ETHORSE – Betting On Crypto²

Everyone knows you as the Wizard of TA – your chart reading abilities are unrivaled and the consensus is that you draw the best memelines. You are constantly calling tops and bottoms, retracements and breakouts and crypto is quickly becoming boring for someone with your talents. Your thrill seeking nature propels you into taking high risk, high rewards gambits that would make less adventurous men faint, all in pursuit of the mythical 100x.

Or maybe you’re just a boring, average crypto joe with no particular uncanny ability for reading the market, who is only invested in relatively safe, low volatility (ha!) blue chip coins. For you, following the old mantra that “a rising tide lifts all boats” is going to make you some sweet profits while preserving your capital.

The frenetic nature of the market wears you down and occasionally you want to just relax, place a bet on your favorite altcoin and have some fun while you cheer it on. Ethorse appeals to both these vastly different profiles and personalities and everyone in between.

What is it?


Ethorse is a Betting Dapp offering a very unique value proposition. As its clever equine name suggests, it’s a nifty dapp that allows people to bet on price movements of crypto assets in a defined timeframe, much like a traditional horse race.

Think of the cryptocurrencies actively participating in a race as the digital equivalent of thoroughbreds, the wide crypto market as the hippodrome and the dapp as a bookie facilitating bets between punters (in this case, your friendly neighborhood crypto fiends) and you already know the gist of it. I know by now you’re already clamoring to get into the fray, but we’re not quite off to the races yet!


Unlike a traditional gambling Dapp operating like the plethora of well known dice games (etheroll, vdice etc.) Ethorse differs in a key technical aspect: you don’t bet against the house but against other players. This is called Parimutuel Betting and it’s the traditional betting system used to bet on horse races and numerous other sport activities.

There are significant benefits for the entity orchestrating the betting action (in this case, HORSE):

  • Chief amongst them is the fact that it can’t incur a loss because it’s not a counterparty in any of the bets placed.

  • It negates the need for a huge bankroll to kickstart and maintain operations since, again, it doesn’t take part in the betting process.

  • Steady, predictable revenue stream derived from the Rake(a simple commission) taken from each race.

One aspect of the parimutuel betting scheme that could confuse novices is the fact that it employs a variable odds system, where the odds for any given participant in the event are constantly shifting when the betting period is open, and are locked in only once the race starts. This means that what seemed to be very favorable odds for a specific coin at the time a bet was placed could suddenly become much less (or more) enticing by the time the betting period closes.

The odds are determined by the amount of punters placing bets on a specific coin and the amount wagered – obviously, if a coin is seen as the clear favorite to win and it garners a substantial portion of the total amount wagered on that race, its odds will be low. The reverse is also true, a coin seen as the underdog and regarded as unlikely to perform well will generally have less money placed on it therefore granting higher odds.

Ok, now that we have a grasp on the basic concepts underpinning the Ethorse Dapp, and what it is let’s take a look at how it works.

Pretty sleak UI, huh?

The Dapp is relatively simple and has as few moving parts as possible to reduce the attack surface, guarantee the safety of funds and reduce the amount of gas needed to submit a bet. The core features are a set of smart contracts running on the Ethereum blockchain which handle all the game logic, payouts distribution, and other functionalities. The auxiliary part is the website used to interact with the Dapp, display races, their status and some historical data.

Right now there are 3 assets pitted against each others in each race:

ETH (Ethereum)
BTC (Bitcoin)
LTC (Litecoin)

The addition of further assets is on the roadmap and there are no particular limitations to the amount of assets that could be included, with the only requirement that the coin in question should have a high enough trading volume to prevent price manipulation with the specific intent of altering the outcome of a race.

At the start of each race, the smart contract fetches the price for each assets at that specific time by placing a call to the Oraclize platform which in turn retrieves the data from the CoinMarketCap APIs. Once the race is concluded, another call is placed through Oraclize to again determine the price of each coin participating in the race.

The deltas for each coins are compared and the asset with the highest percentage price change (or the smallest negative variation in the case of all coins having experienced a decline in price) is declared the winner. At this point the lucky (or skilled) bettors who had wagered on the winning crypto can now interact with the smart contract to claim their winnings.

If any winnings go unclaimed for a predefined period of time they are appropriated by the house.


The house takes a 5% cut from each race to fund the dividend disbursed quarterly to HORSE Token Holders.

Wait, what? A dividend you say?

The company conducted a very successful ICO in order to raise capital to build the dapp and to ensure its continued support and adoption. During this token sale they raised 4000 ETH and they minted 125 Million tokens with 100 Million being distributed to the participants in the ICOs and the remaining 25 Million further split into two tranches. One consisting of 18 Million HORSE allocated to the team and subject to a 2 years vesting schedule and the other comprising 6 Million HORSE reserved for Bug Bounties.


The HORSE coin acts purely as a security token since all the bets placed on the platform are sent in ETH and it’s only purpose is basically to represent ownership in the company granting dividends from the profits generated by the Dapp proportional to the amount of tokens owned.

Here’s a nifty calculator crated by a member of the ethorse community to quickly get a sense of the potential dividends relative to the amount of HORSE owned:

The HORSE token is currently tradable on a few decentralized exchanges such as IDEX and EtherDelta with a listing on at least one major exchange coming fairly soon. At current prices the token is a very attractive proposition and has a lot of upside potential as the Dapp hasn’t been heavily marketed for now and it has flown under the radar, having attracted a cult following from a small cadre of dedicated traders and early adopters who recognized the immense potential of this little gem.

Once the masses of crypto gremlins are exposed to this absolute winner and adoption has increased substantially due to planned efforts from the dev team to raise awareness and heavily market, it’s reasonable to expect a meteoric rise in price.

My money’s on the fast one.


The Ethorse team have demonstrated they are able to deliver a polished and refined experience with minimal delays compared to the original timeframe given. This is a welcome deviation from what is to be expected from up and coming crypto projects with a low market cap, where setting unrealistic expectation and overpromising and underdelivering is the name of the game. The team’s ability to deliver on schedule and iterate on their vision is a very promising signal, helpful to glimpse the future potential of the project.

They have succesfully conducted a third party security audit and a widely acclaimed and participated Bug Bounty prior to the release on Mainnet which allowed them to validate the core functionalities of the smart contracts deployed and to drastically improve them, fixing potential security issues and significantly optimizing the gas usage, producing a more secure, reliable and appealing experience for players.

Compared to other gambling focused Dapps, the Ethorse experience is a breath of fresh air with a unique take on the concept of pitting cryptos against each others. The token economic model, structure and issuance combined with the steady stream of dividends make it a very enticing opportunity for the discerning investor looking for undervalued micro-cap projects with a working product and a very reasonable valuation in this tumultuous market.


The Author holds a small position in HORSE. Neither the Author nor Globalhalo have received any kind of monetary compensation from ETHORSE for this article.


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