Hi! Thanks for checking out SportX. When we tell people that we built:
The best crypto sports betting site
A Dai sports betting dapp on Ethereum
A decentralized sports betting exchange
We usually get this reaction:
We get it. Hearing about SportX for the first time can be confusing. To make things easier, we created this ultimate guide to everything SportX to help you find what you’re looking for.
Ready? Let’s go.
Why Would I Use SportX?
Well, it depends on who you are. If you are a professional shark, you care about different things than an early crypto adopter or a first-time bettor.
Here are the three types of users that we designed SportX for. We’ll leave it up to you to decide if SportX is what you’re looking for.
The Early-Adopter: Ethereum Dapp Users
Maybe you weren’t early enough to buy Ether for 30 cents in 2014, but you’ve been in the crypto game for a long time. You’ve seen it all and as an early adopter that’s comfortable with risk, you continue to believe in the future of decentralized applications. You enjoy trying the best new Ethereum dapps… especially if they reward you with tokens for being a user.
If this sounds like you, read this: The Road to Blockchain Adoption: Crypto Sports Betting
The Crypto Trader + Sports Enthusiast
Volatility is a trader’s best friend, and nothing is more volatile than the crypto markets. You have accounts at multiple cryptocurrency exchanges and trading strategies to make money in bull markets, bear markets, and everything in between. Managing risk comes naturally to you and you understand that smart sports betting, like crypto trading, can be incredibly profitable.
If this sounds more like yourself, head this way: Why Crypto Traders Love Sports Betting Exchanges
The Sharp: Professional Sports Bettors
As a seasoned professional, you spend most of your time creating valuation models and searching for the best odds. You know how to manage your bankroll efficiently and have built profitable long-term strategies. You’ve probably gotten banned from more than a few sites.
If you’re still stinging from a ban, we can relate. Read this: The Bet365 Ban: Why We Built a Sports Betting Exchange
If none of these user types sounds like you, don’t worry! The next section explains why we built SportX, where you will find the info you’re looking for.
Why Did You Build SportX?
Building a company isn’t easy. Building a crypto sports betting exchange is really hard. We built SportX for many reasons – not all of which may resonate with you. And that’s okay. But if one does resonate with you, that’s awesome and we think you’ll love SportX.
Here are the three reasons we built Sportx:
1) Blockchain is the future and crypto sports betting will help blockchain achieve mainstream adoption.
Before the internet, communicating (with anyone that you didn’t live with) was a high-friction experience. The internet made it dramatically easier to communicate and share information. As a result, human knowledge started to increase exponentially
Similar to how communicating used to be a high-friction experience, transacting economically has also been a high-friction experience. It’s still extremely early in their development, but public blockchains and crypto have dramatically lowered the cost of economic transactions
Blockchain will revolutionize the economy in ways we can’t even imagine today. However, the more interesting question is which industries will come first?
Financial services is a popular guess and… we agree. Remittances, access to capital, and interacting with major banks is a high-friction experience. In fact, we’ve seen projects like Ripple, MakerDAO, and Libra targeting this space.
The issue is that global regulators will likely delay adoption significantly as they adapt to the future of financial markets. In the meantime, there is another high-value, high-friction industry that blockchain will revolutionize.
A high-friction industry dominated by old, centralized monopolies – sports betting is ripe for blockchain disruption. We won’t overwhelm you with details just yet, but current sports betting sites charge high fees, offer no transparency, and systematically ban their users.
A lifetime ban for a professional sports bettor is a like a career-ending injury for a professional basketball player. Sports bettors deserve better. Blockchain is here to give them what they deserve.
2) Sport markets are highly volatile, inefficient, and data-rich. They are a traders dream.
The first thing that comes to people’s minds when they hear the word crypto is usually:
“Bitcoin is too volatile to be used as a currency.”
On the other hand, this is what comes to a crypto traders mind:
“Bitcoin is too volatile to be used as a currency, but it’s the best asset in the world to trade. The more volatility, the better I usually do.”
Are crypto assets volatile? Yes.
Are they inefficient? Absolutely.
Do they present significant profit opportunities? Eh…sometimes.
So what’s the issue? Most crypto assets have low liquidity. Traders executing large trades often shift prices themselves because of the limited amount of capital deployed on the market. Another major drawback is that there is very little data available to use in valuation models, and the data that exists, is easy to fake. Even today, it’s estimated that 86% of cryptocurrency trading volume is fake.
Let’s compare crypto assets to sports markets.
Sports markets are extremely volatile. Odds change dramatically from when they are first posted, to the start of the game. Then there’s in-game betting where the odds change after every play.
The amount of data available on sports is massive. Thanks to the rise of sports analytics, every single step, shot, or serve is tracked leading to better, more data-driven prediction models for traders.
Finally, the market is large enough that no single trade has a large effect on game odds (in the sports betting market, game odds = prices).
Traders love volatile assets. Sports markets offer detailed data combined with extreme volatility making them a trader’s dream. By building models and shopping for the best odds, traders can deploy both arbitrage and value strategies and consistently make money in the long run.
3) Bet365 bans winning bettors. Profitable sports bettors can’t use sportsbooks sustainably.
We have a close friend who makes a living as a professional bettor. Because he prefers to remain anonymous, let’s pretend his name is David.
David spends most of his time building betting strategies for different sports, similar to how a cryptocurrency trader researches different trading strategies.
For a cryptocurrency trader to consistently profit, they have to predict which coins will be more valuable in the future and purchase coins that are currently undervalued. Likewise, for David to consistently profit at sports betting, he has to accurately predict how likely a team is to win and bet on odds that are currently undervalued.
In June 2017, David found an incredibly undervalued opportunity on a centralized sportsbook called Bet365. He recognized the huge upside and bet as much as he could on his prediction. Three days later, his bet paid off. David’s bet earned him $30,000 in profit.
Afterwards, Bet365 banned him from their platform for life.
For a professional bettor, a lifetime ban is crippling. And successful sports bettors are banned all the time.
Sports bettors deserve a platform that puts them first, that gives them the tools to become a smarter bettor, and that celebrates when they win.
Sportsbooks don’t do that. Betting exchanges do.
Keep Reading: SportX Explains: Sportsbooks vs Sports Betting Exchanges
How Does SportX Work?
SportX is an online crypto sports betting exchange. Think of it like a stock market for sports. SportX matches buyers and sellers together, then takes a commission on every trade. That means that there are two people involved in every trade: someone who offers odds (the Bookmaker) and someone who takes odds (the Bettor).
If you just want to bet on sports instantly, you’ll use Bettor Mode. When using Bettor Mode, all you have to do is:
1) Choose a market (the specific game you want to bet on)
2) Enter how much you want to bet
Then SportX automatically gives you the best odds available on the market at that time. You’re good to go.
If you want to offer orders on the market, you’ll use Bookmaker Mode. Using Bookmaker Mode, all you have to do is:
1) Choose a market (the specific game you want to bet on)
2) Enter the odds you want
3) Enter how much you want to bet
Keep in mind that for your order to be filled, another trader on the market has to accept it using Bettor Mode.
For a more detailed guide on how to use SportX:
Keep Reading: How Does SportX Work? Crypto Sports Betting Explained
Want to explore the SportX Betting Exchange?
Visit the best sports betting site in crypto here.