Contrarian Island #6: Brett Richey - Cryptocurrency, Blockchain, and Sports Betting

Today's episode is with Brett Richey, the CEO of BlitzPredict. BlitzPredict is a betting exchange that is revolutionizing prediction markets by utilizing blockchain technology. We have a fascinating conversation that covers: Brett's life as a poker pro • The current problems with the underground Bitcoin casino market • How BlitzPredict is using Augur and 0x to create a better betting experience • Decentralizing trust • The future of cryptocurrency and sports betting • Follow us on Twitter @ContrarianCast • Follow Brett at @BrettRichey • Follow BlitzPredict @BlitzPredict •

Show notes courtesy of BlockchainSEO:

In Episode 6 of the Contrarian Island Podcast, podcast host Matt talks with his first non-Bitcoin focused guest, Brett Richey – a former professional poker player and CEO of BlitzPredict (built on the Ethereum blockchain).

In the early half of the episode, Richey talks about his transition from professional poker (11 years), to heading Daily Fantasy Sports (DFS) applications in Vegas, to the moment he realized blockchain tech was still in its infancy and near overnight foray into crypto.

Having come from a background of a high risk tolerance, one manipulated and highly saturated with unsavory actors and opaque business practices, blockchain tech was a no brainer for Richey – recognizing today’s present day cat and mouse sports betting industry generated diminishing (and unbeatable) returns for average persons.

Richey proposed a solution, one focused on a healthy long-term sports betting ecosystem, where funds, lines, control exist solely “in the hands” of its users (thanks to blockchain’s distributed ledger technology). Richey cited their original goal – to become a global aggregator of gambling (similar to how Kayak is at the forefront of travel deals and bookings). Cue BlitzPredict, the “Future of Betting. ”

“There’s no difference between a bookie and a market maker, the difference really is just in the verbiage.”

Tackling today’s highly fragmented, centralized, and traditional online sports betting platforms, BlitzPredict is a low-fee, highly transparent decentralized betting exchange built on the Ethereum blockchain and powered by prediction market protocol Augur and P2P asset exchange 0x Protocol.

Specifically, Augur is set to assist in one of the biggest hurdles – liquidity – while 0x Protocol enables speed (something especially important for market makers) – settling transactions on the blockchain (all while keeping the order book off-chain).

Essentially, BlitzPredict is a regulated and curated portal to global liquidity portals for sports betting and gambling. Furthermore, they’re aimed at accessibility and the user-experience, looking to “mirror the ease of William Hill’s app.”

Richey goes into depth about several core problems plaguing today’s sports betting markets (and blockchain as a whole):

Highly centralized and manipulative actors and framework,The vulnerability of user funds,Banning of winning gamblers without justified reason,Delayed or non-existent cashouts,Exorbitant fees.

While BlitzPredict has only deployed its testnet so far, Richey anticipates the mainnet to go live sometime later this year (noting if all things go smoothly, it will be in conjunction with Augur’s V2). Due to the regulatory uncertainty and restrictions in the United States governing online gambling and sports betting, BlitzPredi