Hi! Thanks for checking out SportX. When we tell people that we built:
The best crypto sports betting site
or
A Dai sports betting dapp on Ethereum
or even
A decentralized sports betting exchange
We usually get this reaction:
We get it. Hearing about SportX for the first time can be confusing. To make things easier, we put together this ultimate guide to everything SportX.
Think of this post as your guide to everything you need to know about SportX.
Nevertheless, if you still have questions about crypto sports betting after reading this guide, let us know! We love chatting about everything related to crypto and sports betting so shoot us a message via Discord or email!
Ready? Let’s go.
What is SportX?
SportX is a sports betting exchange where users bet on over 17 sports markets, including the NFL, NBA, NHL, and more.
At SportX, we want the world to understand how sports betting is systematically rigged against bettors.
To increase profit, sportsbooks punish their users with terrible odds and high fees. In addition, if you’re a profitable sports bettor that consistently beats the book…you end up with a lifetime ban from the site.
We believe that sports betting should be a fair and competitive open market, and users should always come first.
That’s why we built SportX, a sports betting exchange that’s built on the Ethereum blockchain and powered by Dai cryptocurrency. SportX lets users bet peer-to-peer on a decentralized sports betting platform.
If that last sentence was confusing, don’t worry. Everything’s going to be okay.
If you keep reading, you’ll learn how sports betting is systematically rigged against users, why sports betting is a perfect fit with blockchain technology, and how SportX, Dai, and Ethereum all work.
We promise to make things simple and fun.
For now, just think of SportX as the best crypto sports betting site.
Why would I use SportX?
SportX always places users first by giving them ownership in the platform and the ability to set your own odds. As a SportX user, here are the six major benefits you’ll receive:
Earn Protocol Tokens – To make sure that our users come first, we give them ownership over the SportX protocol. Bettors earn protocol tokens for every bet placed on SportX and the number of tokens you earn is proportional to how much you bet. These tokens represent ownership in the SportX protocol.
Bet with Dai Stablecoin – On other sports betting dapps, betting with a volatile cryptocurrency makes it hard to estimate profits. On SportX, all bets are placed in Dai, a stablecoin pegged to the US Dollar. 1 Dai = 1 USD, always.
Set Your Own Odds – SportX is a peer-to-peer sports betting app, where users set their own odds and bet against other users. SportX bettors have total freedom to set their own odds using Bookmaker mode.
Get the Best Odds – SportX is a betting exchange, so odds are automatically sorted from best to worst. SportX bettors always get the best odds available with Bettor mode.
Control Your Funds – Your funds are stored in your personal crypto wallet until the moment you place a bet. SportX bettors will never have to deposit funds with us.
Complete Transparency – Every bet is settled on the Ethereum public blockchain, creating a verified trail for every transaction. SportX bettors have access to all betting data.
Why did you build SportX?
We have a close friend who makes a living as a professional bettor. Because he prefers to remain anonymous, let’s pretend his name is David.
David spends most of his time building betting strategies for different sports, similar to how a cryptocurrency trader researches different trading strategies.
For a cryptocurrency trader to consistently profit, they have to predict which coins will be more valuable in the future and purchase coins that are currently undervalued.
Likewise, for David to consistently profit at sports betting, he has to accurately predict how likely a team is to win and bet on odds that are currently undervalued.
In June 2017, David found an incredibly undervalued opportunity on a centralized sportsbook called Bet365. He recognized the huge upside and bet as much as he could on his prediction.
Three days later, his prediction came true. David’s bet had earned him $30,000 in profit.
Afterwards, Bet365 banned him from their platform for life.
For a professional bettor, a lifetime ban is crippling. And successful sports bettors are banned all the time.
Sports bettors deserve a platform that puts them first, that gives them the tools to become a smarter bettor, and that celebrates when they win.
We built SportX to put users first.
We built SportX to make sports betting a free and transparent market.
And finally, we built SportX so that winning bettors like David aren’t punished for their success.
What problem does SportX solve?
Sports betting is systematically rigged against bettors. And many bettors don’t even realize it.
Sportsbooks take the opposite side of every bet with their users, which means they only make money when you lose bets.
This creates an unfair power dynamic between sportsbooks and their users.
Or, as we like to call it, the mushroom problem:
The Mushroom Problem: keep em in the dark and feed em shit.
Imagine you’re the CEO of a popular sportsbook like Bet365.
You have years of betting data from millions of users and know more about your users betting habits than they do. At the same time, you have total control over the odds and fees that you set on your platform and can set them as high or low as you like.
Remember, as CEO your goal is to maximize profit. And profit goes up when your users lose. This is where the mushroom problem comes in.
For Bet365 (or any other sportsbook) to increase profit, the CEO must:
Keep their users in the dark– Do not, under any circumstances, let your users realize the odds you offer them are much worse than the odds you save for yourself. They might leave your site and go to betting exchanges where they can set their own odds.
- Example: The typical spread odds offered on Bet365’s NBA games is 1.90 on either team, which means you can bet $100 to return $190. However, when you place that bet, the house (Bet365), gets odds of 2.11 (the inverse of 1.90), which means they would return $211 compared to your $190. That doesn’t seem fair or transparent.
Feed their users shit – Always set odds that favor the house. If you’re the sportsbook, it’s your way or the highway. Users have to take your odds or choose to not bet at all, so set odds as low as possible to maximize your profit.
The mushroom problem shows why it isn’t a surprise that sportsbooks keep all of your data for themselves and set shitty odds. Shareholders win while users lose.
But maybe Bet365 recognizes this problem and has actively tried to solve it by being fair? They could decide to sacrifice some profit to keep their users happy, no?
Nope. The CEO of Bet365 made $340M in 2017. That’s a lot of losing bets and unhappy users.
It’s time for a sports betting platform to put their users first. And the best way to do that is to give your users ownership in the platform.
That’s what we’re doing with SportX.
Check out our beautiful website :) https://sportx.bet/?utm_source=Steemit&utm_campaign=Ultimate%20Guide