The Roles of Organic Betting
Sports betting has amnesia and meVu is here to help
“The value of meVu.bet is that as a peer-to-peer application we’ve brought betting back to its basic fundamentals.”
The meVu platform has different types of users then an online sports book
Users can be separated into three categories
Each benefit mutually from the key features of meVu and its token
The sports betting industry has driven the majority of its revenue away from regulated markets, this is because anyone without a costly license cannot make odds unless its peer-to-peer.
The affect this has, is that betting has become a top heavy cut-throat science and bettors are driven too unregulated black market because they are fighting and uphill battle agaisnt vigorish.
Vigorish, or simply the vig, also known as juice, under-juice, the cut or the take, is the amount charged by a bookmaker, or bookie, for taking a bet from a gambler.
Not only do bettors face fee’s from sports books, they need to go through a payment processor such as PayPal which also stifles the natural pace of betting and in return increases the general ‘vig’.
Payments via our white-label smart contracts are executed immediately and for pennies per transaction on your choice of cryptocurrency. What this does is changes our role in betting from one that competes agaisnt bettors to one that facilitates a community driven approach to betting.
If we aren’t the ones competing against bettors, then who is?
Market makers for meVu are not a designated few, or backroom of international sports savants. The market makers on meVu is anyone who has the competitive spirit and funds to create odds.
On any single event or match be it Traditional Sports, eSports, or even a family reunion with a bit of competitive spirit, a bettor can transition into a market maker and vice versa with public or private binary outcome, or pooled bets.
Throughout the development of meVu we’ve had multiple organizations contact us through interest in becoming market makers, because of the ability to share those odds with their communities.
Sports books too can benefit from competing in meVu if they have not already built out the capability to place bets in cryptocurrencies.
Furthermore market makers benefit because meVu is a gathering ground for the best odds and user experience.
Sports book cannot offer competing odds created by non licensed organizations.
What happens when bettors and market makers don't agree?
MVU oracles are incentivized to report correctly.
“In cases where a bet is disputed and a 3% fee is charged, 1.25 percent goes to the Oracles providing results and 0.25 goes into a lottery fund rewarded to a lucky Oracle every month.”
This function greatly discourages fraud in sports betting because oracles have 50% of their stake to lose if they are reporting incorrectly.
The MVU token and oracle settlement features are a separable part of the meVu.bet economy and scalability
Overtime time the value of MVU increases because it is a multi functional ERC20 token with use in a betting ecosystem as a major benefit. However, not everyone who uses MVU is a bettor or market maker.
Requiring MVU to be staked in order to become a oracle ensures that their is always upwards pressure on the value of the token and a level of trust within the network.