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In the world of betting, a revolution is underway. SX Bet, the largest on-chain betting decentralized application (dApp) and prediction market, is redefining industry standards. With a staggering $350M USDC bet, SX Bet is not only making waves by creating a community-owned betting exchange.
“Rollbit, despite making a profit of approximately $170m per year, does not share this profit with the users or token holders that they’re making all this from. But what if there was a decentralized on-chain casino with a working product and 100% revenue share to holders?” said an industry insider. “Well, it already exists. SX Bet is here, and it’s changing the game.”
SX Bet’s mission is simple yet revolutionary: to share the revenue and slash betting costs (i.e., the vig) by 90% from 4.8% to 0.5% . This represents a 10x improvement from the industry standard odds of -110/-110 (1.90/1.90) to industry-leading odds of -101/-101 (1.99/1.99). “In simple terms, this means a $100 bet on a 50–50 outcome pays you $99 in profit — not $90 like it does currently — a 10% higher payout for bettors,” explained the SX Bet team.
Another industry expert commented on the potential of SX Bet, “the traditional betting space is an $85 billion industry, while web3 betting is still in its infancy. SX Bet has a billion-dollar opportunity to be a non-custodial, fair, and decentralized Rollbit (RLB).
SX Bet Stands For Fairness And Transparency
SX Bet is a peer-to-peer web3 betting exchange that allows all users to both offer and take bets. This is different from traditional sportsbooks where users can only take bets offered by the company running the site. This peer-to-peer model of betting leads to better odds and removes the ability of owners to exploit the users for profit.
SX Bet’s non-custodial nature provides unmatched security, a critical feature for bettors who’ve faced issues with crypto sportsbooks like Stake, Rollbit, Roobet, and Sportsbet.io. Unlike centralized sports books, SX Bet doesn’t hold users’ funds custodially. Instead, bettors have complete control over their funds, securely stored in their personal non-custodial wallets (such as Metamask).
SX Bet breaks the mold in an industry often criticized for lack of transparency and trust issues. Every bet is recorded on-chain, creating a public and tamper-proof record of all betting activity. This unparalleled transparency reassures users of the platform’s integrity and ensures the correct settlement of all bets.
The Power Of The SX Token
The SX token enables community ownership and decentralized governance that will guide SX to a sustainable future. SX is an ERC-20 token that exists on the Ethereum, Binance Smart Chain, and SX Network blockchains.
Every straight bet on SX Bet has a 2.00% fee on profits, which is roughly equal to 1.00% of total volume. On an average $100 bet, SX Bet generates roughly $1.00 in revenue. For parlay bets, there is a 5.00% fee on profits. As of July, 2023, SX Bet has generated $4.4 million in revenue since inception.
The SX token has a number of key functionalities within the SX Network ecosystem, including staking, governance, fee discounts, and acting as a gas token. SX tokens are used as a medium of exchange and unit of account within the SX Network blockchain. Every single transaction on SX Network requires SX tokens in order to process. This means as demand for the SX Network blockchain continues to grow, there will be increasing demand for the SX token.
In conclusion, SX Bet is not just a betting platform; it’s a revolution in the betting industry. With its unique profit-sharing model, lower vigs, and a high level of security, transparency, and access, SX Bet is set to redefine the betting landscape, making it more profitable and fair for all bettors.
