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Originally Posted by lotuspod2
Has anyone else done any research on the new Wagerr project? It's promising decentralized betting for its users once it has launched, using blockchain/smart contracts.
They might be biting off more than they can chew though, there's definitely a lot of potential issues with a system like theirs. But it'll be interesting to see how it works out in the long run.
Bit of an update, I ended up investing a little in it shortly afterwards as a longshot since the potential payoff seemed to outweigh the risk by a reasonable enough amount. I got it around 4 cents each in June and it's around 7 cents now so I'm pretty happy so far.
I've been researching it the past few months and following it. Basically it will be by players, for players...since the coin holders will make the decisions, based on how much they have(25k tokens at a time). If they have enough (25k tokens also) then they can even set up a server to get accurate sports results and validate bets, and receive the fees from those bets.
There will be a decentralized network of hundreds or thousands of servers, similar to the blockchain of bitcoin. Well actually Dash tbh, since it is a modified fork of Dash specifically for handling sports bets. This also means that it will be Dash-like in that it is proof-of-stake, meaning you can lease your coins in return for a small about of extra coins in return for helping keep the network more secure. Those leasing the coins are essentially the same as the miners on Bitcoin, which is proof-of-work...except without having to constantly run mining equipment.
Should people invest in it? Idk really, since it's a personal decision. But it's definitely worth it to have it on your radar for soft lines and such, once it launches. They did put up a simple bet for the Mayweather/McGregor fight while we wait, with a fee of 2% and last I saw the line was at +/-550...with the 2% taken from the winner's share.
Another thing to note about a decentralized network, there is no central authority to ban long-time winners or impose restrictions on them(I'm restricted on Merge simply for winning and it sucks). There is very little overhead and fees, because a great deal of the middlemen will be cut out and users will have a direct say on what an appropriate fee structure should be.
Also having their own token specifically for sports betting will allow for a lot more freedom in how to structure betting, rather than being bitcoin- or fiat-based. I honestly wouldn't be surprised to see books offloading some of their risk onto this, since this thing should be able to handle almost anything you can throw at it and work out a safe balance.
I don't mean to come off as too much of a shill lol, but anyone who's ever been screwed over by a centralized gambling network will probably be interested in this or at least the technology behind it. Decentralized is probably a word you're going to hear more and more in the gambling world over the coming years, and I hope it can solve at least some of the more serious problems plaguing gamblers these days. I don't think it's a cure-all though(that would be wayyy to naive), there's still a ton of work to be done.
If you have any questions about it, let me know and I'll try to answer them or at least put you in touch with an appropriate member of their dev team. They have been very good so far about taking advice from experienced bettors and industry experts, and have worked well with their community.
Last edited by lotuspod2; 08-02-2017 at 12:42 AM.
