Seeking investors to launch an eSports betting business

Degens

copper member

Activity: 146

Merit: 2

Quote from: Vod on June 22, 2020, 06:19:59 PM

Quote from: joey.rich on June 22, 2020, 11:59:20 AM

I'm not too familiar with your diagram, but levels 3 and 7 would both seem to apply to how consensus is maintained here.

My diagram is of the Open Standards Interconnection model - something anyone working on networks learns right away. Using words to make you sound more intelligent usually has the opposite effect. :/

Anyway, if anyone is still interested in you, you never answered how you "always maintain the private keys to your bets and never send coins to a trusted intermediary".

Check Degens.com which is a non custodial sports betting exchange that's been around since 2017. We utilize ethereum smart contracts.

joey.rich

member

Activity: 124

Merit: 16

Quote from: Vod on June 22, 2020, 06:19:59 PM

Quote from: joey.rich on June 22, 2020, 11:59:20 AM

I'm not too familiar with your diagram, but levels 3 and 7 would both seem to apply to how consensus is maintained here.

My diagram is of the Open Standards Interconnection model - something anyone working on networks learns right away. Using words to make you sound more intelligent usually has the opposite effect. :/

Anyway, if anyone is still interested in you, you never answered how you "always maintain the private keys to your bets and never send coins to a trusted intermediary".

Hi Vod, each bet placed in a PolyCash game is associated to a Litecoin UTXO. When setting up your own PolyCash node, you first install litecoin as a full node.
You then acquire in-game coins from an exchange or by purchasing them from another user.
The private keys to your bets are stored in your litecoin wallet.dat

Vod

legendary

Activity: 3668

Merit: 3010

Licking my boob since 1970

Quote from: joey.rich on June 22, 2020, 11:59:20 AM

I'm not too familiar with your diagram, but levels 3 and 7 would both seem to apply to how consensus is maintained here.

My diagram is of the Open Standards Interconnection model - something anyone working on networks learns right away. Using words to make you sound more intelligent usually has the opposite effect. :/

Anyway, if anyone is still interested in you, you never answered how you "always maintain the private keys to your bets and never send coins to a trusted intermediary".

joey.rich

member

Activity: 124

Merit: 16

Quote from: Degens on June 22, 2020, 02:08:05 AM

Quote from: Vod on June 17, 2020, 08:12:47 PM

Quote from: joey.rich on June 17, 2020, 10:19:56 AM

Bets are placed and paid out at the protocol level, so you always maintain the private keys to your bets and never send coins to a trusted intermediary.

Pretty serious statement. What protocol level are you talking about?

Non custodial betting exchanges aren't a new thing... they use smart contracts. Not sure how OP plans to accomplish this using litecoin which doesn't have smart contract capabilities though.

Degens uses an audited ethereum smart contract https://github.com/degensprotocol/degens-contract

I'm not too familiar with your diagram, but levels 3 and 7 would both seem to apply to how consensus is maintained here.
PolyCash is a protocol for colored coins. Each currency launched on this protocol runs on a UTXO-based blockchain like Bitcoin or Litecoin.
This consensus paradigm doesn't rely on smart contracts.

PolyCash nodes remain in sync as long as they agree on parameters that define the currency.
For this eSports stablecoin, nodes maintain consensus on transaction data by referencing data from the Litecoin blockchain.
But transaction data isn't the only information needed to maintain consensus. Info about the betting events plus base parameters for the currency are included in the game definition (a text file). Nodes verify that they're in sync by comparing game definitions with their peers.

Degens

copper member

Activity: 146

Merit: 2

Quote from: Vod on June 17, 2020, 08:12:47 PM

Quote from: joey.rich on June 17, 2020, 10:19:56 AM

Bets are placed and paid out at the protocol level, so you always maintain the private keys to your bets and never send coins to a trusted intermediary.

Pretty serious statement. What protocol level are you talking about?

Non custodial betting exchanges aren't a new thing... they use smart contracts. Not sure how OP plans to accomplish this using litecoin which doesn't have smart contract capabilities though.

Degens uses an audited ethereum smart contract https://github.com/degensprotocol/degens-contract

Vod

legendary

Activity: 3668

Merit: 3010

Licking my boob since 1970

Quote from: joey.rich on June 17, 2020, 10:19:56 AM

Bets are placed and paid out at the protocol level, so you always maintain the private keys to your bets and never send coins to a trusted intermediary.

Pretty serious statement. What protocol level are you talking about?

joey.rich

member

Activity: 124

Merit: 16

Quote from: Degens on June 10, 2020, 03:38:20 AM

Quote from: joey.rich on May 27, 2020, 10:43:57 AM

Quote from: eckmar on May 27, 2020, 03:00:18 AM

I'm not sure I understood it correctly, but betting odds can change drastically? Can then change after I make a bet, or is my bet locked it at a time I made it?

This system uses parimutuel betting, so odds are not fixed until betting ends.

You can see the current odds when you're placing your bet, but those odds may go up or down a bit, depending on how people after you bet. Everyone gets the same odds once betting ends.

Parimutuel betting is a poor system for sports betting. You will want to do fixed odds betting.

Fixed odds betting relies on two-party contracts and there are plenty of existing systems for that. For this, we used a more decentralized design for parimutuel betting.

With all bets placed by users, there's no need for a house. Bets are placed and paid out at the protocol level, so you always maintain the private keys to your bets and never send coins to a trusted intermediary.

By eliminating the house edge / vigorish (typically 10%) we intend to attract bettors with significantly higher payouts.

joey.rich

member

Activity: 124

Merit: 16

Quote from: Zemomtum on June 01, 2020, 06:53:03 PM

This is not a project that you are going to be in haste to achieve success. The site looks okay and if indeed you get investors, you didn't state their benefits and what measure you are going to put in place to ascertain its fulfillment.

I'll put more info about the investment I'm seeking on the website. Thanks for your feedback.

joey.rich

member

Activity: 124

Merit: 16

Quote from: sunsilk on May 30, 2020, 03:55:03 AM

Quote from: joey.rich on May 29, 2020, 02:29:13 PM

Quote from: sunsilk on May 27, 2020, 12:49:22 PM

This is like Onehash, they're also a mutual betting bookie. I thought when you have said about investors, you're looking for funding to the entire platform that you're building but little did I know that it's already built.

The structure that you're asking the investors is to simply bet and increase the volume day by day. You didn't mention how the investors will make from that structure.

I would like to make profit-sharing agreements with any investors. Fees on betting are low (0.10% to 0.5%), but with good volume there should be money coming in.

It is also a very liquid investment. Investors hold the private keys to their money and can cash out their stablecoins at any time.

This looks more a long term venture with you and for the investors. I think you must include that profit-sharing idea on your first page so that if a potential investor of yours comes in, he has an idea how would be the business structure and idea you're offering to them.

As you have mentioned stable coins, so this is going to be a bitcoin and stable coins accepting esports bookie?

Yes, we are launching an esports bookie using this tech, and accept bitcoin. It's not that we are accepting stablecoins, but rather that the eSports betting is accomplished through a stablecoin that we are launching which uses the Litecoin network for its private keys.

Playxium

newbie

Activity: 12

Merit: 0

i have my system of sportsbetting winbet555.com and from my experience you should use fixed odds from a feed supplier that is good and this will cost you
but it will give you a risk management so you will always stay on the winning side

Degens

copper member

Activity: 146

Merit: 2

Quote from: joey.rich on May 27, 2020, 10:43:57 AM

Quote from: eckmar on May 27, 2020, 03:00:18 AM

I'm not sure I understood it correctly, but betting odds can change drastically? Can then change after I make a bet, or is my bet locked it at a time I made it?

This system uses parimutuel betting, so odds are not fixed until betting ends.

You can see the current odds when you're placing your bet, but those odds may go up or down a bit, depending on how people after you bet. Everyone gets the same odds once betting ends.

Parimutuel betting is a poor system for sports betting. You will want to do fixed odds betting.

Degens

copper member

Activity: 146

Merit: 2

Why not just whitelabel Degens which is a peer to peer sports betting exchange that has been live on the ethereum mainnet since 2017?

Zemomtum

full member

Activity: 1316

Merit: 104

CitizenFinance.io

This is not a project that you are going to be in haste to achieve success. The site looks okay and if indeed you get investors, you didn't state their benefits and what measure you are going to put in place to ascertain its fulfillment.

sunsilk

hero member

Activity: 3038

Merit: 634

Quote from: joey.rich on May 29, 2020, 02:29:13 PM

Quote from: sunsilk on May 27, 2020, 12:49:22 PM

This is like Onehash, they're also a mutual betting bookie. I thought when you have said about investors, you're looking for funding to the entire platform that you're building but little did I know that it's already built.

The structure that you're asking the investors is to simply bet and increase the volume day by day. You didn't mention how the investors will make from that structure.

I would like to make profit-sharing agreements with any investors. Fees on betting are low (0.10% to 0.5%), but with good volume there should be money coming in.

It is also a very liquid investment. Investors hold the private keys to their money and can cash out their stablecoins at any time.

This looks more a long term venture with you and for the investors. I think you must include that profit-sharing idea on your first page so that if a potential investor of yours comes in, he has an idea how would be the business structure and idea you're offering to them.

As you have mentioned stable coins, so this is going to be a bitcoin and stable coins accepting esports bookie?

joey.rich

member

Activity: 124

Merit: 16

Quote from: sunsilk on May 27, 2020, 12:49:22 PM

This is like Onehash, they're also a mutual betting bookie. I thought when you have said about investors, you're looking for funding to the entire platform that you're building but little did I know that it's already built.

The structure that you're asking the investors is to simply bet and increase the volume day by day. You didn't mention how the investors will make from that structure.

I would like to make profit-sharing agreements with any investors. Fees on betting are low (0.10% to 0.5%), but with good volume there should be money coming in.

It is also a very liquid investment. Investors hold the private keys to their money and can cash out their stablecoins at any time.

joey.rich

member

Activity: 124

Merit: 16

Quote from: eckmar on May 27, 2020, 11:33:49 AM

Quote from: joey.rich on May 27, 2020, 10:43:57 AM

Quote from: eckmar on May 27, 2020, 03:00:18 AM

I'm not sure I understood it correctly, but betting odds can change drastically? Can then change after I make a bet, or is my bet locked it at a time I made it?

This system uses parimutuel betting, so odds are not fixed until betting ends.

You can see the current odds when you're placing your bet, but those odds may go up or down a bit, depending on how people after you bet. Everyone gets the same odds once betting ends.

Can't speak for everyone, but thats a big issue in my mind. If I want to bet at for example 1.5 odds, and they later become 1.1, thats not good. I'm essentially making a bet, and hoping the odds would be good as well. Thats like a double bet.

Yeah I do see your point. People are used to their potential payout being fixed at the time they place their bet.

But I think this system can work well for betting markets with large volume. If you place your bet near the end of the betting period, the odds are not likely to change much by the time betting ends. And of course the odds could change in your favor rather than changing against you.

If the odds do change dramatically, you can effectively cancel your position by betting on the other options.

Since this is open source & running on the blockchain, bets can be placed in an automated way & there's very little friction.

On average bookmakers may pay out only 80% or 90% of the money they take in. So offering payouts that are on average ~20% higher can hopefully overcome objections to the differences with this system.

sunsilk

hero member

Activity: 3038

Merit: 634

This is like Onehash, they're also a mutual betting bookie. I thought when you have said about investors, you're looking for funding to the entire platform that you're building but little did I know that it's already built.

The structure that you're asking the investors is to simply bet and increase the volume day by day. You didn't mention how the investors will make from that structure.

eckmar

legendary

Activity: 1878

Merit: 1038

Telegram: https://t.me/eckmar

Quote from: joey.rich on May 27, 2020, 10:43:57 AM

Quote from: eckmar on May 27, 2020, 03:00:18 AM

I'm not sure I understood it correctly, but betting odds can change drastically? Can then change after I make a bet, or is my bet locked it at a time I made it?

This system uses parimutuel betting, so odds are not fixed until betting ends.

You can see the current odds when you're placing your bet, but those odds may go up or down a bit, depending on how people after you bet. Everyone gets the same odds once betting ends.

Can't speak for everyone, but thats a big issue in my mind. If I want to bet at for example 1.5 odds, and they later become 1.1, thats not good. I'm essentially making a bet, and hoping the odds would be good as well. Thats like a double bet.

joey.rich

member

Activity: 124

Merit: 16

Quote from: eckmar on May 27, 2020, 03:00:18 AM

I'm not sure I understood it correctly, but betting odds can change drastically? Can then change after I make a bet, or is my bet locked it at a time I made it?

This system uses parimutuel betting, so odds are not fixed until betting ends.

You can see the current odds when you're placing your bet, but those odds may go up or down a bit, depending on how people after you bet. Everyone gets the same odds once betting ends.

eckmar

legendary

Activity: 1878

Merit: 1038

Telegram: https://t.me/eckmar

I'm not sure I understood it correctly, but betting odds can change drastically? Can then change after I make a bet, or is my bet locked it at a time I made it?

Topic: Seeking investors to launch an eSports betting business (Read 798 times)