Do you enjoy making bets with your friends based on current events, sports, or anything under the sun? An app called Parlay could help you keep track of these bets and payments using bitcoin.
The app can be downloaded through the Apple App Store or on Google Play and is available for several countries.
Social Betting Made Digital
The product can enable users to create a bet about anything, such as fantasy football leagues, presidential campaigns, social events, eating challenges, online games, or even physical contests such as arm wresting. The app requires users to create a profile then connects with social media accounts to provide the friend feed.
The app’s Legal page clarifies that parlays are not agreements, understandings, or contracts. “The Parlay app cannot be used for betting or gambling. There is no guarantee that parlays will not be canceled by a participant, that outcomes will be judged fairly, or that gifts will be given,” it clarifies. In addition, its privacy policy discloses that the app may sell anonymized data for marketing or polling.
Although the app makes use of bitcoin, which boasts of zero to low transactions costs, there are transfer fees included in payments. For instance, transfers between players incur 1% in fees to Parlay and another 1% to a judge if designated by the players. In addition, transfers to bank accounts incur a 99¢ fee per transfer while credit cards incur 3% plus the 99¢ transfer fee.
Parlay for charity is also possible, with bitcoin transfers having no additional fees unless credit cards are used, during which the 3% plus the 99¢ transfer fee will apply.
The app was created by Sidney and Loren Sands-Ramshaw who both graduated from Dartmouth. Sidney previously worked as an analyst on a fintech startup while Loren worked as a security engineer for the NSA.
