Betting on a Decentralized Exchange - game changer

[svarogbg]

Idea

I heard about idea about decentralized exchange on sport blogging platform scorum from user betman. His idea in short was making bet exchange where users enter events while system is checking them against web site like betexplorer. That made me practice some perl in attempt to scrap betexplorer's next matches web page to get recent results and fixtures. Extracting useful info from it was easier than I thought, because of nice formatting style and same tags in use for games in various sports. Soccer, Basketball, Tennis, Ice Hockey, Voleyball, Handball, Baseball all are there. Betman and I tried to introduce idea to developers of scorum, but didn't get response. Development of that platform is in sad stale mate state and all project which already has betscorum part (soccer only) is on edge to be abandoned. It survived only because of some dedicated users which are writing posts there. Developers are hoping to gain some money from advertising to be able to continue developing project.

Sportstalk Social

Idea to write blogs and to be able to bet on some sport events with earned tokens is however very good and can lead to more use cases of token. I wonder is it possible to build something like decentralized bet exchange which will work with Sportstalksocial token ? This could be game changer in sport betting industry. There was an attempt for building this type of exchange on Ethereum blockchain which is currently (since 2018 ?) in demo stage ?! You can read about idea on link belllow:

Benefits

This is what that web site wrote about benefits of decentralized betting exchange:

No Limitations

Players of betting exchanges don’t have to fear restrictions on betting values and outcome profits. This is very important for high-rollers, as it’s very common that traditional bookies restrict or ban players who make constant wins in the bet. Many providers even limit the amount that can be withdrawn in a particular period. Something that players on decentralized exchanges don’t have to cope with, as their stake is always automatically being exchanged with other gamblers.

Improved Odds

In most cases available odds are much better on exchanges. Traditional bookies always need to define their odds and these need to have room to cover winning payouts, odds determination, risk management and funds protections. A decentralized exchange platform doesn’t need to deal with these cost-intense actions. Furthermore, if players don’t like the odds on offer, they can always ask for better odds.

Transparency

Decentralized betting exchanges offer a maximum of transparency for its players. Compared to conventional betting providers, who live from high spreads, exchanges don’t need to hide the odds-making process or any other costs. Additionally, they can offer full transparency on their order book and the respective market sentiments, giving all players great insights of the betting market.

Prediction Markets

With the introduction of betting exchanges, it is now possible to bet against things happening. This is the requirement for prediction markets, in where you can create bets on any future events. A market that gains traction!

Opportunities for Traders

On a decentralized betting exchange, users have the opportunity to trade the movements in the odds, enabling them to make a profit, regardless of the outcome. Traders observe the direction of the movement of the odds and make money by correctly predicting this movement.

Security

The functionality of a decentralized betting exchange offers most secure transactions in the history of betting. Everything from the actual betting process, the exchange of funds to cashing in on the wins is always guaranteed. Safe peer-to-peer blockchain transactions will always correctly and immediately distribute the winnings to the players.

Betting Experience

Last but not least, gamblers enjoy the value of betting against his fellow player and not a bookie. It conveys the feeling of being part of a huge community, instead of playing against the antagonistic house.

Conclusion

Possibility to bet with tokens earned by blogging with SportsTalk social Steem token without any central authority on every sport presented on betexplorer is really tempting. It could lead to more use cases for token and maybe bring more audience, writers and players here. It could be game changer in betting industry. Questions are:

1. What are upstream developers of this platform thinking about this concept ?
2. Is it possible and worthwhile to make such thing for SportsTalkSocial token ?

Comments

[philnewton]

A decentralised betting exchange is a wonderful idea and would be very successful if it had the right developers behind it.

Sadly, I thought Scorum was that place but the developers are terrible and pretty much abandoned their platform.

I am looking forward to seeing another set of people have a go at developing one but ICOs are perhaps a little more difficult to convince people to invest after seeing recent results.

An exchange linked to STS would be preferable, but I don't know enough about the ins and outs to understand the workings of that.

[the-real-betman]

Thanks for the mention, @svarogbg, but at Steemit I'm @the-real-betman :)

Posted using Partiko Android

[helpiecake]

Hello!

This post has been manually curated, resteemed
and gifted with some virtually delicious cake
from the @helpiecake curation team!

Much love to you from all of us at @helpie!
Keep up the great work!

Manually curated by @niallon11.

_{@helpie is a Community Witness.}