Hello
el kaka22, great post, thank you!
So, from what I understand this is basically sportsbetting but pvp instead of against the house? You put up some money in a game and other guys take it, of course it doesn't have to be 1 to 1 ratio for your bet, nobody will accept a bet where you put up 1 eth for real Madrid to win against getafe if all they will get is 1 btc back, so you make the odds as well and give yourself lower in that case.
Correct, great description of what
exbet.io is.
Some additional info - exbet.io will only support Bitcoin deposits at launch, but we plan to add support for ETH and other altcoins soon after.
Also, as you say, you can set whatever odds you want - for example 2.0 or 1.88 or 3.6 or 5.0 or 1.09 or 21.0 etc etc.
Hence, you basically become the sportsbook for one bet at a time, which is really awesome but how many people are really capable of doing that both in odds ways and also have the wallet for it? I guess we will have to see but the idea itself is amazing, I would totally go check it out when it comes out, don't know when the full release will be but it definitely worth a shot.
That's the great thing about a betting exchange platform - it supports many different kinds of bettors with different size banks, and different goals:
1. Recreational bettor Just wants to bet small on Soccer matches, for exampleWith a betting exchange like exbet.io, the recreational bettor gets best prices, and can Cash Out (Lay) his bets when the live result is in his favour.
2. Big bettor Wants to have bigger bets, but is getting restricted or banned with sportsbooks.With a betting exchange like exbet.io, the big bettor can bet whatever he likes - there are no limits, just market liquidity.
And with
Lay betting, the big bettor can bet *against* something (for example 0-0 correct score) when he has a strong opinion.
3. Market Maker Wants to take a bet on every outcome in a market, almost like a DIY sportsbookThe Market Maker has deep profits and a great understanding of sports betting and markets. He will treat this as a profession, not a hobby and brings depth and breadth to an exchange's liquidity. But without an exchange, the Market Maker cannot survive.
(By the way, exbet.io is always looking for strong Market Makers, please DM us if you are interested!)4. Trader Trades the market, not the sportThe Trader is similar to a day trader in crypto, trading the market moves to lock in profit regardless of what happens with an asset price in the long term. The trader tries to anticipate price movements and makes a series of small bets in opposite directions (back and lay) and in this way is also invaluable to an exchange by providing reactive liquidity that keeps spreads tight.
This is just a short description of some of the people and strategies that a betting exchange can support. We think it is a great match with the the mentality and skillset we so often see in the crypto community.
Let us know if you are interested in joining the Closed Beta, otherwise we'd love to see you once we go LIVE later this year.