USE CASE: live betting on Dota 2 tournament
Bookmaker from Las Vegas ToBetOrNotToBet would like to start accepting bets on cyber sports events but has doubts that the cost of new market research and coverage would bring good returns. Johnny comes in the ToBetOrNotToBet office and tells that in Ukraine a Dota 2 Major tournament is going live now. The CIS team Na’Vi and the Chinese team Vici Gaming will play in the semifinal. Johnny is a huge Dota 2 fan, and he would like to bet on this game with the help of a reliable bookmaker, but no local company offers such an opportunity.
Good news is that ToBetOrNotToBet has already integrated the PROOF OF TOSS betting protocol and now it’s extremely easy to create the desirable event. Moreover, using PROOF OF TOSS will help the bookmaker increase market coverage because Dota 2 fans all over the world will be able to join this wager and bet online.
Event: Dota 2 Major tournament semifinal, Na’Vi vs. Vici Gaming
Date and time the event starts: 2018, April, 16 at 2:00 p.m. UTC
Wager: Na’Vi wins, or Vici Gaming wins in the “best of 3” format
Possible outcomes: Vici Gaming wins / Na’Vi wins
Odds: 1.5:2.5
The Wager is published on the 14th of April, 2018, 12:00 p.m UTC
Betting closes at 1:50 p.m. UTC on 16th of April, 2018.
4000 participants bet on “Vici Gaming wins” outcome
They place a total of 24 000 TOSS on this outcome.
3000 participants bet on “Na’Vi wins” outcome
They place a total of 15 000 TOSS on this outcome.
Total = 39 000 TOSS (BetSum)
In order to ensure all payouts the operator needs to block collateral in the amount of 34867.5 TOSS
Collateral = Bet sum x (odds-1) + 0.5% x (Bet sum x odds)
Once the event ends, the operator confirms that Vici Gaming won the game.
All participants who placed their bets on “Vici Gaming wins” outcome receive prizes equal to Bet * Operator’s odds.
For example, Catarina placed 2500 TOSS on the Vici Gaming win and received 2500 * 1.5 = 3750 TOSS.
Operator receives the remaining collateral and all bets that lost.
Collateral return = Bet sum for the Incorrect outcomes*(odds -1) + 0.5% (Bet sum)
DISCLAIMER: all cases are taken as examples and have no connection to real people or events
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