It works similar to betting exchanges. In a betting exchange, you can place a bet and choose both the amount and the odds you want. Then it’s up to other players to match your bet – that is, IF they agree with the odds you offered. The betting exchange takes a commission from the winnings.

Kryptium Team does not currently take any commission from other people’s Kryptium betting houses. However in version 2.0 we are planning to introduce a license fee which will be related to the profits of the betting house (the exact business model is still “under construction”). Kryptium Team will not be charging any license fee to betting houses with 0% commission.

If all this continues to sound strange, we suggest that you just download the app on your computer and give it a try. If you don’t want to spend any ETH, you can switch τo the Ropsten test network and use “test” Ether to check out how it works.

Indeed there are many new players who start with small amounts in order to “test the waters”. However, you don’t have to bet only on existing “open” bets. Kryptium is not a sportsbook and there is nothing stopping you from opening a new head-to-head bet for the amount and odds that you want.

As far as the blockchain fee is concerned (i.e. Ethereum’s required “gas” for the betting transactions), we’re actually talking about a few cents. The fee is not paid after we get the result of the bet, but at the time that you place the bet and it’s effectively money that goes to miners. We believe that it is a fair and rather low cost for using the blockchain and its advantages (anonymity, transparency, immediate access to funds etc.). Imagine that if you play with a 0% commission betting house, “gas” will be the only “fee” you would need to pay.

Note that, if somebody considers starting his/her own betting house using Kryptium and is concerned about gas costs, s/he could very well choose a network with near zero fees for gas (e.g. Ellaism)

Following our listing on State Of The Dapps (https://www.stateofthedapps.com/dapps/kryptium),
and SuperDapps (https://superdapps.com/dapp/kryptium/), we are glad to announce
that Kryptium has also been accepted on the dapps directory of DappRadar!
You can find our entry, including screenshots, video and initial statistics, here: https://dappradar.com/app/1450/kryptium

Following our listing on State Of The Dapps (https://www.stateofthedapps.com/dapps/kryptium),
we are glad to announce that Kryptium has also been accepted on the dapps directory of SuperDapps!
You can find our entry, including screenshots and initial statistics, here: https://superdapps.com/dapp/kryptium/

By the way, if you would like to test the app without using “real” ETH, you can switch from the Ethereum Mainnet to the Ropsten Testnet, get some test Ether and bet using the "Kryptium Test" betting house.
Assuming you have already installed the app, these are the steps for switching to the test network:

• Launch the app and open the “My Money” section by clicking the “coins” icon on the top right.
• Find your betting wallet address and select “copy”.
• Open a new browser window and in the address bar type https://faucet.ropsten.be. Paste your address in the input box and select “Send me test Ether”. The service will send 1 Ether to your address at no cost. You can freely use this amount for your tests.
• After the transfer is completed, return to the betting app and open the “Settings” section by clicking the “cog” icon on the top right.
• Select “Choose another network” and then click the dropdown button. From the list that will appear, select the “Ropsten” test network and click the “Change network” button.
• After the app finishes syncing, open again the “My Money” section and transfer 0.5 Ether to your betting account using the “Transfer Money” form (click to expand). Select “From: Wallet”, “To: Betting Account”, type 0.5 in the ETH input box and click “Proceed”.  Click the default buttons in the confirmation pop-ups that will appear.
• Wait for a few seconds until the transfer is complete. You can check its progress in the “My Transfers” section.

You are ready to bet on the test network!

Apart from the previously mentioned details about Kryptium, it is also important to note that Kryptium <3 privacy! Players do not have to open an account or provide Know-Your-Customer details. The only information that identifies you is the automatically produced address of your betting wallet (and even that, you can change).