Gm.
The future of sports betting is here.
UBet is a decentralized crypto sportsbook exchange on the Polygon blockchain that will allow bettors to play better odds, save on vig, and enjoy instant payouts by leveraging the stablecoin, USDC. On UBet, you will be able to trade your wager contracts as you would on the stock market!
De-Fi Sports Betting?
In traditional sports betting, the bookies set the odds to guarantee profits for the bookmakers. While individuals may enjoy winning from time to time, as a community, we always lose because the house always wins.
And why should the house always win? UBet aims to wrest control from the centralized casino-like sportsbooks and distribute that power back to the community where it belongs. UBet achieves this by creating an entirely new way to play: liquidity provision. UBet’s liquidity providers enjoy the benefits of the house by earning passive yields on staked USDC.
Win Win Win.
UBet boasts three major improvements to the current state of sports betting:
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Better Odds.
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Lower Transaction Fees.
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Instant Payout.
Here’s a quick and easy exercise you can do to determine exactly how much you are being charged for a bet and the implied percentage chance that you will win that bet based on this Moneyline:
- Step 1: To calculate the percentage transaction fee, take the sum of the inverses of the odds, subtract 1, and multiply by 100. In this case, it’s 3.4%.
- Step 2: To calculate the implied percentage chance of outcome, divide each odd by the sum we calculated in Step 1, and multiply by 100. We can see that Tottenham winning is implied at 42.2%, a draw at 27.3%, and Leicester City at 30.4%.
The vig comes down to 3.4%. The numbers don’t lie. Feel free to use this method to see for yourself exactly how much each bet is costing you and what the bookies themselves are betting on. What you will find is that traditional sportsbooks are charging upwards of 13% vigorish. We don’t think that this is reasonable or fair and so, UBet will bring transparency and fairness to the sports betting industry by offering better odds and lower transaction fees for bettors. On top of this, UBettors enjoy instant payout as opposed to suffering painful payout delays associated with using fiat currencies.
UBet uses USDC
UBet exists to serve the general public who may or may not care about crypto. Because the price of USDC perfectly reflects the price of USD, UBet allows all players, crypto enthusiasts or not, to bypass the volatility and the associated risks with non-stablecoins such as Ether, and Bitcoin. If you already have a wallet, you can get started right away by connecting your wallet to UBet. If you don’t have a wallet and don’t want to get one, but still want to take advantage of all the benefits available only to UBettors, UBet makes it as easy as just a few clicks to get started.
The Dream Team
UBet is headed by CEO Daniel Im who is an experienced entrepreneur, having sold his first company, AI Founded–a search engine for AI–to Clearview AI. Daniel has an educational background in machine learning from the University of Toronto and has been heavily involved in cutting-edge research in wide-ranging areas such as neuroscience and algorithmic cryptocurrency trading for the last 10 years.
Daniel is joined by CTO Alex Kondratskiy who is an expert in High Frequency Trading systems and has been working for companies like WorldQuant and KCG Holdings for the last 8 years. Alex is an ex-Qualcomm software engineer with a degree in system programming and machine learning from the University of Toronto.
UBet’s total team size is 9 people and we are blessed to have been joined by some world-class developers from companies like Jane Street and Virtu.
Development
To realize a decentralized crypto sportsbook that acts more like a stock options trading floor than a casino, there are some serious technical challenges ahead, which UBet is best poised to solve. These challenges are:
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Smart betting contracts
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Automatic market making & liquidity provision
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Bet deployment automation
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Oracles
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UBet specific contracts & tokenomics
During our beta test, we will verify that these issues are adequately addressed before the official release. Feel free to check out our roadmap on our Medium post here.
Bets Are Free In The Beta.
UBet will be launching the beta in Q3 2022 where players who have signed up for our alpha and/or beta will have a chance to win cash incentives. Visit our website to learn more.
Be sure to also check us out on Yahoo! Sports!
Connect With Us.
If you are interested in the world of sports betting, defi, smart contracts, or UBet itself, join us on discord. We’d love to hear from you!
Stay tuned for more.
Gn.
Discord: https://discord.com/invite/B7brvUEAFG
Medium: https://medium.com/@UBet.Sports
Twitter: https://twitter.com/UBet__Sports
Website: https://www.ubetsports.io
