One thing BETTA is not is a betting site – we are not a bookmaker, we do not set odds, we do not promote events and we do not accept bets.
The BETTA website provides an interface which allows its users to interact with BETTA’s smart contracts on the Ethereum blockchain. In doing so, users are able to establish “events” against which they can stake ETH on the event outcome, and compete against other users on a pure peer-to-peer basis. Amounts staked are pooled, with winning players sharing the result pool which is comprised from the losing outcomes.
BETTA does not provide a custodial service for users’ funds. All amounts staked are sent directly from users’ wallets and held within our smart contracts until such time as a result is declared, after which eligible users may claim their winnings.