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A Comprehensive Guide to Understanding and Leveraging the Benefits
Introduction
Welcome to SX Bet's comprehensive guide on betting exchanges. If you've ever wondered what a betting exchange is and how it differs from traditional betting platforms, you've come to the right place. Betting exchanges have become increasingly popular in recent years and with good reason.
In this article, we will delve into the concept of betting exchanges, their advantages over bookmakers, and why SX Bet stands out as an exceptional choice as the largest betting exchange in Web3.
Understanding Betting Exchanges
What is a Betting Exchange?
A sports betting exchange is a platform that enables bettors to trade bets with one another rather than placing bets with a traditional bookmaker. Unlike traditional bookmakers, where bettors place bets against the bookmaker itself, a betting exchange allows bettors to bet against each other rather than against the house. This unique peer-to-peer model creates a dynamic marketplace where users can act as either bettors or bookmakers.
How Does a Betting Exchange Work?
In a betting exchange, there are two types of players: those who place "back" bets and those who place "lay" bets. A back bet is similar to a bet placed with a traditional bookmaker, where you bet on a specific outcome to happen. On the other hand, a lay bet is a bet placed against an outcome, acting as the bookmaker.
The exchange acts as a facilitator, and matches these opposing bets, enabling users to set their own odds and determine their stake. Some exchanges may use different terminology, such as referring to back bets as "market orders" and lay bets as "limit order," but the underlying principle remains the same.
What is a Back Bet or Market Order?
When placing a "back" or "market" order on a betting exchange, it is similar to placing a bet with a traditional bookmaker in the sense you are betting on a specific outcome to occur, of course with a betting exchange, you are betting against another user.
In the example below we are betting on Carlos Alcaraz to win the game at 1.39 odds. (bet $100 to win $139).
What is a Lay Bet or Limit Order?
On the other hand, when placing a "lay" or "limit" bet, you are effectively assuming the role of a bookmaker. Instead of betting on an outcome to happen, you are betting against it. In other words, you are offering odds to other users on the exchange, allowing them to back the bet you are laying.
In the example below, we are placing a market order or lay betting Carlos Alcaraz at 1.40 odds (bet $100 to win $140) to other users, acting as the bookmaker and against an outcome. We only win if Carlos Alcaraz loses the match.
Lay betting on a sports betting exchange allows users to set their own higher odds, naturally driving a competitive landscape that provides winning opportunities to users on the platform.
Advantages of Sports Betting Exchanges Over Bookmakers
Compared to a traditional betting site, online betting exchanges generally offer greater control, better odds, and increased flexibility. While traditional bookmakers set the odds and profit from them, betting exchanges allow users to take charge of their bets, set odds, and potentially achieve higher returns.
The peer-to-peer nature of betting exchanges helps level the playing field while bringing more fairness to the betting industry. Let's explore a couple of the advantages a betting exchange offers compared to a traditional sportsbook.
Better Odds
One of the major advantages of betting exchanges is the ability to get better odds and prices compared to traditional bookmakers. In a betting exchange, odds are determined by the market forces of supply and demand, driven by fellow bettors. This results in tighter prices and increased value, as there is no built-in bookmaker margin.
Bettors can often find enhanced odds and improved value on betting exchanges, maximizing their potential returns.
Winners welcome
Unlike bookmakers who may restrict or limit successful bettors, betting exchanges welcome winners. Exchanges do not impose arbitrary betting limits based on a bettor's success.
Whether you are a recreational betting on a big sporting event bettor or a professional, you can freely bet on the exchange without worrying about limitations. This inclusivity and fairness make betting exchanges an attractive option for all types of bettors.
Intro to SX Bet: The Next Level of Betting Exchanges
SX Bet is the world's largest web3 betting exchange platform and takes the concept of betting exchanges to the next level.
Built on the principles of transparency, fairness, and user control, SX Bet offers a cutting-edge betting experience, unparalleled technology, and some of the best odds in the game. SX Bet is home to thousands of users who bet on popular sports, politics, crypto price markets, and more.
At the heart of SX Bet's platform lies blockchain.
What is a Blockchain?
A blockchain is a distributed and decentralized digital ledger that records all transactions and data. It operates on a network of computers (nodes) that collectively maintain the database, ensuring that it is transparent and secure.
Each blockchain operates independently, utilizing its own unique set of protocols and consensus mechanisms.
Why is Blockchain Best for Betting?
SX Bet's platform is built on SX Network blockchain, a decentralized and immutable ledger that brings transparency and security like never before. Utilizing smart contracts and blockchain technology allows for a non-custodial, trustless platform that is not controlled by a single centralized entity.
Blockchain harnesses the power of cryptocurrencies, allowing users to bet with popular digital assets such as USDC or SX Token.
Transparency and Fairness
Every transaction and bet made on the platform is recorded on the blockchain, allowing users to trace and verify the authenticity of each action, providing a level of trust and accountability that traditional betting platforms struggle to match.
Exchange betting offers a higher level of transparency, and SX Bet has elevated this concept by providing further insight into real-time volume analytics across the platform.
How is SX Bet Different from Other Crypto Betting Platforms and Betting Exchanges?
SX Bet stands out from other betting exchanges and crypto betting platforms due to its blockchain technology and non-custodial approach, and focus on transparency; however, there are other key features that make SX Bet a top betting exchange globally.
The Power of Community Ownership
One of the standout features of SX Bet is its community-owned model. Unlike traditional platforms that operate under centralized control, SX Bet gives power back to the users. Through decentralized governance, users have a say in the platform's development, decision-making, and future enhancements.
As a community-owned platform, SX Bet allows users to actively participate in the decision-making process. Through voting mechanisms and proposals, users can shape the platform's direction, ensuring their voices are heard and their interests are represented.
Non-Custodial - Keeping Your Funds Secure
At SX Bet, user funds are treated with the utmost importance. One of the key differences is the platform operates on a non-custodial model, which means that users maintain control over their funds at all times. Unlike traditional sportsbooks and online betting sites that require users to deposit their funds into a centralized wallet, SX Bet leverages the power of blockchain technology to ensure a secure and transparent betting experience.
By being non-custodial, SX Bet eliminates the risk of funds being mishandled or subject to potential hacks. Users have full control over their funds and can securely engage in betting activities without the need to trust a central authority. This decentralized approach aligns with the core principles of cryptocurrency and empowers users to be in control of their own financial transactions.
Peer-to-Peer Parlays
SX Bet is the first betting exchange in the world to launch peer-to-peer parlays. Parlays add excitement and potential big payouts to the betting experience. Unlike traditional sportsbooks that set their own parlays, SX Bet allows users to create and participate in peer-to-peer parlays with other bettors on the platform.
Users requesting the parlay have 60 seconds to place their bet before the order book is closed. Users can create parlays with up to 10 legs.
SX Bet is unique in that you can bet on a Parlay to Win (i.e. all selections must win) or bet on a Parlay to Lose (i.e. one of the selections must lose).
Bet Mining
Bet Mining is a unique feature offered by SX Bet that allows users to earn rewards by participating in the betting ecosystem. Each time a user wins, they earn SX Tokens. Tokens are then staked for additional rewards also granting voting power in governance.
Staking
Staking is another exciting feature offered by SX Bet that allows users to earn passive income. By locking up their tokens and contributing to the network's security and stability users receive daily rewards in return.
Staking provides a mechanism for token holders to actively participate in the platform's governance, and success and benefit from its growth.
Free API Access
SX Bet offers free API access to developers, allowing them to integrate with the platform and build innovative applications and tools. This open API policy promotes collaboration, creativity, and the development of a robust ecosystem around SX Bet.
By providing free API access, SX Bet empowers developers to create unique experiences, third-party applications, and automated trading systems like betting bots that enhance the overall betting experience.
How to Get Started with SX Bet
Creating Your SX Bet Account
To get started with SX Bet, simply visit sx.bet and create an account. The process is quick, easy, and secure. Connect with your MetaMask wallet or create an email wallet.
How to buy crypto and bridge
Users can purchase crypto through a crypto exchange or directly on SX Bet. Canadians can buy USDC directly to SX Network with e-transfer, using PayTrie. MoonPay supports all major debit/credit cards and new mobile payment methods like Apple Pay from +40 countries.
To participate in SX Bet's platform, can bridge their funds to SX Network blockchain or bet directly from the Arbitrum blockchain. As SX Bet operates on a non-custodial model, users retain full control of their funds.
Offering Odds and Taking Bets
Common terms are backing and lay betting; SX Bet uses market and limit orders, which are just terms for taking a bet or being the one to set the odds.
Whether you want to take a bet or offer odds, SX Bet provides a seamless betting experience. Simply select the desired odds and enter your stake to place your bet. The exchange will match your bet with opposing bets from other users.
Users can choose any particular market or limit bet right from the bet slip.
Navigating the User-Friendly Interface
SX Bet's intuitive interface ensures a user-friendly experience. Explore the platform, familiarize yourself with the available features, and effortlessly navigate through the diverse range of markets.
Users can change their odds style to American, Decimal or Percent. Or change the default setting from "Market" to "Limit" orders.
Exploring the Wide Range of Betting Markets
SX Bet offers a wide range of betting markets, including sports, politics, and crypto price markets. Discover your favorite markets and explore in-play betting.
Frequently Asked Questions (FAQs)
What Is the Fee Structure on SX Bet?
SX Bet boasts significantly lower fees than other popular sportsbooks and exchanges. Prior to a vote, fees were listed at 2% on winnings and 5% on parlays. Typical bookmakers' fees are often 10%, resulting in lower payouts and profits than a betting exchange model.
SX Bet has eliminated fees for four months to explore dynamic options that will maximize net market profit on every winning bet, further disrupting the betting industry.
Selling Crypto "Withdrawing" Funds
As a non-custodial exchange, SX Bet does not require you to deposit funds directly on the platform. Instead, you can securely connect your personal wallet to place bets using your preferred cryptocurrency.
To sell your crypto you can use a crypto exchange, like Coinbase.
Is SX Bet Available in My Country?
SX Bet strives to provide access to users worldwide. Please check our website for the most up-to-date information on availability in your country.
Conclusion
In conclusion, betting exchanges offer a revolutionary approach to online betting, enabling users to bet against each other and access better odds compared to most traditional bookmakers. SX Bet takes this concept to the next level by providing a non-custodial, crypto-based betting exchange market that prioritizes transparency, fairness, and user control over funds. With SX Bet, you can enjoy an enhanced betting experience while maintaining the utmost security.
Why settle beating the house when you can own the house?
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