cap : $9,671,739 USD

Pre Ico Price : 1 PLAY = 0.0267 USD (0.00008 ETH)

Ico Price : 1 PLAY = 0.17 USD

Tokens/Money Raised Through ICO : — $2,021,034 OF $16,000,000 (13%)

Solving online gambling’s trust issue

There is a vast variety of choices when it comes to online gambling. Most established international bookmakers are represented, but so is a bewildering array of smaller unknown players. This has lead to several industry problems.

Since most online betting is odds-based, with a bookmaker supplying the odds, the industry has long been accused of unfair conditions. Odds are set in order to provide the house with their required margin, driving up the transaction costs for all participants. Participating in a betting pool eliminates the ability to set off-market prices as the rules for each pool is determined and known beforehand. The provider of each pool sets the transaction costs, which can be as low as 1%.

All betting today, even on those platforms where the odds are crowd-sourced as opposed to being provided by a bookmaker, have a centralized settlement system. You give your money to the gambling company when you place your bet, and have to trust them to pay you back any potential winnings. With a large number of shadowy industry participants, the level of trust and transparency needed for the market to be efficient is not always there. By securing all bets in a pool registered on the Ethereum blockchain, to be paid out according to a predetermined set of rules, the Hero Network removes the ability for any middleman to default on payouts.

Historically gambling has been a social activity, with friends or colleagues forming pools to bet on sports results or other events. With individual bets against a faceless bookmaker online, the social character of gambling has gotten lost. The Hero Network reintroduces the social element as betting pools are formed with transparency of both bets and participants.

The centralized nature of settlement amongst current online gambling sites leaves them vulnerable to manipulation. There have been many instances of frozen funds and hacked systems. By collecting all bets up front, in a pool registered on the Ethereum blockchain, and with pre-determined payout structures based on the outcome of the betting event, the Hero Network removes the ability for anyone to manipulate the system.

Anyone can run their own betting pool

Hero have developed a contest interface protocol that allows any user to start their own contest. The contest interface includes common properties and interfaces that all contests must have. It is then up to each provider to start any contest that includes these properties. Anyone can use the Hero Network protocol to start a contest.

The contest provider decides what the payout rules of the event are, and how much of the wagered amount is kept by the provider. The provider also decides how much of each wagered amount goes to the general pot, subject to a minimum of 1%. This general pot is later split amongst all Hero coin holders, proportionally to their holdings. This rewards holders of PLAY, thus driving up demand.

Later this year Hero will launch three contract templates, making it easier for providers to launch contests. They will specify the following common game formats.

Percentage Contests — Wagers are split amongst the winners according to a pre-set formula.

Fixed Winners Contests — A set number of winners are determined for each pool. The most common format is “Winner takes all”.

Private Contests — Will allow you to form private contests for a small number of players whilst designing your own rule set.

Hero are also developing an API which will allow other gambling sites to implement settlement in PLAY. A portion of the ICO proceeds have been set aside to foster this network. As a first case though, PLAY and the Hero Network will be rolled out on their own online egaming prediction site, herosphere.gg, with more than 200,000 registered users.

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