Review — Betform (White Paper and T&Cs)
Betform — A Smart contract powered social betting platform. They want to develop a top decentralized social betting platform by connecting blockchains, leveraging on smart contracts, and payment channels.
Website: https://www.betformcoin.io
There are eight different key features:
*1. Provably fair gaming: Their PRNG (Pseudo-Random Number Generator) is tested and certified by a reputable test lab.
No further information about their PRNG or the name of the lab in their White Paper.
*2. Fun and social: Users will be able to select players and make new friends.
*3. Transparency and security: Their operations are powered by smart contracts.
*4. Regulated: Their platform operation is regulated by licensing jurisdiction.
Gambling is not legal in every jurisdiction
For reference: https://www.lawyer-monthly.com/2018/02/10-countries-where-gambling-is-completely-illegal/
Under Singapore’s Remote Gambling Act, all forms of online gambling are illegal unless exemption is granted: https://sso.agc.gov.sg/Act/RGA2014
White Paper
The issuer of Betform Coins is procured and/or controlled by Men @ Workz Pte. Ltd registered in Singapore stated on page 2 of their White Paper: https://www.betformcoin.io/Betform-White%20paper%202018_03.pdf
“The issuer of the Betform Coins being digital tokens on a blockchain procured and/or controlled by Men @ Workz Pte. Ltd. (“M@W”), a company incorporated and registered in Singapore with UEN 201610590K and registered office address at 1 Jalan Mata Ayer #02–03, Euphony Gardens, 759075 Singapore.”
Terms and Conditions
It also stated that the Betform is operated by a third-party established and licensed in the Isle of Man or other jurisdiction in their Terms and Conditions:
https://www.betformcoin.io/Betform%20TGE%20Terms%20and%20Conditions%20-%20v2.pdf
“The Platform shall be developed by the Issuer but shall be operated by a third-party entity to be established and duly licensed in the Isle of Man or other jurisdiction.”
Please do your own research on the legality of gambling in different jurisdictions.
*5. ERC20 token compliant wallet app: They will develop their own Betform wallet which will be interlinked with exchanges.
*6. Unlimited winnings and winners welcome policy: Their business is built on volumes but not margins.
*7. Quarterly jackpot: They will allocate 35% of month’s earnings as bonus.
Be aware of the meaning of “month’s earnings”. The earnings of the last month of a quarter and 3 months’ earnings combined (a quarter) are different
*8. Token burning: They will burn 5% of commission charged quarterly in order to drive up the value of Betform coin. Token burning will end once 50% of all tokens distributed during the token sale has been burned.
White Paper
We have selected some points from their White Paper (V1.2 04 September 2018).
Important Notice (PDF Page 2–7)
On page 2: Betform Coins are procured and/or controlled by Men @ Workz Pte. Ltd. (“M@W”), a company incorporated and registered in Singapore as we have mentioned above.
“You are not eligible to purchase any Betform Coins in the Betform Initial Token Sale (as referred to in this Whitepaper) if you are a citizen, resident (tax or otherwise) or green card holder of the United States of America or a citizen or resident of the Republic of Singapore.”
However, they have mentioned more countries in their Terms and Conditions (PDF Page 11)
Regulation and compliance (PDF Page 17)
“Our platform operation is regulated by licensing jurisdiction. We will apply for gambling license after the token sale”
Conclusion
The White Paper and Terms and Conditions are very detailed. Please read thoroughly all of their documents and do your own research before making any decisions. The only thing we want to pay extra attention to is the gambling license that they claimed they would apply for after their token sale, as it will greatly affect their development and operation.
This review is just our opinion. Please do your own research before making any decisions.