UBet: Transforming Sports Betting with Decentralized Prediction Markets

A sports prediction market operates similarly to sports betting but with a distinct operational difference. In traditional sports betting, bookmakers set fixed odds and take the opposite side of the bet, controlling the market to minimize their risk. In contrast, a sports prediction market is a free market where odds are determined by algorithms and protocols based on market demand. This decentralization ensures no entity controls betting odds, size, or restricts sharp bettors, making it a more transparent and equitable system. UBet embodies this concept, providing a decentralized sports prediction market where bettors can place unrestricted bets and liquidity providers can earn passive yields.

How UBet Works

UBet operates on an autonomous protocol that provides betting odds and facilitates a highly liquid market. There are two main participants: bettors and liquidity providers (LPs).

• Bettors can trade their bets continuously, buying and selling at market odds with a fixed transaction fee of 2.5% before the game starts. UBet encourages arbitrage to ensure the best market price.
• Liquidity Providers (LPs) fund a liquidity pool by depositing USDC, earning passive yields from the transaction fees paid by bettors.

This creates a symbiotic ecosystem that benefits both bettors and LPs.

How to Bet on Sports w/ UBet

Connect your web3 wallet.

For this demonstration we’ll be using MetaMask wallet. 

Once your wallet is connected, you can explore the different betting markets UBet has on offer. 

UBet platform access Bridged USDC from Ethereum on Polygon PoS – known as USDC.e which is a wrapped version of the native Ethereum token. To ensure you have some funds to bet with, simply swap e.g. USDT to USDC.e. 

You can use cross-chain tools such as deBridge to get the asset you need converted from the ones you have. 

Once you have USDC.e you can give permissions to the UBet smart contracts to interact with your wallet.

Now you can place your bets. Simply choose the sports event you wish to bet on, choose the winner and accepts the odds for your betting position. 

Set a spending cap to avoid spending more than you wish to on your bets. 

Pay the gas fee. 

You can place single or multiple bets on UBet. You’ll be able to see the average odds and the max payouts. Everything is organised and easy to figure. The platform offers a great user interface. 

Once your bets are placed you are provided with the booking code will be able to confirm the on-chain transactions on the block explorer. 

Your bet slips and betting history will be easily accessible on the dashboard. 

Monitoring Your Betting Positions

You can also see the redemption history and track your payouts.

UBet provides a comprehensive interface for bettors to monitor their positions through different tabs:

• Open Tab: Shows all current positions for bets whose outcomes are yet to be determined.
• Settled Tab: Allows users to review historical betting activity, track wins and losses, and analyze performance.
• Redeemed Tab: Provides details about redeemed bets and allows users to claim their payouts.

Understanding Push and Its Mechanism

A push occurs when a bet is neither won nor lost, often due to the exact match of the betting line to the outcome or game cancellations. UBet handles pushes by converting the value of purchased bets back to USDC based on the last market price of odds before the market closed. Unlike traditional platforms that offer refunds, UBet operates on a decentralized model where bets are peer-to-peer, making the concept of refunds impractical. Instead, the value returned is based on market dynamics, not the original purchase price.

UBet’s Distinct Features

1. Fairness and Transparency: UBet provides a fair opportunity for bettors by using immutable algorithms on the blockchain to determine odds, eliminating centralized control.
2. Decentralization: UBet’s market operates without centralized control over odds, bet sizes, or user restrictions, running entirely on predefined smart contract protocols.
3. Advanced Technology: UBet utilizes its unique Automated Market Maker (AMM) designed for sports betting, addressing issues like instant settlement, market price adjustments, and impermanent loss.

User Experience and Platform

UBet offers a seamless user experience with:

• A user-friendly betting interface.
• Simple signup using online wallets like Metamask.
• Easy betting and withdrawal processes using USDC.
• Enhanced security through decentralized protocols, minimizing risks like data theft.

Upcoming Features and Events

UBet aims to introduce parlay betting, referral programs, and other features to enhance user engagement.

Conclusion

UBet is revolutionizing the sports betting industry by leveraging blockchain technology to create a transparent, decentralized, and user-friendly platform. With better odds, low transaction fees, and a focus on fairness and transparency, UBet offers a superior alternative to traditional sportsbooks. Whether you are a seasoned bettor or new to sports betting, UBet provides a compelling and innovative environment for all your betting needs. Join UBet today and experience the future of sports betting.