SBC SUMMIT NORTH AMERICA May 7-9, 2024
Counterparty risk: Wagers are held on publicly audited, transparent and auditable smart contracts. Te money can never just ‘disappear’ even if the operator does.
High fees: BetDEX charges all players three per cent of net winnings in a given market, so you only pay if you win. Tis is in contrast to centralised operators where margins are often above 10 per cent.
It’s difficult to become a recognised and trusted platform in the betting industry. What is BetDEX’s marketing message?
Education is very important, especially when most sport bettors are not used to or familiar with the blockchain. Tis is an area that we spend a lot of time in to bring users to our platform. In terms of our value proposition, if you are a bettor who wants to place a wager at a venue with great odds, which is easy to use, and welcomes winners – come to BetDEX.
BetDEX has an open-sourced back-end, the Monaco Protocol, built on the Solana blockchain. What does this mean for users?
Te Monaco Protocol is an open-sourced on- chain matching algorithm, orderbook and liquidity pool – which is open to all developers to build on, to provide liquidity to, or to access. We believe that democratised access will result in new ideas, platforms, and designs that will ultimately benefit all Protocol users. In contrast to legacy betting platforms, operators (such as BetDEX) don’t need permission to build on the Monaco Protocol.
Similarly, they can’t be kicked off the Monaco Protocol like they could if they were built on top of a centralised exchange. Furthermore, liquidity on the Monaco protocol is pooled, leading to great prices and depth for users.
What’s next in the technical development of BetDEX?
Without giving too much away, in a matter of weeks you will be able to deposit onto BetDEX with a variety of options including USDC (a stablecoin), bank account, credit card, debit card, and more. Users won’t need to purchase any crypto (SOL) for gas fees, and will be able to bet instantly. Te onboarding, deposit and betting experience will be better than it is with traditional operators like Betfair, Matchbook, Pinnacle, etc.
For programmatic traders and institutions, we are greatly improving the documentation and creating new API access points which remove the need to deal with blockchain-specific concepts like ‘RPC nodes’. In other words, we are abstracting away the complexities of the blockchain while providing users with the benefits. Tis will greatly expand our reach and ability to onboard a wide variety of users.
NEWSWIRE / INTERACTIVE / MARKET DATA P145
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