Bet Mining: The Ultimate Guide to Earning SX on SportX
Starting February 1st, 200,000 SX will be distributed to SportX bettors each week based on their share of total winning volume!
Bet Mining is simply the process of earning SportX Tokens (SX) as you bet on SportX! There’s no sign-up required, you automatically earn SX simply by betting on SportX. This article will explain how this process works so that you have all the info you need to be able to earn SX!
Bet Mining Rewards
Each week, 200,000 SX will be awarded to bettors based on their total winning settled bet volume relative to the total on the site. Tokens are only earned on winning bets to discourage wash trading, as only winners pay protocol fees on bets.
To further discourage wash trading and incentivize long-term stakeholders only, SX bet mining rewards are auto-staked, meaning that they can’t be transferred for a minimum of 30 days (i.e. the SX staking cool-down period).
In the example screenshot above, the bettor had $10,050 of winnings that week. This is different than overall betting volume; winnings are equivalent to the net return metric used in SportX tournaments. For example, a $200 bet that garners a $100 profit (i.e. $300 total return) would count as $100 in winnings. Subsequent bets have no downward impact; winnings can only go up until the week is over.
The Importance of Bet Mining
Our mission at SportX is to become the most active sports betting platform in the world. We plan on doing that by eliminating the traditional conflict of interest that exists on traditional sports betting platforms by creating the world’s first community owned betting platform.
Community ownership is key, but liquidity and being a low-cost destination for bettors is also extremely important. There is a network effect with liquidity, and so the more liquidity and activity there is on SportX, the better the platform is to use for the next bettor, and so on. Bet mining not only rewards SportX users with SX, it increases activity on the platform!
Bet mining enables SportX to truly become the world’s first community-controlled sports betting platform and accelerate its advantages in liquidity, security, and reliability.
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