Augur adds sportsbetting | Bitcointalksearch.org

bbc.reporter

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Quote from: YOSHIE on June 04, 2021, 02:10:42 AM

Quote from: bbc.reporter on June 04, 2021, 03:15:42 AM

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Thanks, I understand now, sorry I thought something was special.

Their sportsbook is nothing special. Bad layout, hard to use and confusing. However, I reckon all prediction market platforms are something special as an experiment if the markets can accurately predict certain events better than the experts. There are articles written that markets can predict the elections more accurately by 70%.

magneto

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I doubt that it's going to be a big thing.

Not because of their platform or anything of that nature. Rather, it's just that the sportsbetting crowd is not yet at the stage where they are comfortable with moving onto a decentralised platform (much the same way as crypto exchanges in general).

There will likely be significant illquidity issues when it comes to obscure sports markets which makes the platform impossible to use for a retail bettor who is trying to just get market odds. For whales, the problem is even worse.

mv1986

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Quote from: Ziskinberg on June 05, 2021, 11:25:01 AM

This is an old project, right?

I was familiar with this project but it loses some hype.
The update is good, for a sports bettor like me, I really appreciate it.

If it's going to be live then we can test it, hopefully, it's something new and better than the traditional sportsbook.

I don't know if it's better per se, probably a question of preference as well. But the name "prediction market" has a lot under its belt. You can define the weirdest (sport-)bt you want and offer it on the market and see if someone wants to go against you. You can negotiate the odds and everything. There will be a lot of surprising and innovative markets. Looking forward to see the platform growing and evolving.

Ziskinberg

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This is an old project, right?

I was familiar with this project but it loses some hype.
The update is good, for a sports bettor like me, I really appreciate it.

If it's going to be live then we can test it, hopefully, it's something new and better than the traditional sportsbook.

alegotardo

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I've heard of Augur, but I've never used it because I prefer sports betting. The fact that they add this is a good incentive for me to know more, I'm grateful for bringing this information.

I just don't know if on a decentralized platform the fees will manage to be more attractive than the players' earnings, this must be a big challenge and maybe make small bets unfeasible.

Smartprofit

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Quote from: bbc.reporter on May 30, 2021, 10:24:14 PM

This might be good news for everyone who does not want to give their identification to the sporstbooks hehe. Augur has added sportsbetting in their platform since developing a turbo version on Ethereum scaling solution Polygon for lower fees.

Augur was also one of the first prediction markets created in the Ethereum ecosystem.

Decentralized prediction market Augur is setting its sights on a new field – sports betting.

Announced Monday, the six-year-old project is announcing the launch of Augur Turbo. Notably, the new sportsbook will live on Ethereum layer 2 Polygon, drastically cutting down on fees on the platform, which at times exceeded the winnings for users.

Prediction markets rely on the idea of the “wisdom of the crowd” or the idea that a collective group of people will have a more accurate assessment of a market than any lone expert. Key to that idea, however, is you have to attract a crowd. With the Polygon scaling solution, that concept could become more viable.

Source https://www.coindesk.com/augur-adds-sports-betting-with-launch-of-polygon-based-augur-turbo

Is it true to say that crowds are wiser than individuals? In my opinion, this is a very controversial thesis. Why, then, are experts needed at all?

The general intellectual level of a crowd of people is lower than that of a university professor. Nevertheless, this is great news!

Augur is a very famous cryptocurrency platform. Sports betting is a very interesting and promising topic.

Polygon is a very effective solution to the problem of high commissions. High commissions discourage new player recruitment into sports betting. This problem will now be resolved.

mv1986

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Quote from: just_Alice on June 04, 2021, 04:53:30 PM

Quote from: nakamura12 on June 03, 2021, 08:57:38 PM

Quote from: just_Alice on June 03, 2021, 06:58:37 PM

Smart move, I'm sure that some bettors will definitely be attracted to this platform, due to their ability to reduce fees, given that recently that became sort of a problem. Also, the name means a lot, they have a decent reputation, people will follow.

It is. Why stay as it is rather than adding sportsbetting to attract more people also they already for run longer time compared to new ones. If I we're in the same situation with the owner I would do it too but for some other matters is that analysis must be done first. When it comes in sportsbetting, many people bet on sports especially in my country where there are people here who bet on NBA physically and whoever lose pay the winner.

What's there to analyze? Basically, they already have the target audience, that's why the idea is so great, because initially the platform was built for predictions, so all the people that use it or heard of it are interested in predicting one or another event. Logically, these people would be interested in sports betting as well, especially because you can earn money from it.

The awesome aspect about the platform is that once the app is so easy to use that grandma could use it, you have such a huge audience participating in predictions with skin in the game (i.e. putting a bit of money in), that it's going to be interesting to see what the outcomes of those predictions are compared to final reality. That's when we'll see how the wisdom of the crowd really works out.

just_Alice

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Quote from: nakamura12 on June 03, 2021, 08:57:38 PM

Quote from: just_Alice on June 03, 2021, 06:58:37 PM

Smart move, I'm sure that some bettors will definitely be attracted to this platform, due to their ability to reduce fees, given that recently that became sort of a problem. Also, the name means a lot, they have a decent reputation, people will follow.

It is. Why stay as it is rather than adding sportsbetting to attract more people also they already for run longer time compared to new ones. If I we're in the same situation with the owner I would do it too but for some other matters is that analysis must be done first. When it comes in sportsbetting, many people bet on sports especially in my country where there are people here who bet on NBA physically and whoever lose pay the winner.

What's there to analyze? Basically, they already have the target audience, that's why the idea is so great, because initially the platform was built for predictions, so all the people that use it or heard of it are interested in predicting one or another event. Logically, these people would be interested in sports betting as well, especially because you can earn money from it.

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Quote from: YOSHIE on June 04, 2021, 02:10:42 AM

I am not familiar with (Augur), but I am familiar with other gambling sites that offer sports betting, especially football.

So I have a little question with Augur if they add soccer betting.
• what does Augur have to offer or advantages over football betting in general, is there anything different from other gambling sites.

Quote from: bbc.reporter on June 04, 2021, 03:15:42 AM

~~

Thanks, I understand now, sorry I thought something was special.

Augur has nothing to do with a traditional sportsbook, odds are not provided by a bookmaker, it's more like a betting exchange or a decentralized mutual betting platform. You can create markets by your own on whatever you want, you've certainly already heard about it if you are a crypto punter, it's a very famous project in the crypto sphere.

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Quote from: bbc.reporter on May 30, 2021, 10:24:14 PM

This might be good news for everyone who does not want to give their identification to the sporstbooks hehe. Augur has added sportsbetting in their platform since developing a turbo version on Ethereum scaling solution Polygon for lower fees.

Augur was also one of the first prediction markets created in the Ethereum ecosystem.

Decentralized prediction market Augur is setting its sights on a new field – sports betting.

Announced Monday, the six-year-old project is announcing the launch of Augur Turbo. Notably, the new sportsbook will live on Ethereum layer 2 Polygon, drastically cutting down on fees on the platform, which at times exceeded the winnings for users.

Prediction markets rely on the idea of the “wisdom of the crowd” or the idea that a collective group of people will have a more accurate assessment of a market than any lone expert. Key to that idea, however, is you have to attract a crowd. With the Polygon scaling solution, that concept could become more viable.

Source https://www.coindesk.com/augur-adds-sports-betting-with-launch-of-polygon-based-augur-turbo

I think a major stumbling block for gaming companies like this is all the marketing mumbo-jumbo that they fill into these press releases - my brain automatically starts to switch off when reading garbage like "Prediction markets", "Polygon scaling solution", "Chainlink’s oracle network" and "popular layer 2". No doubt these phrases have meaning to people who closely follow that field and maybe it is more the fault of the journalist than the company itself. However they really need to speak in easily understandable terms if they want to win over the simplest betting crowd who just enjoy a punt. Maybe it is a good thing, but it's hard to decipher what they're even saying.

mv1986

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Quote from: bbc.reporter on June 04, 2021, 03:15:42 AM

@YOSHIE. Nothing. However, you should understand the situation when Augur was founded and created on 2014. This was a very idealistic time in the cryptospace where everyone thought that decentralization will save the world hehehe. Augur was developed to be prediction market where the users might become a hivemind that would more accurately predict election results and other world events.

Which may indeed not be wrong if the user base grows over time and becomes significant. On Augur you can place your bets against an individual that agrees to bet with you. Bets are also auctioned, it is a pretty nice tool that is still under constant development. As there is money involved nobody will tend to socially desirable responding.
If there is skin in the game the uses will answer to the best of their knowledge and emotions. They won't do that in a setting where they know another answer is more desirable by society.

bbc.reporter

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@YOSHIE. Nothing. However, you should understand the situation when Augur was founded and created on 2014. This was a very idealistic time in the cryptospace where everyone thought that decentralization will save the world hehehe. Augur was developed to be prediction market where the users might become a hivemind that would more accurately predict election results and other world events.

YOSHIE

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I am not familiar with (Augur), but I am familiar with other gambling sites that offer sports betting, especially football.

So I have a little question with Augur if they add soccer betting.
• what does Augur have to offer or advantages over football betting in general, is there anything different from other gambling sites.

Quote from: bbc.reporter on June 04, 2021, 03:15:42 AM

~~

Thanks, I understand now, sorry I thought something was special.

nakamura12

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Quote from: just_Alice on June 03, 2021, 06:58:37 PM

Smart move, I'm sure that some bettors will definitely be attracted to this platform, due to their ability to reduce fees, given that recently that became sort of a problem. Also, the name means a lot, they have a decent reputation, people will follow.

It is. Why stay as it is rather than adding sportsbetting to attract more people also they already for run longer time compared to new ones. If I we're in the same situation with the owner I would do it too but for some other matters is that analysis must be done first. When it comes in sportsbetting, many people bet on sports especially in my country where there are people here who bet on NBA physically and whoever lose pay the winner.

just_Alice

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Smart move, I'm sure that some bettors will definitely be attracted to this platform, due to their ability to reduce fees, given that recently that became sort of a problem. Also, the name means a lot, they have a decent reputation, people will follow.

But I'm not sure about this

Quote from: bbc.reporter on May 30, 2021, 10:24:14 PM

Prediction markets rely on the idea of the “wisdom of the crowd” or the idea that a collective group of people will have a more accurate assessment of a market than any lone expert.

In my experience, no matter what audience and question you take - more usually the majority is wrong because most of these people are no experts, it's natural that they don't have enough expertise to make valid assumptions. Now, if we take a group of experts - that's another matter. But as far as I understand it, with this action the Augur will attract more of an ordinary crowd.

mv1986

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Quote from: ralle14 on May 31, 2021, 12:16:09 AM

I've never used Augur but it's good to see more platforms offer sports betting. Augur turbo sounds similar to betmoose where you can make any market you want but more focused on sports. Volume might be an issue but still a great idea imo since most crypto sportsbooks are still lacking on a couple of markets that are usually available on the fiat sportsbooks like the 1-39, 40+ winning margin on australian rules for example.

Augur is pretty amazing for a lot of things where you have an interest to predict the correct outcome. There is an amazing write up Vitalik Buterin prepared for the presidential elections about Trump and Biden and how he earned a lot of money. What's more important about his text though is how people function, how predictions and prediction markets function and what the wisdom of the crowd has to do with all of it. It is on his website.

bbc.reporter

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@3meek. Augur Turbo runs on one of Ethereum’s commit chains called Polygon. The fees will be low and manageable.

It appears I was also excited to share the news without visiting the sportsbook hehehe. The layout is not very good. The choices for games is limited. They clearly cannot compete vs. centralized sportsbooks. Their developers should prioritize back on prediction markets for politics, world events or maybe also opening week predictions and ratings for movies hehehe.

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God, save BTC!

This is an interesting approach to decentralized sports betting, something akin to a decentralized exchange... I wonder what the commissions will be for betting? If the same as on UNI, then I think that this service will not be popular! Wink

YuginKadoya

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I think that Augur had an idea that sports betting is very popular right now I think the platform of Stake.com was once a casino game only site back then they have added sports bets to the mix to incorporate many gamblers who love sports bets I think this is the best way for new gambling sites to get more audience or gamblers that surely love a risk that is not incorporate with only the house edge but they can do their own research in who's going to win.

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Never really understood this type of crowd wisdom concept,,, is it the same as perimutual betting like at Freebitcoin? Heard of Augur for a long time but just never took the time to explore. Happy already with regular sportsbooks with promos,,, or sometimes P2P betting. Using not BTC also is a problem for me a little:)

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