SINGAPORE, Aug. 29, 2021 (GLOBE NEWSWIRE) — Emerging innovative sports betting platform, Bitgame, has announced their native platform currency, Lucky Token (LUT) is now on-chain. As a utility token, LUT can be used to perform a number of betting-related activities on the platform and will be integrated into the incentive system to reward active community participation and promotion. With over 10 years of experience in sports betting, Bitgame is leading the industry in terms of blockchain innovation and setting new standards for others in the space to follow.
By using blockchain technology to support online sports betting, Bitgame can maintain the credibility, transparency, and tamperproof properties of their data. On-chain sports betting gives users peace of mind that there is no cheating or rigging of results and that their funds are safe to withdraw.
Rewards With Lucky Token (LUT)
Native to the Bitgame platform, Lucky Tokens enable users to get even more out of their sports betting experience. With an initial total circulating supply of 1 billion LUT, the ecosystem features inbuilt burn mechanics that will result in a gradual decline in circulating supply to 500 million LUT, thus giving the token inherent deflationary characteristics.
LUT can be used on Bitgame to bet on the outcomes of professional sporting matches and play in a range of parlor games whilst also supporting the development of the entire ecosystem and, similar to the growing ‘play to earn’ trend, LUT tokens are given as rewards for users who participate in these activities. Slightly different from the current model, however, LUT rewards will not just be given to the winners but also distributed to users who incorrectly predict the outcome of a sports match. On Bitgame, win or lose, everyone shares in Lucky Token rewards.
Also unique to the Bitgame ecosystem is the ability for users to earn LUT through mining and other incentives. Of the 1 billion LUT in existence, 70% will be distributed as rewards for users who use and support the Bitgame platform. Predictive mining is the process of giving LUT rewards to users who bet on a sports match relative to the size of their bet. Over time, mining difficulty levels will increase, and rewards will subsequently be reduced. Users will also be incentivized to hold Lucky Tokens as they will receive a portion of ecosystem profits relative to the size of their holdings.
More, Bigger, Better at Bitgame
Having been involved in the online sports betting industry for over 10 years, the Bitgame team has a wealth of knowledge and operational experience in this field. These insights, paired with a passion for innovation, have led to some of the major defining features on the platform, such as accepting cryptocurrency. In line with this technology-lead service innovation, Bitgame utilizes cutting-edge matching algorithms and trustworthy real-time data inputs to ensure all users are treated equally and fairly. This is all part of the team’s commitment to providing a safe and secure platform that provides cutting-edge blockchain-powered sports betting entertainment to users around the world.
The world of sport never stops, and neither does Bitgame; now supporting 20 different currencies and allowing users to bet on: football, tennis, basketball, baseball, League of Legends, CS:GO, Dota 2, Kings of Glory, American football, World of Warcraft, Overwatch, Hearthstone, StarCraft II, StarCraft: BroodWar, Warcraft 3, and thousands of casino games.
For new users, there is also a free additional bonus of 50% when they charge for the first time, helping them better navigate the platform and starting their play to earn journey on the front foot.
With the launch of LUT, Bitgame has shown its willingness to innovate and lead the sports betting industry towards a more open, inclusive, and transparent future. Additionally, the platform’s early integration of cryptocurrency is indicative of the team’s dedication to providing users with the best online sports betting experience possible and acts as an insight into where the future of this industry is headed.