BetMoose CEO shares plans and details about his brands success in the Bitcoin betting sector, specifically in the online prediction market.
Amid the height of the Bitcoin casino brands in the market, a niche platform emerges as one of the more highly visited Bitcoin betting sites. However, instead of featuring Bitcoin games, BetMoose, a Bitcoin prediction platform, offers a list of bets about practically anything. BetMoose CEO and Co-founder Adam King talked about his fast-rising brand, his plans, and insightful views.
What’s the story behind BetMoose?
I was inspired by the innovative nature of Bitcoin as a network and the ability for anyone to transfer value instantly and anonymously. I then thought about other cool things you could do with bitcoin and cryptocurrencies that weren’t already done—or weren’t done well—and those that could not be accomplished with traditional money or fiat. This led to the creation of BetMoose.
How long did it take you to launch BetMoose?
BetMoose has been in development for about 6 months and was launched as alpha this year in May, with our public beta launch in June 2014. That said, we’ve added core functionality since then (fixed odds betting), along with numerous other improvements, so it’s by no means complete.
I’m aware that Bitcoin is accepted here, but will you support altcoins like Dogecoin and Litecoin too?
We could, but we would have to see some demand for them before we decide to add them. BetMoose is an exchange, not a casino, so the players deposit and bet with each other, not with us. This means that if you’re betting using Dogecoin, you could only bet with other Dogecoiners, as bitcoiners will likely want BTC back and not DOGE.
BetMoose provides an interesting venue for Bitcoin bettors, what can you say is the best thing about it?
The ease of use. It is one, if not THE easiest platform to find a bet you like and place anonymously. We accept 0-confirmation deposits so it’s quite rewarding for our anonymous users see their bet pop up within seconds of sending it over the bitcoin network. Everything on our site has been custom-coded and hand-crafted to perfection so it’s a very sleek yet functional and powerful platform that acts as a matchmaker for contracts. We also support unlisted contracts so if you ever want to create a private contract with someone and are looking for a dedicated escrow, we are it.
If you were to compare your brand to land-based casinos, what features would stand out?
BetMoose is an exchange, not a casino. We are much closer to fiat-exchanges such as betfair, except that our users create and resolve their own markets (bets), earn commissions from the pot, remain anonymous, and pay less in fees. The fact that we are not a casino is a major advantage to our users because we do not have an edge on them. There’s a small commission on all winning bets, but the wagers users make are based on skill and real world events, not chance-based outcomes.
What would be the advantages of operating this platform?
There’s a few advantages to us as operators. For starters, the platform’s innovative nature is that it’s distributed and autonomous. Our only job is to make sure the site is working well (uptime and security), and once in awhile to mediate outcomes that bettors disagree on. The operations are fairly easy, the harder part is marketing and development of additional features.
You being the CEO, can you share the greatest accomplishments you have had in manning BetMoose?
Observing all of the creative and interesting bets people make from around the world. We’ve seen bets in multiple languages, bets on things that the bettors themselves influence (Will ‘Yes’ have more volume than ‘No’ for example), and current world events that help us stay on top of news we might otherwise miss ourselves.
How about the most surprising challenges?
We are quite experienced with what we do, so we haven’t had too many operational surprises. We have had some minor technical surprises though, for example, multi-sig bitcoin addresses, which we originally did not work on the site, leading to quite a headache for our support team. We’ve added that now.
That’s great to hear. Can you drop hints or details about your long-term plans for BetMoose?
After we exit from Beta, our next plan is to accept fiat deposits. Fiat customers will have higher fees (as we will), and have slightly limited functionality as some things about our model are just not possible with fiat. That said, we want to deliver the best experience we can of our platform to the most amount of people, so accepting fiat is an obvious next step.
Any plans to expand or start similar projects?
Actually yes, we have a top-secret project coming within the next month or so, stay tuned for that. In addition, we’re finalizing our powerful API that would allow users to run their own version of BetMoose for free on their own front-end site.
Best will be to know that the operation will expand for more crypto related games and more opportunities for the players. The market standard these days is to provide 1000+ bitcoin games on the casino lobby with additional products like bitcoin lottery, bitcoin sports betting and more
BetMoose is faring well in the prediction market. What advice can you give other similar brands or even Bitcoin casino brands that are just starting out?
Since we are an exchange, we would love to hear from any new startups in our space. Instead of building out their own platform and brand, we hope they can join us and work together as we split our revenue with those that create the markets. Win-win! If they can’t work with us, then my advice would be – stay vigilant about user security. The scams in the past within the bitcoin space are really shameful in nature and we hope to lead the way in sustainable bitcoin business.
Since your business still exclusively runs on Bitcoin, what should this digital currency do to become a more prominent and reliable form of payment?
I can make a massive list here, but some points at the top of my head; education, perceived and actual security with ease-of-use, pull payments and recurring subscriptions, and less volatility or more derivatives.
What is your take on gambling laws and cryptocurrency legality and regulation?
Currently, we are not worried about this in our jurisdiction. BetMoose is not a chance-based casino, nor a ‘house’ from the perspective of sports betting. We are much closer to a skill-based prediction market, which is legal in most areas where traditional casinos—land and online—are not.
Right on. If BetMoose had a mission statement, what would it be?
To provide the coolest, most user friendly and secure prediction and betting platform that allows users from all over the world to connect and take part in predicting events that matter to them most. Our aim is to deliver an amazing experience to both the casual user interested in placing small bets, and to a more sophisticated entity looking to leverage BetMoose with our full API….something like that.
Thank you for your time, Adam. I appreciate it!