WEB 3.0 Betting
Last updated
Last updated
Place your bets on your favorite fighters and earn money. There is no need to go through a long registration on betting sites and verify your account to place a bet or withdraw funds after winning. WEB 3.0 betting technology allows you to connect to the platform through Metamask or Trustwallet and place your bets easily. All you need to do is choose the event you are interested in, determine the outcome and click on the desired button.
Next, you will see a box where you have to enter the amount of your bet and click on the upvote button so the contract can accept your bet. After your tokens are approved, you need to click on the BET button and your bet is placed! Now wait until the end of the fight and enjoy your winnings.
How are the bets calculated?
Our platform is based on the Peer-to-Peer model. Users interact with smart contracts that are created for each event. Users do not bet against the platform, users bet against each other. Each user chooses a preferred outcome or multiple ones and bets on it; when the event is over, the total funds on the smart contract are redistributed from the users who lost to the winners. In this case, the odds are not a guaranteed multiplier for your bet, the odds just shows the multiplier in a specific period of time, but it can change depending on the bets of other users over time.
Example:
There is a fight between fighter 1 and fighter 2. Here we have the opportunity to bet on one of the outcomes of this event
Win 1 - Draw - Win 2
There are 3 users who think that fighter 1 will win and placed a bet on him. The total amount of bets 10000 FWIN.
User 1 - 5000 FWIN
User 2 - 1000 FWIN
User 3 - 4000 FWIN
The draw was placed by user 4 and the amount of his bet was 1000 FWIN.
And there are four more users who think that fighter 2 will win. The number of bets on him was 14000 FWIN.
User 5 - 10000 FWIN
User 6 - 1000 FWIN
User 7 - 1000 FWIN
User 8 - 2000 FWIN
The total amount of bets is 25000 FWIN.
The final odds on the victory of the first fighter will be 2.5, the odds on a draw will be 25 and the odds on the victory of the second fighter will be 1.78.
Suppose fighter 1 wins. In that case, the awards are distributed in the following way:
User 1 - receives 12500 FWIN - 10% loser tax = 11250 FWIN.
User 2 - receives 2500 FWIN - 10% loser tax = 2250 FWIN.
User 3 - receives 10000 FWIN - 10% loser tax = 9000 FWIN.
