At SportX, our main goal is to build applications that will help the crypto industry achieve mainstream adoption. All new technologies follow the technology adoption cycle and blockchain is no different. It’s still early, so the majority of crypto users are risk-seeking early adopters.
Crypto adoption requires irresistible use-cases. And for risk-seeking early adopters, sports betting is a compelling use-case. It also happens to be a high-value, parasitic industry waiting to be disrupted.
Sports Betting: A high-friction industry with risk seeking users
Sports betting is a perfect application of blockchain technology. As a high-value, high friction industry, its ripe for disruption. We won’t overwhelm you with details, but current sports betting sites charge users ridiculously high fees, offer terrible odds, and ban winning bettors. Read this if you want to learn why sports betting sucks for winning bettors.
We started SportX because we wanted to:
- Educate the world about public blockchains and crypto technology
- Build applications to help crypto achieve mainstream adoption
- Transform sports betting into a fair and transparent market
Naturally, if we are successful at achieving our three goals, then our users, investors, and team will all benefit. Since we give ownership to our users every time they place a bet, our goal is to align incentives across these three groups.
Our Vision: Sports betting as a free, efficient, and transparent market
Sports betting today suffers from something we call the Bet365 problem. In order for sportsbooks, like Bet365, to increase profits, they need their users to lose as many bets as possible. This is because sportsbooks act as “the house” and take the opposite side of every bet with their users.
To increase profit, Bet365 does three things:
1) High Fees: Offer odds with implied fees of 5-10%
2) Lifetime Bans: If bettors consistently win, ban them from your platform
3) No Transparency: Hide all betting data to keep users in the dark
Profit remains high for Bet365 as long as they enforce high fees, terrible odds, and outright bans for bettors who consistently win. How well is Bet365 doing their job?
Well…. Their CEO made 340M in 2017. That’s a lot of losing bettors.
We believe sports betting should be a free, efficient, and transparent market. Sports bettors should have total transparency around the odds they receive and how they are set. They should be able to set their own odds and accept odds from other users. Above all, sports bettors should be able to generate profit without fear of being banned.
We built SportX to make this vision a reality.
SportX is a betting exchange, which means all bets occur peer-to-peer in a two-sided market. Bettors can view an order book of all odds available and automatically receive the best odds when they place a bet. Since there is no conflict of interest between a betting exchange and its users, winning bettors will never be banned from using SportX.
Our Mission: To empower sports bettors with greater control, total transparency, and higher profits
Some sports bettors gamble for fun. They enjoy betting small amounts of money on improbable outcomes that would generate enormous returns if they occur. Think of betting on a 4 team parlay or a team to win the 2020 Super Bowl before the first preseason game.
Some sports bettors gamble to make money. They carefully choose bets that they believe will win and find odds that they consider high value. These bettors create models and check multiple sports betting sites for the best odds.
Most sports bettors fall into both of these categories. We believe that sports bettors should be able to profit off of their skill, without facing high fees or the risk of being banned.
On SportX, bettors have total control to set their own odds and offer them to other bettors. By viewing the order book, bettors can watch odds change in real-time and make smarter bets as a result. Better odds, low fees, and total transparency mean that sports bettors end up with higher profits. Period.
We believe in a free, efficient market. Users should be free to bet with each other, with no middleman and no limits.
We believe in user choice. Users should be free to set their own lines if they choose.
We believe in efficiency. Bettors should pay as little as possible in fees and receive payouts immediately after they win.
We believe in the best user experience. Betting platforms should be fast and easy-to-use.
We believe in sharing ownership. A betting exchange where users earn ownership is the only way to ensure that all interests are aligned.
We believe your money is your own. Users should maintain full control over their capital.
We believe winners should be rewarded. Winning bettors must be paid promptly and never punished for their success with bet limits or restrictions.
We believe in peace of mind. Users should be able to bet freely without worrying about currency fluctuations or fraud.
We believe in great customer service. SportX bettors should always have their questions and concerns dealt with promptly and thoroughly.
We believe in the transformative, freeing power of technology. Blockchain makes online sports betting more efficient, transparent and secure.
If you believe that sports betting should be a free, efficient, and transparent market, join us.
SportX is the world’s best crypto sports betting exchange, where users bet peer-to-peer against other bettors. Built on Ethereum and powered by Dai, SportX is a decentralized sports betting exchange that always places its users first by giving them ownership. To learn more, visit SportX and click Get Started.