You Betcha….
We’ve been quietly developing the newest feature of the $KEKW Casino and it’s now ready for release to the community.
Blockchain based Non-KYC Prediction Market Betting, with 2% rewards to the Market Creator. That’s the tweet. The possibilities are endless, allow me to explain…
Betting will be done with Ethereum on the Arbitrum Chain allowing for very modest gas prices. Initially, anyone will be allowed to ‘Create a Bet’, and be eligible 2% of the total funds wagered. For now this will be a Binary Only market, but price is variable, allowing for asymmetrical bets to be paced.
All bets placed by gamblers will be placed into the KEKW.bets orderbook and will need to be matched by an opposing bet. At the time an order is filled, the gambler can no longer cancel their bet, but up until their order is filled they may cancel the bets they have placed with no cost aside from a few cents of gas to withdraw.
This platform opens up possibilities for online content creators greatly. Consider the option to place a blockchain bet for a game of online poker, chess, or gaming on Twitch. Care to create a market bet that your favourite player will win? Well you not only stand to profit from placing a bet, but also if you are early enough to be the creator of this market bet, you will also receive 2% of the total bets placed… Feeling confident that you are unbeatable at online poker? Create a market bet with a link to your game and allow another player to challenge you and make an opposing bet…
There exist some blockchain prediction markets, but they are often targeted at large events such as world cup sports games, high profile political events, or pop culture issues. While KEKW.bets is certainly suitable for these types of prediction markets, we also offer a more niche approach allowing smaller market bets.
How to Create a Prediction Market bet on KEKW.bets.
- Visit https://kekw.bet/
- Click “Create”
- Connect Wallet.
- Complete the required fields:
- Title: IE Spain vs Argentina world cup soccer 2024, or Player A beats Player B at online blackjack game today.
- Description: Must include all specifics to eliminate any ambiguity around how to resolve the market bet. Include as much detail as possible
- Bet Closes on: this will automatically close the bet
- Source to be used for resolution of bet: This will be used by the validator to resolve the bet. Include a link to your twitch stream, poker game, or a reliable source if making a widely known bet, such as ESPN.
- Option A Label: Spain
- Option A Price: 0.001 Eh
- Option B Label: Argentina
- Option B Price: IE 0.004 Eth
- The bet creator will have the option to Expire the bet (no futher betting can occur, but they cannot validate the outcome, bet validating will be done by the $KEKW team only)
So in this example I have placed a 4:1 Odds bet that option B will win.
- If the bet resolves to Option B (0.004) they take option A’s wager (0.001). As such the profit for B is 0.001 and they have just made 25% profit and now hold 0.005 Eth.
- If the bet resolves to Option A (0.001) they take Option B’s wager (0.004). As such the profit for A is 0.004 and they have just made 400% profit and now hold 0.005.
- This is essential to understand. Create the outcome that you feel is most likely to be the More Expensive wager.
How to Bet on a Market on the KEKW.bets platform.
- Visit https://kekw.bet/
- Click “View Markets”
- Browse the open bets: Active (currently open for betting) expiring (these bets will close within 24 hours. Get in before it’s too late;) expired (closed bets awaiting Validator to allocate outcome), resolved (previous history of all bets on KEKW.bets with outcome), cancelled (bets have been cancelled by Validator as there was some unforeseen issue that makes the bet invalid)
- Connect wallet.
- Quantity: number of wagers at a given cost to be placed in favour of an outcome.
- Once a Quantity of bets has been submitted to the blockchain they are available to be matched with an opposing quantity of bets. IE if I wager 6 “YES” bets at a given cost these need to be filled with 6 “NO” votes, even if the cost is different. A gambler may cancel any of their bets up until the time they are matched in the orderbook against opposing bets. If a bet remains unmatched it will be refunded once the market is resolved. This is essential as you cannot bet unless you have someone to bet against. If a bet is set for a World Cup Soccer game, the bet does not close until the game ends. However, if it becomes exceedingly obvious that one team is going to win, then I might assume I could place 10K bets in their favour, and indeed I can. However these are not ‘active’ until matched with opposing bets.
- Below each option you will see Potential Return on your bet wager.
- Withdraw: This is where you will claim your winning, or a refund if the bet is cancelled
- Please be aware that payouts are not automatically sent on the blockchain and it is your responsibility to claim from the withdraw function on the kekw.bet website. You will find your “Resolved” or “Cancelled” bets under the respective tabs.
- If you are experiencing issues Creating a Market, please clear cache: Cmd + shift + R (Mac), Ctrl + shift + R (Windows/Linux)
Now, you’re probably saying to yourself “Wow, this is such an amazing and novel product, anonymous prediction market betting with a significant reward to market creators! But what does this have to do with $KEKW and the $KEKW Casino..?”
Well friend, that’s a great question. I’d like to bring your attention to the two ways in which $KEKW token on Eth is essential to utilising our $KEKW.bets Arbitrum Prediction Markets.
- Rev Share: $KEKW holders will receive 2% of all bet markets as Rev share distributed in ETH. This will be allocated to addresses holding a minimum amount of $KEKW (200 Billion). We are unable to allocate Rev Share holdings to CEX (XeggeX) and will distribute only to addresses we can verify on the blockchain as holding the required amount of $KEKW.
- In the future, in order to be eligible to use the Creator Reward by creating a bet, Market Creators will be required to hold a balance of $KEKW in order to access the Create Bet function (200 Billion).
- As a longer term plan, we will integrate a burn mechanism into the KEKW.bets prediction market.
- 1% of the bets placed will be allocated to the Development and Marketing fund to support Buybacks, and marketing campaigns.
- For any bets created with the Marketing Wallet, the 2% creator fee will be allocated to token burn of $KEKW.(0xb586F7B2226Fd0259A99FBd19325DF56333a1b4f)
All of this points toward the idea that now is the time to be accumulating $KEKW in order to be able to participate in these features, once these further conditions are put into place. But for now let’s keep it simple — Our commitment to the $KEKW community and all its early adopters should be clear. Now let's start gambling, Degens.
