Goal Bonanza is an ICO planning to disrupt the football betting industry. They aim to offer better odds for gamblers. The...goal of the idea is to create a „self-regulating, blockchain powered football betting platform based on ERC20 token standard”. In the words of developers, “it combines lottery-like crowd betting on 10 possible football game final score outcomes where the crowd drives the potential returns.”
The gambling and betting market seems like an area where blockchain’s capabilities can be put to good use, especially when it comes to anonimity, accountability and transparency.
Goal Bonanza appeals to the hefty trillion-dollar market of gambling, of which 65% is spent on football betting according to their presentation. China apparently leads this market with up to 1 billion dollars gambled on a single game. Europe is also keen on sports betting, with 17USD spent per adult in the European Union. Sports fans love to get involved into the games and bet on outcomes. Undoubtedly, this niche market is not exactly your regular niche and has a passionate clientele.
It is important to note that the gambling and betting industries are already covered by plenty of online and offline bookmakers and betting exchanges who cater to clients. Goal Bonanza plans to differentiate itself as a platform, offering what they call better odds and an even more addictive platform for gamblers to use.
“When betting with a bookmaker, you can only bet on the odds they offer” Goal Bonanza whitepaper explains. “The odds set by bookies include their margin, meaning they price markets in their favor, with unfair odds.”
By the year 2020, Goal Bonanza hopes to have over 6 milion active players and generate earnings of 74.9 million dollars.
Goal Bonanza - The product
Here, users can back at least one out of 10 available options. The decentralized platform allows for a lottery-like structure, where the totals waged by gamblers are split among winners of the big pot.
So far, they plan on making the sports betting even more addictive, with gamification (including account levels, achievements, badges and rewards).
On a weekly basis, users will have up to 200 football games available for betting on a weekly basis. Multiple of the most popular competitions will be available inside the app, including Premier League, Chapions League and Euro2020.
Another must-have for Goal Bonanza targeted clients is the anonimity feature, as the platform doesn’t require verification, forms of identification, credit card and bank account information.
In their whitepaper, they detail the technology behind their idea, along with best odds for different types of outcomes and historical data from football game scores. It is definitely a good read for football afficianadas.
The token the developers are selling during the ICO stage is called GOAL and has practical use inside the platform, as it offers users the ability to bet friction-free and anonymously. In fact, fiat money will not be accepted on the platform, which in their own words keep them “outside gambling regulatory bodies and jurisdiction.”
1 billion tokens will be issued innitially, with 70% dedicated to ICO buyers. The ICO sale will be available starting the 1st of november and will end on the 30th. Their goal is to raise 50 000 to 100 000 ethers and accept entry-level investments of at least 0.5ETH. They have a bonus system for early birds with as much as 50% discounts during the first week. Investors can claim 5 000 to 15 000 GOAL for 1 ether. They also accept bitcoin and litecoin for GOAL.
At the time of writing this article, the project is still in the pre-sale stage, which offers 66,67% discounts. Of the 1 500 000USD they planned to gain during the pre-sale, they raised over 800 000USD.
- Role of token: Community rewarding, platform payments
- Token supply: 1 Billion
- Distributed in the crowdsale: equivalent to $50M max cap
- Symbol: GOAL
- Initial value for PreSale:1 ETH = 15000 GOAL
- Blockchain: BTC, ETH, LTC
- Sale period: October 1, 2017
- Token distribution date: Nov 15, 2017
- Accepted currencies: BTC, ETH, LTC
- Maximum goal: 6,667 ETH
- How funds are held:: Multi-sig wallet held by team council
- Unsold tokens policy: Unsold tokens will be destroyed
Goal Bonanza will release an alpha version in january 2018, along with a smart contract launch, and a mobile app public release by october next year. The payment system will not enter development by december 2018. We could see the app on the market in three years time.
So far, they only have a business plan and a user interface ready to show and are just now preparing for prototyping.
In the football betting arena, blockchain can prove to be invaluable. There is one hurdle the team seems to dismiss right off the bat, the legal standards in the industry. So far, they claim that basing their platform on the GOAL token instead of any fiat currency will allow them more leway in that area. They do have 10% of their earnings invested in legal support, and will delve more into it by December of next year.
What is encouraging about this platform though might be the sizeable market they address.