Scorum, a clone of Steemit for the Sports world will shortly be launching their Betting Exchange. It is an addition to the platform that has been eagerly awaited by its users especially those into betting. If you like Sports and Gambling then I suggest you take a serious look at Scorum and what the new Betting Exchange will bring.
The launch of Scorum Bet is scheduled for November with Witness nodes upgrading for a hard fork this Monday 19th November, if that goes well the site should launch a few days after that but there is no hard date available.
Features
The full details of the platform are not known at this point but what we do know is the following :-
0% Commission
This is very welcome and will help to bring in bettors to use the platform, as with all crypto based projects there are two problems, getting users to buy your coin on Exchanges to use your platform and secondly protecting them from currency fluctuations whilst they are using your product. There are plenty of users now comfortable with buying crypto assets at Exchanges so no problems there and the 0% commission will really help to alleviate any currency risks. Lets look at an example :-
Lets compare Scorum to another betting platform Wagerr
Wagerr 6% Commision current coin price £0.13687
I purchase £100 of coins = 100/£0.13687 = 730.620 WGR I place a bet at 3.0 with 730.620 WGR which wins
730.620 * (3.0-1) = 1461.24 and 6% = 87.6744 and return = 1461.24 - 87.6744 + 730.620
Total return = 2,104.1856
New Balance = 2,104.1856 * £0.13687 = £287.99
If a 6% drop in coin value £0.13687 - £0.0082122 = £0.1286578
New Balance 2,104.1856 * £0.1286578 = £270.72
Now lets see how this would look if we bet on Scorum
Scorum 0% Commision current coin price £0.15813
I purchase £100 of coins = £100/£0.15813 = 632.391071 I place a bet at 3.0 with 632.391071 SCR which wins
632.391071 * (3.0-1) = 1,264.78214 and 0% = 0 and return = 1,264.78214 + 632.391071
Total return = 1,897.17322
New Balance = 1,897.17322 * £0.15813 = £300
If 6% drop in coin value £0.15813 - £0.0094878 = £0.1486422
New Balance 1,897.17322 * £0.1486422 = £282
So you would be £282 - £270.72 = £11.28 Better off than betting with Wagerr
In addition you have only lost £287.99 - £282 = £5.99 in real currency loss compared to betting with Wagerr! with Wagerr you have lost £287.99 - £270.72 = £17.27 due to the currency drop!
Know your opponents
I guess not all will like this but it will bring a huge amount of competitiveness to betting, on Betfair you don't know who you just lost that £10 bet to, however with Scorum Bet you will. Also it will open up a huge range of fact based tables like who is the best and worst at betting etc.
Live Bets
The platform will allow in play betting, something that Wagerr at this point cannot do, with a 3 second block time this will be comparable to Betfair since they have a 5 second delay on real time bets. It will be interesting to see how this works in practise.
You can find out more about Scorum here
More about Scorum Bet here where you can sign up for more information.
Knowing who you're betting against is one of the coolest features. I do have a question though, maybe you know - say I bet 200 on team A, you bet 100 on team B. Hypothetically, what if nobody else bets on either team? Does my bet reduce to 100 or would they still have a bookie to cover the difference? It's unlikely depending on how many users are betting, but I guess it would be likely there's an odd number of wagers or at least one side gets more scr put on it
That is a very good question, at launch it will be very basic and so it will probably be offer and acceptance only. Betfair is able to cross match bets across lots of users but they have a very complex platform to do this. So in your example if you enter the bet first with 200 SCR then someone will have to match that 200 on the other side. If the 100 SCR was placed first then you would only be able to take 100 SCR the other side and would need to place and additional 100 SCR bet which would sit there waiting to be matched. The other down side is that probably you will need to match total liability and the system will not be able to calculate and allow for the bets and lays you have made, unlike how Betfair will know if you made a bet on both sides and your liability is not the addition of the total liabilities. I expect these types of enhancements to come in later versions. That is my idea of how it will work as I am expecting it to be very basic at the start.
I gotcha, that totally makes sense. Yea I'm sure it will start basic, which is totally fine because I'm sure it's quite the feat to get it all set up and running properly. From the looks of how they do things though, they will definitely be adding more features and I look forward to what all they come up with.
Really looking forward to the betting platform on scorum... the current crypto books leave much to be desired so there's a lot of opportunity to steal market share.
It will be a turning point for the future of Scorum
Betting with SCR will definitely make Scorum more interactive and more fun. Can't wait! :-)
Well says crypto currency have no limits
omg very goooood =)
!!Very Nice!!
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Cant wait.
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Great news. Cant wait to it to kick off
Nice