[Optional]

https://www.betdex.com

Decentralized betting exchange (hold your own funds at all times) created by one of the founders of FanDuel as well as the original FD programmer.

https://www.businesswire.com/news/ho...y-a-UK-Startup

This one sounds like it might be good.



Beta tester signup: https://www.betdex.com/beta-old

[craftbrewer]

Another Betfair competitor? Hopefully they will accept players from many countries unlike other betfair competitors like matchbook and smarkets who have so many restricted territories so they are basically useless.

[bookie]

Thanks for posting this Optional. And glad to see you're still around posting about offshore matters.

Maybe this is the one the for which we've all been waiting, though as establishment guys they probably wants to stay onshore and if he stays onshore the cost of regulation is going to make -103 prohibitive and all the old problems of liquidity will re-appear.

Also I don't see how they can say they've eliminated counter-party risk when it's not a code-is-law situation as it appears they are the ones that will put in the scores that determine the payouts--unless there's been an advance in oracle technology that I don't know about.

Still...they have an experienced team who've got to be well aware of the problems and it's encouraging to see that something like this may be on the horizon.

[DontTailMe]

On my way to doctor's appt and don't have time to read. Does this one use a proprietary coin or something that's already widely used?

[Optional]

On my way to doctor's appt and don't have time to read. Does this one use a proprietary coin or something that's already widely used?

Not proprietary.
USDT and SOL to start with

[randomuser]

I reccomand you to take a look at this too: https://www.forbes.com/sites/zackjon...h=2f810e5e7481

This is the official site of the project: www.betswap.gg

[PD77]

I tried to sign up for a beta tester but it wouldn’t let me. Opps, something went wrong… I guess they’re full.

[jjgold]

Another gimmick

There is no betfair competition


Never was and never will be

[DontTailMe]

Not proprietary.
USDT and SOL to start with

That's definitely better. But of all the stablecoins, they choose shady Tether. Ugh.

[Optional]

That's definitely better. But of all the stablecoins, they choose shady Tether. Ugh.

Was wondering the same thing. There probably is a good reason, given it's not their own coin.

[bookie]

I've never understood the tokenomics of stable coins. Is there really a pile of fiat sitting somewhere to back those coins? And how do the people who issue them make money? I always imagined there was a little fee taken out on every send like bitcoin for mining only to incentivize holding the reserve. But I don't know that, just guessing.

And could someone catch me up on the shadiness of Tether?

[DontTailMe]

Is there really a pile of fiat sitting somewhere to back those coins?

There is supposed to be, but crypto is an unregulated market, so buyer beware. Some companies subject themselves to independent 3rd party audits to verify their claims.

And could someone catch me up on the shadiness of Tether?

Your first question is the basic foundation of all their shadiness, but it's a pretty deep rabbit hole. Watch this video for funsies:
https://www.youtube.com/watch?v=-whuXHSL1Pg

I always imagined there was a little fee taken out on every send like bitcoin for mining only to incentivize holding the reserve. But I don't know that, just guessing.

I'm not well versed in the answer to this question. In the case of Tether, the answer may be that they invented the coin to make massive profits off of their scam. For a genuine stablecoin, I believe the answer is that the coin is intended to facilitate crypto transactions on the exchanges - it's the "grease" - and exchanges will have trading pairs between that stablecoin and all other coins so you always have a way of trading altcoinABC to altcoinXYZ without having a billion trading pairs on the exchange - you can always go through the stablecoin. So they have a great incentive to invent these stable coins - because it helps make their exchange function, and because they can command a small profit on every stablecoin trade due to the spread. For example, USDC was created by a consortium which was started by Circle and includes Coinbase.

[bookie]

That's a super helpful video DontTailMe. I'm pro-crypto, but that sure seems like a big crack in the whole eco-system. Actually has me thinking about bailing on some of my holdings.

[5ympathy]

I tried to sign up for a beta tester but it wouldn’t let me. Opps, something went wrong… I guess they’re full.

I had the same issue, but it's working fine now

[LLXC]

I reccomand you to take a look at this too: https://www.forbes.com/sites/zackjon...h=2f810e5e7481

This is the official site of the project: www.betswap.gg

I wonder what the liquidity is like on betswap?

[roanildinho]

interesting, will they limit winners??

[Optional]

interesting, will they limit winners??

They use Pinny's line in their marketing, "Winners Welcome".

[agon]

They use Pinny's line in their marketing, "Winners Welcome".

Do you have any idea Optional when they will start operating? The site is not accessible right now.

[mdkpicks]

Wow. This one really seems to be interesting using blockchain technology. Betting exchanges seem to me to be the logical way for bypass the bloated transaction fees and costs of the sports book oligopoly. Ultimately, my thought would be that it could do for sports betting what online brokerages have done for stock investors and especially day traders and take the roughly 52.5% breakeven point and make it much closer to 50% making well analyzed sports betting a viable way to make at least make some reasonable money (or not lose nearly so much) for many more people. In the long run, I'll still take the stock market (I'm a relatively small better who really just a finds a game more interesting with even a very small bet on it).

Optional, thank you for this post. I would imagine someone who wanted to make say even a $1000 bet on a relatively lightly wagered event effectively betting with dozens of unknown others unknown to any of the parties with blockchain technology. Have you beta tested this or any other similar platform? I would be interested in more of your thoughts and experiences.


Mark

[Optional]

Do you have any idea Optional when they will start operating? The site is not accessible right now.

They say early 2022.

[Optional]

Wow. This one really seems to be interesting using blockchain technology. Betting exchanges seem to me to be the logical way for bypass the bloated transaction fees and costs of the sports book oligopoly. Ultimately, my thought would be that it could do for sports betting what online brokerages have done for stock investors and especially day traders and take the roughly 52.5% breakeven point and make it much closer to 50% making well analyzed sports betting a viable way to make at least make some reasonable money (or not lose nearly so much) for many more people. In the long run, I'll still take the stock market (I'm a relatively small better who really just a finds a game more interesting with even a very small bet on it).

Optional, thank you for this post. I would imagine someone who wanted to make say even a $1000 bet on a relatively lightly wagered event effectively betting with dozens of unknown others unknown to any of the parties with blockchain technology. Have you beta tested this or any other similar platform? I would be interested in more of your thoughts and experiences.


Mark

Beta test has not started yet. Just the signup (if it is still working)

I have been hoping to see a true P2P betting exchange appear for years. This is still centralized and has an owner, but for the first time I know of we have a solution that does not require investors to be paid back out of the players pocket.

This group is investing to get licensed and make their profit as capital gain on the business value. So I think this might actually work. Liquidity is the last brick needed to make it happen imho.

[jjgold]

Liquidity is the hardest issue

Rarely works

[mdkpicks]

Beta test has not started yet. Just the signup (if it is still working)

I have been hoping to see a true P2P betting exchange appear for years. This is still centralized and has an owner, but for the first time I know of we have a solution that does not require investors to be paid back out of the players pocket.

This group is investing to get licensed and make their profit as capital gain on the business value. So I think this might actually work. Liquidity is the last brick needed to make it happen imho.

Thanks to all for their responses. Some thoughts of my own. While I think blockchain is a great technology and for identification and validation (it will probably continue to add integrity to the sports memorabilia market), I am very leery on crypto or anything else that every country in the world seems to have an incentive to see fail.

At first I said "Huh" to JJGold's comment about liquidity, but I admittedly don't know much about this industry. Then thinking more about the problems of Robinhood I believe he's spot on.

Let's hope someone gets this right. Breakeven on minus 110 sports betting is 52.4%. Although sometimes non-commission costs are difficult to see in stock trading, I believe the cost of trading for most people is well under 1% now. I would hope that if successfully done this could bring break-even down to under 51% at least on highly bet games. I'm not sure if betting exchanges will ever become feasible for low volume stuff like small conference college sports, especially if they can't match betters across state lines (I have no idea if that is a restriction). But it's overall potential for sports betting is massive.

[BetBothSides]

This already exists (for outside US). Sportx.bet Self custody decentralized sportsbook. And its amazing

No account registration, no KYC, no voiding bets, earn (mine) tokens as you bet, stake, etc. benefits are endless

[DontTailMe]

This already exists (for outside US). Sportx.bet Self custody decentralized sportsbook. And its amazing

No account registration, no KYC, no voiding bets, earn (mine) tokens as you bet, stake, etc. benefits are endless

That exists here as well, and there's a recent thread on it. But a lot of people don't want another proprietary coin.

[Optional]

This already exists (for outside US). Sportx.bet Self custody decentralized sportsbook. And its amazing

No account registration, no KYC, no voiding bets, earn (mine) tokens as you bet, stake, etc. benefits are endless

That site is nothing like Betdex.

It uses it's own propriety currency token.

It's already a failure. Do not get caught out by the hype.

[BetBothSides]

Please explain how its a failure from the customers point of view? They have soft lines and dont ban/limit you. I've done stuff there for months I would have been out at 99% of other places in a day.

Also I bet there in USDC, Dai, and ETH. You dont have to have to deal with their tokens at all but why not take them if theyre giving them to you?

[Optional]

Please explain how its a failure from the customers point of view? They have soft lines and dont ban/limit you. I've done stuff there for months I would have been out at 99% of other places in a day.

Also I bet there in USDC, Dai, and ETH. You dont have to have to deal with their tokens at all but why not take them if theyre giving them to you?

If you don't have to use their token, then I take it back. Not a failure out of the gate.

[rara51]

Maybe im new to this but why can btc just be used in conjunction with their blockchain as well? Also ...im assuming lines will all be at even money since its a P2P based platform or at least close to it right?

[rara51]

If you don't have to use their token, then I take it back. Not a failure out of the gate.

Maybe im new to this but why can btc just be used in conjunction with their blockchain as well? Also ...im assuming lines will all be at even money since its a P2P based platform or at least close to it right?

[jjgold]

most of these places low volume most events

[rara51]

most of these places low volume most events

whats low volume? i mean it seems like a no brainer even for the recreational player ....its like buy 10 get the 11th free ...and thats for both sides...

[Optional]

Maybe im new to this but why can btc just be used in conjunction with their blockchain as well? Also ...im assuming lines will all be at even money since its a P2P based platform or at least close to it right?

Transfer fees and speed of the BTC network makes it a poor choice for a non-custodial wallet setup like this.

Betdex would have to take and hold deposits to make BTC workable.


But there are plenty of workable already popular coins they can use without making their own, like most other crypto exchanges are trying to do.

[rara51]

Transfer fees and speed of the BTC network makes it a poor choice for a non-custodial wallet setup like this.

Betdex would have to take and hold deposits to make BTC workable.
But there are plenty of workable already popular coins they can use without making their own, like most other crypto exchanges are trying to do.

seems like a no brainer...books aint gonna be happy with this thats for sure rt?

[raiders72001]

One thing to remember is that no sportsbook or exchange can be totally decentralized. These so called decentralized books are just less centralized. BetDex can run with money where bets haven't been settled. You can't sue Bitcoin but you can sue BetDex. FTX invested in this business and BetDex has a team that can be sued.

edit- just noticed that Optional stated some of what I posted above.