Guide To Decentralized Sports Betting #1 | Sportbet.one

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There are more ways to bet on Sports in a more decentralized way on the Blockchain these days. This means no KYC requirements while users can bet straight from their own crypto wallet without them needing to trust the bookie with their funds and no personal limits or bans for winning players. This is a series of posts with Guides for different platforms starting with Sportbet.one

Disclaimer: I personally like, use, and have invested some in this project and have never had any issues with them during the time I have been following the development (500+ days).

Sportbet.one Fundamental

The Sportbet.one bookie runs on the EOS blockchain which makes it have an excellent user experience with both pre-game and live bets getting accepted really quickly while transaction fees get provided by the platform so the end user doesn't have to worry about that. They offer both Sports Betting and a Casino on a website that looks and feels like any other bookmaker with the difference that users can place bets directly from their EOS wallet without any KYC requirements. They also offer more centralized accounts allowing players who don't want to deal with blockchain accounts to log in directly with one of their social media accounts (Twitter/Facebook/Google). Bets can be placed in different currencies (EOS / BTC / USDT) and their native SBET token which allows anyone to invest in the platform receiving Dividends based on the total betting volume when they stake their SBET tokens.


Easy 1-Click Sign-Up Guide

For users that don't want to deal with their own blockchain account holding their own private keys, they offer a sign-up procedure where anyone can just log in with their social media accounts or make an account using a regular email address. This means that they will hold custody of the funds that are being deposited by these accounts similar how regular bookies do it right now so there is a higher level of trust required. This is a good option for those who just want to check it out without being willing to create an EOS account. in order to get funds on your account, they allow direct Crypto Deposits from Binance / Coinbase or any other exchange and also offer different payment options directly from their website which do take a 1% Deposit Fee.



Betting From EOS Account

I am personally using the Desktop Scatter wallet which never caused any issues. They also support the Anchor, Wombat which are other Wallets for the EOS Blockchain.TokenPocket. It used to be quite a hassle a couple years back to make an acount which required some EOS to cover the cost of making an account but that seems to be solved right now seeing the result I got from searching how to create an account. The Coolwave Capital Youtube Channel (Link) has some nice and clean short video tutorials on the EOS basics...

Once you have an EOS account with some funds on it, it is as easy as just going to sportbet.one which will connect to your wallet and show your balances which can directly be used on the bookie or casino.

Whenever you take a bet you will need to sign the transaction with the required CPU to make the transaction being provided by sportbet to make it a seamless experience. You will be able to see you bet history with pending and completed bets in the bet history tab.

You can also go to bloks.io where you can see the on-chain data of the bets being processed.


Semi-Decentralized Aspects

It needs to be said that sportbet.one despite the fact that thy allow betting Without KYC directly from your own wallet is by no means fully decentralized. In the end, they are a business and need to protect themselves in a way similar to normal bookies. this translates into the fact that they can manually void bets if they believe there are reasons to do so. For example, if there was a clear mistake in the odds or if there are indications that players try to get an unfair advantage. For this, they work together with Tennis Integrity Unit (TIU), Early Warning System GmbH (EWS), FederBet AISBL). All these things can be read in the terms & conditions and normal players are unlikely to be influenced.

From what I understand, smaller bets are processed automatically while bigger bets need to be confirmed manually still right now. They have a system with Dynamic odds meaning bets have a certain limit and the odds will drop a bit once a bet is placed (increasing the odds on the opposite side) to afterward allow another bet at those reduced odds.


SBET Token

The SBET token was a way for the team to get the needed funding to develop the platform and holders who stake it get their share of the dividend pool (which exists of 3% from the overall betting volume) paid out weekly each Monday. I have been cost-averaging myself into it and have received the dividends now without exception for 76 weeks in a row since I started to get in with an average payout of 0.51% returns weekly based on the current price of the token which includes a 13-week period with little to no Sports due to the first Covid Lockdown. 1 SBET is currently trading for 0.001223 EOS (0.00773$) on 3.defis.network which is an Uniswap equivalent on EOS. There is e total supply of 1 Billion and 400 Million in circulation of which 70% is held by the Sportbet.one team (See Info). They don't have any intentions to dump it on the market as they rely on their own tokens to be able to get refenue from the platform they created.

97.5% of all tokens in circulation are staked while 1.6% being used to provide liquidity on 3.defis.network which means it's rather hard to buy them (or sell them) without pushing the price up or down. The current market cap of all coins in circulation is still only around 3 Million Dollars. I have been keeping track of my dividends and the expected returns in weekly report posts on https://hive.blog/@costanza. These are the exact numbers of SBET price in EOS and the expected Returns on a yearly basis. (+30% APY currently)


Development & Userbase

The platform is still being developed and there are regular updates by the devs posted on their blog (blog.sportbet.one), Twitter (@sportbetone), Telegram. This past year a lot of features have been added including live betting, more betting options, easy registration options, live streams, casino games, support chat, promotions, an affiliate program, ...

The most difficult part for any crypto project remains getting more actual users which more focus is being put on now. Right now they have an average of 100+ individual bettors using their bookie on a weekly basis so there is a lot of room for growth.

Conclusion

I really like this project both as an option to place bets in a more decentralized way (even though I'm mostly sticking to using my regular betting broker Sportmarket Pro for now) and as an investment owning part of the bookie.

There is no guarantee that they will succeed but using the bookie right now straight from your own EOS wallet I would say is very low risk. The SBET token remains a very speculative investment and has high risk as you need to trust the team and there is always some danger for the project to be shut down by some regulators at some point. Getting a larger user base is the biggest challenge right now.


Next
Guide To Decentralized Sports Betting #2 | Wagerr
Guide To Decentralized Sports Betting #3 | Wink.org


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