We're proud to announce that Bookies is the first project to leverage UMA's optimistic oracles on Base! Oracles are an integral part of our platform and provide a unique value proposition that centralized platforms cannot: permissionless settlement.
As highlighted in previous articles, settlement is an important (yet underdiscussed) aspect of the sports betting experience. Sportsbooks are infamous for settlement disputes and will fight tooth and nail to avoid paying out bettors who create a large liability on their books. As the counterparty to all bets on their platforms, sportsbooks are incentived to take these fights and introduce friction to the settlement process.
UMA's optimistic oracle system puts the power back in the hands of the users. While the 'optimistic' nature of the system assumes that the data assertion is honest, disputes allow users to challenge the outcome of a given event. Disputes are resolved by UMA tokenholders, allowing for a system of third-party verification of settlement on Bookies events.
As the sports betting industry continues to expand, the need for independent verification and trustless settlement will become more apparent and sought-after. Bookies is commited to this vision and will continue to work with UMA moving forward.
Our sports betting exchange will launch alongside the start of the NBA playoffs, using frames on Warpcast to create a seamless betting experience for users. Betting is inherently a social phenomenon and if you choose to bet online, you should be able to place your bet, discuss the game with your friends, and trashtalk your opponents, all in a social feed. Find us @bookies on Warpcast!
