Bookies

While the online sports betting industry is growing at a rapid rate, there are glaring flaws that need addressing. Online betting sites like Stake.com, DraftKings, and FanDuel are popular choices among sports enthusiasts and gamblers due to their user-friendly interfaces and wide range of betting options. However, these sites have to act as a trusted escrow for funds, ensuring that customer deposits and winnings are held securely and processed. While these sites seem trustworthy, recent examples such as FTX highlight the problem with centralizing your trust in a third party: “not your keys, not your coins”. Additionally, users are at the whim of these online sites when it comes to settlement. These websites retain the authority to make the decision in situations where there is ambiguity regarding the outcome of an event. Users are also constrained by the specific betting odds provided exclusively by these platforms, which are designed to favor the house. There is currently no product on the market that addresses these concerns, which is precisely what Bookies aims to accomplish.

Users need a trustless way to escrow funds for bets, ensuring fair and unanimous settlement of bets, and expanding choices for odds and the ability to customize them. Bookies provides solutions to all of these problems by harnessing the power of the blockchain and smart contracts. The decentralized nature of public blockchains mitigates the potential for fraud and corruption that exists in the traditional betting industry. Automated smart contracts ensure that customer funds are always accounted for and are non-custodial. With the ability to track all transactions via a block explorer and the availability to examine code in smart contracts, users can be confident about the destination and security of their funds. Furthermore, by harnessing the capabilities of optimistic oracles, users can have confidence in equitable settlement outcomes that are decided by multiple entities rather than one. Moreover, Bookies will empower users to step into the role of bookmakers. Fully programmable smart contracts allow users to make customizations based on their style of play and facilitate a competitive market for bookmakers. This competition will force bookmakers to compete for the lowest vig (maker fee), creating a better user experience compared to a sportsbook with a singular bookie. This approach will effectively remove the traditional house advantage, transforming bets into player-versus-player interactions instead of player-versus-house.

Bookies will leverage Chainlink Automation to automate smart contracts and ensure that bets are properly fulfilled without the need for third-party interference. This streamlined process will not only enhance the efficiency of the betting ecosystem but also increase transparency and trust among users. Furthermore, Bookies will utilize on-chain oracles such as Uma to provide smart contracts with the correct outcomes/results of matches/games. These oracles will act as decentralized sources of truth, delivering real-time data to the smart contracts, thus eliminating the possibility of tampering or manipulation. This ensures that the results of bets are based on accurate, verifiable information. To provide a seamless user experience, Bookies will offer an intuitive frontend website interface. This user-friendly platform will enable bettors to easily create, customize, monitor, and manage their bets. Through this interface, users can access real-time information about ongoing matches, view historical data, and execute bets with just a few clicks. The combination of Chainlink Automation, on-chain oracles, and a user-friendly frontend website will revolutionize the betting industry by making it more secure, transparent, and accessible to a global audience. This innovative approach will not only benefit bettors but also contribute to the broader adoption of blockchain technology in various industries.