What is BetSwirl?

BetSwirl is a non-custodial, multichain and decentralized betting platform. It emerges as an online gaming platform that utilizes cryptocurrency, championing the values of decentralization and anonymity. It offers a haven for all to partake in fair play, bask in enjoyable moments, and embrace an innovative gaming landscape.

Key Features of BetSwirl 

• An immersive gaming experience that teems with unique animations and sound effects, primed to take the metaverse by storm.
• A variety of games such as Dice, Coin Toss, Million Jackpot, among others. These are readily accessible using your preferred token, be it MATIC, BNB, AVAX, BETS, or any other partner ERC20 tokens.

• The centerpiece of the protocol, the $BETS token, flaunts multiple uses and incorporates deflationary mechanisms. 
• The introduction of a staking program that enables profit-sharing with the community.
• A comprehensive catalogue of tokens offered by partners. 
• An entirely transparent system complete with a holistic protocol analytics dashboard.
• A protocol driven by the community, offering myriad incentives and rewards.

The $BETS Token

This utility token plays an integral role in the BetSwirl platform. With $BETS, you can participate in games, enjoy exclusive in-game bonuses, purchase NFTs, and much more. If you wish to hold and stake BETS, you’re all set to receive a portion of BetSwirl’s profits. For those deeply committed to BetSwirl, your voice matters. You can vote and actively shape the platform’s trajectory using $BETS as a governance token to assert your votes.

To acquire $BETS, you can swap from another asset via Jumper Exchange. Alternatively, you can use a web3 wallet such as MetaMask. 

Make sure you check the gas fees are appropriate. Avalanche is a scalable chain that offers low transaction fees and since BetSwirl is multichain, you can even utilise other low fees solutions such as Polygon or Arbitrum. 

$BETS Token Utility

• Users can make use of the $BETS token in all games. 
• Stake it to receive a share of BetSwirl’s profits.
• Buy exclusive NFTs that can only be purchased with $BETS. 
• Exercise your right to vote and help shape the future of BetSwirl.  

BetSwirl disperses $BETS as rewards to stakers and injects more liquidity into the bank to increase user payouts. The team also uses the token to fund marketing and protocol developments and to also increase liquidity in the pairs on decentralized exchanges.

BETS, as the token central to the protocol, boasts multiple utilities designed to boost volume usage and reward liquidity providers. Implementation of sophisticated inflation management that adheres to an inverse exponential function. Token distribution is vested monthly over several months. Allocations for team, marketing, advisors, strategic sale, private sale, and IDO are precisely planned for sustainable growth. The allocations for treasury and project development tokens are locked, and can only be released via governance.

A protocol-owned liquidity strategy

90% of the IDO is committed to liquidity and locked for the long term. A critical segment of the treasury fund that accrues dividends from each game is channeled to repurchase BETS, add liquidity, and lock it. This strategy guarantees consistent liquidity growth and a steady freezing of a portion of the token supply due to regular locks.

Multiple deflationary mechanisms

To offset the inflation during the initial months and ensure a long-term deflationary token, several token buyback and burn mechanisms are employed: Token buybacks and burns using game revenue. Token buybacks and burns post each Million jackpot draw. Token burn with each NFT purchase (exclusively purchasable in BETS). Token buybacks and burn with 50% of NFT royalties.

Multiple incentives for stakers and holders

In order to minimize selling pressure and freeze a section of the community-owned supply, the team plans to distribute a major portion of the protocol revenue (between 40% and 50%) to stakers. Loyal holders and stakers stand a chance to win.

Legal

According to BetSwirl, their application to eGaming-Curaçao license has been pre-approved.

Online gaming compliance

• BetSwirl casino requires online gaming license.
• The team states that they intend to set up multiple corporations in different jurisdictions in order to attain the required licenses globally.
• They also state that they intend on establishing a third company in Cyprus as a payment gateway to enable people to purchase BETS and others tokens from within the platform via bank transfer or debit card. Token purchases will be settled on an exchange.

Curaçao license

BetSwirl claims that they will register a company in Curaçao which will hold the initial online gaming license.

The Curaço license will provide access to most jurisdictions. It restricts betting in the USA, France, The Netherlands, Aruba, Bonaire, Curaçao, Saba, St. Eustatius, St. Maarten and sanctioned countries.

The requirements to get the license are multiple, and they claim to be discussing with the licensor on how to apply them:

• Geo fencing and IP blockers will be inplace to prevent people betting from jurisdictions where betting is illegal or where BetSwirl does not hold relevant licenses.
• BetSwirl will have strict KYC, AML and counter terrorism policies in place to adhere to licensing requirements.