5 Reasons Why UBET is the Go-To for Sports Betting
Sports betting without limits and restrictions.
Sports betting is as old as sports, dating back to the early days of the Olympics when Greeks drew lots. Ever since sports betting has evolved from physical betting to online betting, and the paradigm is now shifting to decentralized sportsbooks.
Web2 has given rise to online betting, which is used by centralized bookmakers and, of course, has a number of user-related drawbacks, such as data theft by hackers and unsolicited account bans and suspensions, in addition to the problem of unfair odds and delayed profit payment, which is already unique to these centralized bookmakers.
The coming of Web3 has made possible decentralized betting platforms like UBET, whose mission is to address the shortcomings of these traditional bookmakers and create transparent and equitable sports betting environment for all bettors. In this post, we share the 5 reasons why UBET is the go-to for Sports Betting.
Why UBET Sports?
Our mission is to transform unfair sports gambling into fair sports trading. Simply put, we are here to make sports trading more equitable and fair. The ultimate objective of UBET is to use the most advanced and globally expandable financial and Blockchain technologies to reinvent the sports betting industry. We want all bettors around the world to benefit from our innovations.
We distinguish ourselves in the following areas:
Fairness and Transparency — Our vision is to have a sports prediction market that provides a fair opportunity for bettors to win, which is far from the case with traditional bookmakers (centralized betting platforms) where the latter control the market odds to minimize the risk of losing money.
Decentralization — As a decentralized sportsbook, we provide a free market where the odds are determined by immutable algorithms running on the blockchain and a protocol based on market offer and demand. There is no entity that controls the betting odds, the betting size, or an entity capable of banning users, as frequently happens with bookmakers. Once a smart contract has been set up for a prediction market event, it will run on its own deterministically in accordance with the original set of rules that were used to create it.
Team
The team is one of UBET Sport’s greatest strengths. The company was founded by two computer science graduates of the University of Toronto, and now, has grown with top academic researchers, fintech, and blockchain technology experts all around the World. We are working toward releasing a beta version in the near months. We are currently working diligently to explain our technology and answer questions by organizing AMAs sessions where everyone can ask us about the product and talk directly with our core developers!
Technology
UBET Automated Market Maker (AMM) — AMM is a type of Decentralized exchange protocol that is used to algorithmically determine betting odds (asset prices) based on liquidity pools as opposed to the traditional central limit order book for centralized betting exchanges.
The most popular AMM are those used by Uniswap, Curve, and Pancakeswap, all of which have limited features and are unsuitable for the unique market structure of sports betting. Some of these drawbacks include;
- Sports betting markets typically require near-instant settlement, making it difficult to initialize liquidity for each market using these AMMs.
- Inability to quickly adjust to market prices and sudden fluctuations as a result of unanticipated pre-game and in-game events such as injury news or a sudden increase in a game’s score.
- Liquidity providers could not receive any profits and would not have incentives depending on market conditions.
At UBET Sports, we are developing our own unique AMM for sports betting targeting to deal with these problems. On top of that, we address them considering existing challenges coming from AMMs in general, like Uniswap, Curve, etc. Since one of the main problems we want to tackle includes odd/price discrepancies and the impermanent loss that affects the liquidity providers.
In traditional sports betting, the fixed odds are set by the bookmakers who frequently find ways to always set the odds against the bettor. We eliminate this quandary because our prediction market event is completely determined by the rules set on a smart contract running on the blockchain that runs its own AMM and who benefits the best bettors and the liquidity providers. By reducing the vig/house edge that was set by traditional bookmakers, we are able to provide bettors with better odds. With UBET’s increased odds, bettors can easily find a wager that offers good value.
Product / Platform
Better User Experience — UBET Sports provides an easy-to-use interface for punters and these range from:
- A user-friendly betting interface platform.
- Simple signup process with an online wallet and address, e.g. with Metamask.
- Easy way to place bets using USDC and withdraw the profits.
User Data — To use the platform, a user only needs to connect his Metamask wallet to the UBET DApp; no lengthy verification processes are required. Furthermore, the UBET is built on top of the Polygon Blockchain; being a decentralized protocol running a deterministic algorithm by thousands of computers around the World is much less vulnerable to being hacked than traditional bookmaker platforms. In the traditional centralized platforms, the hackers could not only steal money but get access to the user's personal data.
Transparency — Traditional bookmakers do not provide users with reciprocal honesty and transparency. Bettors are frequently at risk of having their accounts suspended or blocked. In contrast, UBET operates on a public blockchain where anyone can view every transaction without restrictions, odds are determined by algorithms, and withdrawals and deposits are made by signing transactions with online wallets.
Upcoming Events
Beta Tournament — We will launch our Testnet Beta tournament in October, and it will run until the end of the World Cup. The Beta tournament is open to the general public; registration is free and you stand a chance to win total prizes of $2,000USDC. The goal is to finish at the top of the leaderboard in each round and it does not require your money to compete. Click to learn more about UBET BETA Tournament.
How do I stay updated?
UBET Sports offers activities that will keep you up to date on current events, such as;
- A thriving UBET user community on Discord and Telegram, as well as quick customer support on Discord or Twitter.
- A UBET university and blog where beginners can learn everything there is to know about UBET, Web3, and Sports Betting.
- A weekly Sports Insights newsletter that provides unbiased statistical previews of games and tips.
We are just starting to build the community around the UBET discord. We work diligently developing technology for a more fair sports betting, making also a lot of effort sharing our progress, and answering the questions of future users. Please reach out to us on Twitter, Telegram, and Discord. If you have experience with community building/management in sports betting and want to get involved in our project we would love to find a place for you :)
Website: http://ubetsports.io/
Twitter: https://twitter.com/UBET__Sports
Discord: https://discord.gg/B7brvUEAFG
LinkedIn: https://www.linkedin.com/company/ubetsports/
