Betting on a Decentralized Exchange - game changer
Idea
Sportstalk Social
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 Many providers even limit the amount that can be withdrawn in a particular period.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
- What are upstream developers of this platform thinking about this concept ?
- Is it possible and worthwhile to make such thing for SportsTalkSocial token ?
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.
Thanks for the mention, @svarogbg, but at Steemit I'm @the-real-betman :)
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