Web3 Sports Betting

Web3 betting is an innovative way of online betting that operates on decentralized applications (dApps) following a set of computerized rules of engagement known as smart contracts.

Blockchain is the backbone technology on which dApps and smart contracts are built on. Because Web3 emphasizes on decentralization, it utilizes a cryptocurrency payment system to enable transparent peer-to-peer transactions.

In essence, the concept of Web3 in sports betting is to nullify a centralized entity or intermediaries for payment settlements.

Explore the frontier of decentralized web3 betting platform:

Dexsport is one of the leading decentralized bookmakers that does not require KYC to open an account.

It offers a user-friendly dashboard and a simple bet placement approach, allowing users to play with a shared liquidity pool. To place a bet, you only need to fund your web3 crypto wallet and then connect it to the site. 

Once winnings are declared, payments are rolled out almost instantaneously into the user’s wallet. Dexsport was initially built on Binance Smart Chain but supported other chains, including Ethereum, Polygon, Avalanche, and more.

Dexsport also supports about 30 crypto assets, including stablecoins like USTD, USDC, and DAI. Additionally, the platform allows you to place bets on a wide range of live and scheduled sports. In addition to sports betting, Dexsport features betting on games such as Crash X, Dex Dice, and Mines.

UBETSports is a decentralized peer-to-peer sports betting site powered by the Polygon blockchain. It introduces a unique platform innovation – an Automated Market Maker (AMM) that aggregates with Uniswap’s AMM for efficient liquidity provision. 

UBETSports’ user interface is straightforward, something you’d want in a web3 sportsbook. Similar to Dexsports, you can start betting by simply connecting a wallet. UBETSports also features a passive income option for low-risk bettors.

You don’t need to bet; you can simply earn money while you sleep by staking in the liquidity pool.

On its website, BetDEX described itself as “The global decentralized sports betting exchange” built on the Solana blockchain. It aims to create a new equitable betting environment for sportsbook enthusiasts and active participants.

BetDEX offers a decentralized peer-to-peer marketplace where traders from over 100 countries can connect and trade with their cryptocurrencies on various sports outcomes. Because it provides a non-custodial trading experience, bettors hold their funds in their personal wallets.

The smart contract’s line of codes will self-execute to match orders against other equivalent users and settle these trades once the equitable conditions have been met. Thus, it ensures fairness between traders.

As a first-time user on BetDEX, you’ll need to input an email address and indicate your country of residence. For subsequent access to your account, you’ll log in using a unique link sent to your email. 

The traditional Web2 betting pales in comparison to Web3 sports booking in many ways. Here, we highlight some reasons.

Transparency is synonymous with trust in the betting industry. Web3 sports betting sites utilize cryptocurrency payments to ensure an transparent and anonymous betting experience.

The blockchain records all transactions on a public ledger for all to see, making it almost impossible for anyone to manipulate the system.

Traditional betting sites often require specific paperwork to open and verify an account and when cashing out. This process is usually time-consuming and comes with some level of inconvenience.

In contrast, most Web3 sites do not impose KYC, and payments are withdrawn directly from users’ blockchain-based crypto wallets. 

Unlike traditional Web2 bookmakers, Web3 offers innovative betting options for low-risk bettors. They can earn interest by simply pledging or staking their money into the liquidity pool without doing anything else.

Web3 blockchain provides a model that ensures all system records are immutable and permanently secured. Thus, it’s much harder for computer hackers to compromise data and funds kept in the system.

Also, unlike traditional bookmakers, a truly decentralized betting site does not collect nor store user information, thereby providing anonymous betting experience.

Generally, Web2 betting sites require the services of third parties and intermediaries for transaction settlements. This results in high transaction fees. 

On the other hand, Web3 offers smart contract technology. Simply put, a smart contract is a computerized program that automatically self-executes itself once certain condition(s) are met.

The encoded set of rules or ‘contracts’ are written on the blockchain to execute transactions flawlessly in a peer-to-peer manner. This way, no third party or an intermediary is required for settlements.

Bettors are generally keen on getting fair fractional or decimal betting odds, fast payouts, and safer transactions. These are the major characteristics that set web3 technology apart. Let’s explain this even better:

✔️ Control: Unlike traditional bookmakers, which can manipulate odds or even set limits on your betting size, Web3 sports prediction markets allow you to determine your betting size by automating odds. Manipulation is not possible on the blockchain.

✔️ Instant Payout: The smart contract integration on Web3 helped decentralize the betting space by instantly rewarding winners. This is possible because there’s no complicated payout process, and it does not require an intermediary as typical of traditional bookmakers.

✔️ Overall improved betting experience: Web3 sports betting offers a much better atmosphere for bettors. Because decentralization is built on the concept of transparency, it allows everyone to see all transactions in the public ledger, thereby building trust in the system.

Even better, decentralization will help reduce the cost of entry for ordinary punters as competition increases.