Reshaping The Face of Sports Betting Industry in Africa Using Web3
Quick Take
UBET Sports has an ambitious goal of building a decentralized sports betting platform without a centralized bookie!
UBET Sports creates an avenue for users to either be punters or take a lower risk of being a liquidity provider or both.
UBET Sports is creating its own unique AMM (Automated Market Maker) to address the underlying issues that make existing AMMs unsuitable for the unique nature of sports betting.
The UBET Sports World Cup Tournament will be available to the entire public in November, with a number of attractive prizes to be won.
Decentralized betting is typically the use of blockchain technology to facilitate peer-to-peer betting. With over US$1.5 trillion wagered on sports betting each year, the industry is massive but highly fragmented, with high fees and poor user experiences. UBET Sports was explicitly created for this purpose where they provide bettors with a transparent and better betting experience.
Daniel Im, the co-founder/CEO of UBET Sports, has laid out a plan for revolutionizing the sports betting industry, with Africa as the focal point. This is an urgent need to improve on a market marred by monopolized bookmakers wielding so much power against the bettor. Hear Manny’s story here, “How Web3 sports betting solves the cash-out process?”
Daniel believes UBET Sports is bringing its unique AMM into the decentralized sports betting space. It solves the existing problems with Uniswap AMM which is commonly used in the Web3 sports betting world. For example, the inability to quickly adjust to market odd fluctuations in unanticipated pre-game and in-game events and the inability to initialize liquidity for each market given that sports betting markets require near-instant settlement.
The CTO and co-founder Alexander Kondratskiy asserted the major issue that UBET Sports addresses are odds discrepancies and impermanent loss which are detrimental to bettors and liquidity providers respectively. “We are working towards giving more opportunities for both bettors and liquidity providers regardless of market conditions. Our technological improvement will be significant to the sports betting space,” according to the CTO.
UBET Sports will launch the World Cup Beta tournament on November 20th, and it will run until the end of the World Cup. The World Cup tournament is open to the general public; registration is free and you stand a chance to win a total prize of $2,000 USDC. The goal is to finish at the top of the leaderboard by the end of the World Cup and it does not require your money to compete. Find out more about UBET BETA Tournament.
You can keep up with events around the UBET Sports Project by joining our thriving UBET user community on Discord and Telegram, as well as quick customer support on our Twitter.
With its bold plan to transform the unfairly monopolized sports betting industry, which is riddled with irregularities, UBET has a lot to offer by creating a pleasant ecosystem that benefits both bettors and liquidity providers.
