7.2 COMPETITOR ANALYSIS

The gambling industry was among the top 10 most popular industries for blockchain projects in 2017 and 2018. Several successful ICOs focusing on gambling and betting (including eSports) such as Truegame, TrueFlip, FunFair and GIFCoin have shown promising concepts and managed to achieve their funding goals.

Consecutively, the competition bar has been raised high. We at BITBET acknowledge the fact that only an innovative and value-adding project could be successful on the market. Therefore, we analyzed our competitors thoroughly and managed to identify key aspects where improvements were still needed.

In the table below, you will find a competitor analysis including the features and functionalities of platforms similar to BITBET. We then describe how our concept stands out from the well-known successful gambling projects from the recent past.

As the table shows, there are a number of aspects in which the BITBET platform sets itself apart from its competitors. While we can match other platforms in terms of security levels, the transaction speed of the BITBET platform is superior to that of any other market player.

Only Truegame also has an existing iGaming platform, while Funfair has only presented a demo version of their solution. The TrueFlip platform at the time of this writing is also only partially ready. BITBET has an existing and established iGaming platform on the market which will be upgraded to a blockchain-based platform with its own in-game currency.

One of the key differentiators between BITBET and all other competitors is that our platform will offer unparalleled diversity with more than 100 diffferent games while other operators have less than 10 games on their platform.

Probably the most important competitive advantage will be the loss compensation of up to 10% of the amount placed in bets using BITBET token. No other platform in the industry is currently rewarding users based on their platform activity and deposit amount.

In contrast to other market players, the BITBET platform will combine both a sportsbook and online casino into a single platform. In the near future, we plan to launch a P2P betting feature, allowing users to launch their own bets for users to bet against.