Since the dawn of human civilization, people have been betting on just about anything going on around them. Everyone assumes they know more than the person next to them, and they are willing to wager their money or property to prove it. Sports betting in particular dates back approximately 3000 years to the Olympic Games in Ancient Greece. Over the years, sports betting has evolved just as sports have. Bookmakers have come in many shapes and sizes including individuals, large casinos, and eventually online houses. Such a large industry has had its fair share of problems including ties with organized crime, bookmakers who don’t pay, and unfair odds that place bettors at a disadvantage. Could there be a fun and safe way for people to bet?
What does Marginless offer?
Marginless is a social betting network that will allow everyday users to create and place bets against their friends or other platform users directly.
Marginless will utilize an Ethereum based, ERC20 compliant token called MRS Tokens. Utilizing blockchain technology solves some of the major issues in traditional betting systems including the lack of transparency and lengthy procedures to get funded into and out of the platform. The Marginless white paper includes additional details about the platform.
Transparency
In traditional betting systems, bookmakers aren’t alway honest about odds, payouts, or even what bets were made. Using the blockchain and smart contracts will make transparency a strength of the platform. Smart contracts will ensure that the details of a bet cannot be changed. Bets, wager amounts, odds and other information can be saved in a smart contract. Transactions on the blockchain are full auditable, so results and payouts can be verified. Hybrid Oracles are used to feed results into the platform which will make sure that results are fair and accurate.
Legal Issues, Customer Verification and Payouts
Using a crypto token removes the use of fiat currency from the equation. Fiat currency falls under the jurisdiction of government entities, which can lead to long withdrawal periods and rigorous KYC verification. Using MRS Tokens makes the KYC process simple. Payouts for winning bets will be credited shortly after the conclusion of the event and tokens can be withdrawn from the platform whenever the user wants.
What does Marginless offer users?
Attractive Odds
In Traditional betting systems, fees can be as high as 8-10% based on local taxation law. Bettors that win a majority of their bets can still lose money over time due to all of the fees. In addition to the extra fees, users will also have to pay taxes on their winnings. Since Marginless utilizes the MRS token, fees are set at 1%. Using Marginless, bettors that win a majority of the time will actually come out ahead on MRS tokens.
Winning Players are Welcome
Players that win too much in a traditional betting system are often banned from making full bets. Winning bettors cost the house money and losing players make the house money. Marginless welcomes winning players and actually encourages them to continue their winning ways. Active and successful bettors will be awarded with tickets for the monthly jackpot raffle for a portion of the fees collected on the platform.
Users Can Become the Bookmaker
Users that hold over 250,000 MRS Tokens can open their own book on the Marginless platform. The user can set their own markets and create their own margins. Marginless gets a cut of the profits and the user gets to profit from other users placing bets on their book.
Marginless Token Sale
MRS Tokens are currently available through the token sale on the Marginless website. Tokens are available through May 31st during the token sale at a price of 1 MRS=0.0001 ETH .
The project soft cap was set at 4000 ETH and was previously met. This is an important achievement for the team and ensures that the projects will move forward after the conclusion on the token
Additional information about Marginless is available on their social media networks.
As proof of authorship, my BitcoinTalk profile is linked.