Mutual betting with Bitcoin on LegendaryBet
Legendarybet is the first platform that is tailored towards Cybersports fans and combines this model with blockchain.
What are the advantages of betting with Bitcoin?
- Fast -> With Bitcoin it is possible to send and get money anywhere in the world at any given time. You don’t have to worry about crossing borders, rescheduling for bank holidays, or any other limitations when transferring your money.
- Safe -> All finalized transactions are available for everyone to verify on the blockchain. Bitcoin protocol cannot be manipulated by any person, organization, or government. This is due to Bitcoin being cryptographically secure.
- Cheap -> Because there are no middle men, no fees (or very small fees in some places) are deducted from your transactions.
- Anonymous -> Payments in Bitcoin can be made without one’s personal information being tied to the transactions. Bitcoin also protects against identity theft.
Guide to Mutuel Betting
Mutuel betting, also known as pool betting, is a unique form of betting. Instead of placing wagers against a bookmaker, you’re placing wagers against other bettors who have placed wagers on the same event. All wagers go into a pool, and the pool is shared equally between those who make the winning selection. As might be expected, a small percentage of all total wagers is deducted by the “house.” When it comes to Mutuel betting, the house is typically a state run organization or a private company that provides Mutuel betting services.
Unlike some other forms of sports betting, Mutuel wagering is fully legal in almost every region around the world. It’s traditionally associated with horse racing and greyhound racing, but it can be used on any sports event in which the participants finish in a ranked order.
It’s difficult to apply any betting strategy when placing Mutuel wagers, as you don’t get fixed odds. Payouts depend on two factors: how many people placed a wager on an event, and how many people picked the winner. Payouts are officially calculated after the betting has closed (i.e. once the event has started or is about to start). As you can see, determining whether or not a selection offers any value can be very challenging.
Mutual betting is widely used in sports betting including cybersports. For many people around the world it’s the only form of legalized sports betting that’s available to them.
Mutual betting is a system in which all bets are placed together in a pool and payoff odds are calculated by sharing the pool among all winning bets. It remains one of most adrenaline-pumping ways to bet for your favourite teams and prove yourself right. Why? Because the stakes are forever-free from corporate gambling machines and algorithms. At Legendarybet, the betting stays between humans — an experience you can’t get when the odds are fixed by a computer.
Mutual betting is very simple:
- A bettor chooses a side to place his bet
- Every bet made influences the winning multiplier until the pool closes
- After the match outcome, winners split the pot proportionally to their contribution