Scorum, a clone of Steemit for the Sports world will shortly be launching their Betting Exchange. It is an addition to the platform that has been eagerly awaited by its users especially those into betting. If you like Sports and Gambling then I suggest you take a serious look at Scorum and what the new Betting Exchange will bring.
The launch of Scorum Bet is scheduled for November with Witness nodes upgrading for a hard fork this Monday 19th November, if that goes well the site should launch a few days after that but there is no hard date available.
The full details of the platform are not known at this point but what we do know is the following :-
This is very welcome and will help to bring in bettors to use the platform, as with all crypto based projects there are two problems, getting users to buy your coin on Exchanges to use your platform and secondly protecting them from currency fluctuations whilst they are using your product. There are plenty of users now comfortable with buying crypto assets at Exchanges so no problems there and the 0% commission will really help to alleviate any currency risks. Lets look at an example :-
Lets compare Scorum to another betting platform Wagerr
Wagerr 6% Commision current coin price £0.13687
I purchase £100 of coins = 100/£0.13687 = 730.620 WGR I place a bet at 3.0 with 730.620 WGR which wins
730.620 * (3.0-1) = 1461.24 and 6% = 87.6744 and return = 1461.24 - 87.6744 + 730.620
Total return = 2,104.1856
New Balance = 2,104.1856 * £0.13687 = £287.99
If a 6% drop in coin value £0.13687 - £0.0082122 = £0.1286578
New Balance 2,104.1856 * £0.1286578 = £270.72
Now lets see how this would look if we bet on Scorum
Scorum 0% Commision current coin price £0.15813
I purchase £100 of coins = £100/£0.15813 = 632.391071 I place a bet at 3.0 with 632.391071 SCR which wins
632.391071 * (3.0-1) = 1,264.78214 and 0% = 0 and return = 1,264.78214 + 632.391071
Total return = 1,897.17322
New Balance = 1,897.17322 * £0.15813 = £300
If 6% drop in coin value £0.15813 - £0.0094878 = £0.1486422
New Balance 1,897.17322 * £0.1486422 = £282
So you would be £282 - £270.72 = £11.28 Better off than betting with Wagerr
In addition you have only lost £287.99 - £282 = £5.99 in real currency loss compared to betting with Wagerr! with Wagerr you have lost £287.99 - £270.72 = £17.27 due to the currency drop!
Know your opponents
I guess not all will like this but it will bring a huge amount of competitiveness to betting, on Betfair you don't know who you just lost that £10 bet to, however with Scorum Bet you will. Also it will open up a huge range of fact based tables like who is the best and worst at betting etc.
The platform will allow in play betting, something that Wagerr at this point cannot do, with a 3 second block time this will be comparable to Betfair since they have a 5 second delay on real time bets. It will be interesting to see how this works in practise.
You can find out more about Scorum here
More about Scorum Bet here where you can sign up for more information.