Welcome to our closed beta. We will be providing a platform for bettors to compete against each other for the chance to win $USDC depending on the outcome of the event. While sportsbooks bake high fees directly into the odds via the vig, Bookies provides no-vig lines for all participants.
Our closed beta will have fixed odds, as we want to maximize liquidity and efficient cross-matching. In the future, the line will be dynamic, where bettors can set limit orders on the odd they are willing to accept. This will create a competitive market where the market determines the price of a given outcome, as opposed to a bookmaker at a centralized sportsbook.
Here's how it works:
1) Bettors make a decision on the outcome of an event and stake the amount of $USDC they are willing to risk on that outcome.
2) After approving their stake, they will be pushed to a betslip page which highlights their stake, potential payout, and the odds of their bet.
3) After confirming the bet in their wallet, their bet will enter our matching contract, which will cross-match their bet with bets on the other outcome, as the odds are inversed without a vig.
4) Once your bet is filled, your bet is locked on and permissionlessly settled via UMA oracles when the event ends.
Trustless, no-vig sports betting all within a frame.
DISCLAIMER: This is a closed beta and interacting with any contract is risky. We have gone through extensive testing but the contract is unaudited at this point. Exercise caution and only stake what you are willing to lose.
