WinFlow: Profit Sharing Sportsbook on Hedera Hashgraph Poised to Transform Sports Betting Industry
First-ever profit sharing sportsbook to build on Hedera Hashgraph enabling bet transparency, profit sharing rewards, live betting innovation
SAN FRANCISCO, May 8, 2018 (Newswire.com) - WinFlow, a sports betting platform utilizing distributed ledger technology and employing a unique profit sharing model, is looking to change the game. After a year of research and development, the company is underway in creating its betting platform, a decentralized application that will run on the Hedera Hashgraph network. Breakthroughs in technology will allow for never before seen benefits for players, including unprecedented rewards, security, and transparency. WinFlow is aiming to quickly disrupt the traditional incumbents in a multi-billion dollar market.
In a traditional sportsbook, all of the financial benefits go to the house but WinFlow intends to turn the tables. They’ll be redistributing 80 percent of all profits to the users of the platform, with each individual’s share based on their betting activity. Users will accumulate compensation points for each bet placed with additional points awarded for losing bets. Then they’ll be able to cash in these points for their share of the platform’s profits.
“Unlike every existing sportsbook, WinFlow will not be looking to profit from the losses of its customers. Instead, we want to maximize the rewards being given to the players to increase the demand for using the WinFlow platform. In doing so we will create value for our native token which will benefit all of our token holders whether they are players or investors,” says WinFlow CEO and Co-Founder, Matt Ricci.
After months of research, the WinFlow team has determined that the Hedera Hashgraph network will provide an optimal solution for the company’s live betting platform where low consensus latency, high transaction throughput and minimal transaction fees are critical to the efficient operation of the platform.
“We have chosen to build WinFlow on the Hedera Hashgraph network,” Ricci explains, “Hashgraph solves business critical technical limitations of the existing blockchain solutions with significant improvements in throughput, security, and transaction costs. The distributed network will allow WinFlow to optimize its efficiency with minimal increase to our expenses as we scale, creating an operating model that is sustainable and will only improve over time.”
“Increasingly, organizations and applications want to use Hedera, because it is lightning fast, secure, and fair,” said Jordan Fried, Vice President, Global Business Development for Hedera Hashgraph. “Hedera will enable developers to build a new class of distributed applications never before possible, and we are excited that WinFlow has selected it as their platform of choice.”
WinFlow will employ a dual-token model, allowing users to place bets with WIN or wEURO tokens. The WIN token is WinFlow’s native token and will offer the best rewards value. Meanwhile, the wEURO is a euro-collateralized token that will allow players to use the platform without any risk of token price volatility. All bets will be resolved to the Hedera public ledger through WinFlow’s custom Intel SGX oracle system with publicly auditable code to ensure complete transparency and fairness.
“The wEURO token is designed to facilitate mainstream adoption of the WinFlow platform among traditional sports bettors, who may not be as familiar with the dynamics of cryptocurrencies,” says WinFlow COO and Co-Founder, Mario Dodev. “We’ve created the token to bridge the traditional sports betting world to WinFlow.”
WinFlow’s securitized “WIN” token will be issued to contributors in its fundraising campaign, which is due to begin in May 2018. The project will raise money through private placements while it continues to work on developing the betting platform.
WinFlow is committed to being fully compliant with regulatory regimes. The project will seek to acquire a European sports betting license once the development of its core pre-match betting platform is complete and is also keeping a watchful eye on the recent developments in the United States. Should the federal ban on sports betting be overturned by the U.S. Supreme Court in the coming months, WinFlow is preparing to be among the early applicants for state licenses.
“There is currently no active, fully-functional sportsbook using distributed ledger or blockchain technology, let alone any operator in the sports betting industry at large that redistributes almost all of their profits right back to the players. This is going to be a game changer,” declared Dodev. “You can bet on that.”
To learn more about the project, join WinFlow’s Telegram group for direct access to the staff, download the whitepaper from the website, or follow the blog.