Betswap.gg, the world’s first decentralized peer-to-peer betting exchange, had its official beta launch. The platform draws attention with its bold claims to shatter the monopoly of high-profile sportsbooks and empower its users. Players wishing to sample this new solution can follow the instructions on Betswap’s official website, though some prior knowledge of blockchain transactions is recommended.
Work on the Betswap project started in July 2021. The team behind the crypto-based operator put substantial efforts into promoting this new venture, drawing the attention of several prominent media outlets. The project also attracted high-profile investors like global venture firm Shima Capital, tech trust M6, global asset manager DSA, and investment company Wonderland.
Despite the official launch, the Betswap platform is still in its infancy and is missing several key features. However, the core business model is still operational, with users reporting a smooth user experience, drawing favorable comparisons to sportsbook giant Betfair. The project’s roadmap extends to the end of the year and promises to introduce integration with more games and services and centralized exchange listing.
Betswap Promises a Decentralized, Player-Controlled Platform
The state and longevity of the Betswap platform are still too early to determine despite its positive initial reception. However, if the project delivers on its promises, it will have a fair chance of securing a previously vacant market niche.
According to a Forbes article from October, Betswap’s primary goal is to shatter the monopoly of the few operators which dominate the market. The platform aims to achieve that by providing bettors with decentralized, unrestricted, worldwide access. According to Betswap’s pitch, players can use the service without registering verification documents and benefit from instantaneous deposits and withdrawals. The team developed its product to cater to the needs of sports betting fans while retaining its investment potential.
BETSGG spokesperson Romy Jasmine elaborated on some of the concepts behind the new sportsbook, claiming that the underlying blockchain technology would solve many of the problems associated with traditional sportsbooks and provide a superior user experience.
For the first time, a bettor will be able to own a piece of their own platform… and have a voice in the protocol’s long-term strategic direction.
Romy Jasmine, spokesperson for BETSGG
The interconnectedness of the Betswap platform reportedly also allows players to bet against each other while enjoying lower fees than traditional bookmakers. BetSwap also claims that it never holds on to user funds outside ongoing bets, allowing users to enjoy greater financial freedom.
The Beta Launch Went without Any Hiccups
BetSwap’s launch appears to be a relative success so far despite its beta tag. Twitter users have not reported any issues with the platform, and the BetSwap token was similarly well received. The team promised more announcements and developments in the coming months as they make headway into the world of blockchain betting.
While the ambitiousness of the project is undisputed, BetSwap can fall into the trap of appealing to a very niche audience due to the small overlap between sports betters and blockchain fans. If the platform manages to attract interest from both groups, it has the potential to spearhead a new wave of crypto-based sportsbooks. Whether these ambitions will be successful depends entirely on the BetSwap team and their ability to develop a product that caters to two very distinct crowds.