eSports Live $10k, Bet on eSports & more with low fees or create your own casino

[joey.rich]

PolyCash is the ultimate open source gambling protocol.  PolyCash integrates with Bitcoin, Litecoin and other blockchains and makes it easy to create a cryptocurrency for betting on anything.

We recently launched eSports Live $10k.  This is a game for betting on CS:GO, Dota 2 and League of Legends using a stablecoin called "bucks" (USDB).  This colored coin runs on the Litecoin network and is backed by $10,000 in real dollars.

To bet on eSports, you first need to acquire some bucks.  Bucks are not listed on any exchange, so for now, you'll need to purchase bucks by depositing BTC to one of the public nodes hosting the eSports Live $10k crypto asset, such as https://poly.cash.  Your BTC will immediately be converted to bucks based on the current USD/BTC exchange rate.

You can set up a wallet by either:
1. Installing Litecoin, PolyCash and eSports Live $10k on your own computer.
2. Creating a web wallet on a public node like https://poly.cash

Now that you have a wallet and some bucks, bet on as many eSports events as you want.  eSports Live $10k charges a fee of 1% on each winning bet.

You can sell out at any time by entering a Bitcoin address.  Buy-ins and sell-outs are not quite instantaneous because one confirmation is required on Bitcoin or Litecoin.

This is a maximally decentralized betting platform and there's no house taking a cut.  Instead, the 1% fee is destroyed, reducing the supply of bucks.  The supply of bucks decreases as more and more betting fees are paid.  But the $10k backing this currency remains constant, causing bucks to grow in value vs the US dollar.  PolyCash is a pioneer of a concept called the "fixed term token" in which pegged coins are wound down for the sake of transparency rather than living indefinitely. eSports Live $10k will not live forever, and at some point this stablecoin will be wound down and the $10,000 backing it will be paid out to the coin holders via the Litecoin network.  We have not yet set an end date for this $10k stablecoin, but will eventually do so based on feedback from coin holders.

This eSports betting game is pegged to the dollar but we can just as easily create coins pegged to bitcoin, eth and more.  We can also integrate data sources for betting on other topics like sports or stocks.

Here are some screenshots of betting, buying in and selling out. Right click and open in new tab to see full size.


This project has been under development for a while and the concept has changed significantly since we got started.  Please help us revolutionize the betting industry with open source software by making some bets with BTC or posting any questions or comments in this thread.

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[Ailmand]

Betting using stable coin "Bucks"? Inconvenient, why not accept direct bitcoin or any other crypto instead. Would have been better if you would directly let players bet than letting them buying a stable coin that is not traded yet.

[rdbase]

^I would see this stablecoin usdb they are using on the site more like a token to be traded for the more well known coins once you want a withdrawal processed.
This seems to be the route more and more crypto casinos are going towards offering their own token system to bet with.

[MakeMoneyBtc]

Betting using stable coin "Bucks"? Inconvenient, why not accept direct bitcoin or any other crypto instead. Would have been better if you would directly let players bet than letting them buying a stable coin that is not traded yet.

Because the whole platform is working on Bucks and that's just the way they've designed it. This whole project is all about their stable coin and they want to concentrate on increasing it's price until eventually they are going to pay those $10k to all coin holders. He explained everything, all you have to do is read the whole thing.

[joey.rich]

Betting using stable coin "Bucks"? Inconvenient, why not accept direct bitcoin or any other crypto instead. Would have been better if you would directly let players bet than letting them buying a stable coin that is not traded yet.

Players can buy in with Bitcoin and then cash out to Bitcoin any time.  Both processes are fully automated so I don't believe it's any slower or less convenient than sites where you bet directly with Bitcoin.

We can do a Bitcoin backed coin if players would prefer to have the value of their in-game coins fluctuate with the value of BTC rather than dollars.  Or do one backed by dollars and another backed by BTC and allow players to choose.

^I would see this stablecoin usdb they are using on the site more like a token to be traded for the more well known coins once you want a withdrawal processed.
This seems to be the route more and more crypto casinos are going towards offering their own token system to bet with.

Yes, correct.

Because the whole platform is working on Bucks and that's just the way they've designed it. This whole project is all about their stable coin and they want to concentrate on increasing it's price until eventually they are going to pay those $10k to all coin holders. He explained everything, all you have to do is read the whole thing.

Not exactly.  This is a platform for a plurality of currencies.  The idea is that anyone can issue a new coin and then give it value by backing it with tangible sources of value.  In this case, I have $10k that I can personally put up to back this currency.  Putting an end date on the coin and requiring the backing dollars to be paid out avoids the situation where a stablecoin operator can use funds from the escrow because there is no clear obligation to repay.

If having USDB increase vs USD due to deflation from fees is too complicated, we could set betting fees to zero and maintain a strict $1 per buck peg.

[livingfree]

We can do a Bitcoin backed coin if players would prefer to have the value of their in-game coins fluctuate with the value of BTC rather than dollars. 

There's no need for your casino to create a bitcoin backed coin because bitcoin itself suits as an accepted cryptocurrency for majority of the casinos. I understand that you're trying to save the value through this bucks you have which is just available on your exchange.

This is like buying an altcoin that has a utility for its own platform.

Or do one backed by dollars and another backed by BTC and allow players to choose.

USDT, USDC, GUSD

[LimLims]

The site seems to be interesting.
But as like other members,  i too didn't like the concept of Bitcoin as the Gambling coin.
Btc is widely accepted in many casinos and therby accepted by all.
According to me many players don't want to play with the site's default token.
The main reason for this is that,  the token hasn't been traded yet.
So OP hope you will consider all the suggestions soon.

[Genemind]

The site seems to be interesting.
But as like other members,  i too didn't like the concept of Bitcoin as the Gambling coin.
Btc is widely accepted in many casinos and therby accepted by all.
According to me many players don't want to play with the site's default token.
The main reason for this is that,  the token hasn't been traded yet.
So OP hope you will consider all the suggestions soon.

I am confused, your statement is contradicting. Do you like their concept of using Buck as the currency for the platform or are you agreeing that bitcoin should be used?
I agree that, using their own stable coin could save the value of coin. The problem is, it is not tradeable in any other platform nor it is listed.
Which I think some gamblers would consider before playing their platform.

[cryptjh]

Great that you are honest and is willing to tell how much much money the casino has, but what will happen if the users win more money than the $10.000 the betting site is back with, does the site have additional funds to back up the business so it can provide security that everyone will be paid?

[Haunebu]

Why in the world would I invest in a coin that is not yet tradable in the market op? This is very risky since there is always a chance that your coin could fail which would lead to heavy losses for all the investors.

This is basically another form of gambling itself on top of gambling in your site. I suggest adding BTC as a payment option asap in order to attract more gamblers. If not, this is not the right board for this thread.

[leea-1334]

Agree the coin should just be Bitcoin backed. I think people who do crypto gambling just prefer Bitcoin for some reason.

Also,,, 1% house fee is this the same as 1% house edge? What do your odds compare to normal sportsbooks? In sports betting, people just care about the juice,,, if you have the lowest margins and you payout and settle with no issues, that is how you get people to bet with you, no other reason.

[alisafidel58]

1% house fee is this the same as 1% house edge?

A house fee is where they cut a portion of your winning in a certain bet it's way far different from a house edge and Esports gambling site doesn't have a house edge.

What do your odds compare to normal sportsbooks? In sports betting, people just care about the juice,,, if you have the lowest margins and you payout and settle with no issues, that is how you get people to bet with you, no other reason.

I have been into Esport and just like a normal sportsbook, I think the odd varies on who are the competitors.

[ralle14]

1% house fee is this the same as 1% house edge?

A house fee is where they cut a portion of your winning in a certain bet it's way far different from a house edge and Esports gambling site doesn't have a house edge.

House fee on sportsbooks and house edge for casinos is similar in some ways because that's where most owners get their profits from. The small difference between them is house edge reduces the chances of winning and the payout while the house fee only reduces the payout.

What do your odds compare to normal sportsbooks? In sports betting, people just care about the juice,,, if you have the lowest margins and you payout and settle with no issues, that is how you get people to bet with you, no other reason.

I have been into Esport and just like a normal sportsbook, I think the odd varies on who are the competitors.

Normal sportsbook that offers esports always have a high fee ranging from 3% to 6%. Having a 1% fee beats all sportsbook but one problem on polycash is that the supply is limited there's only a couple hundred bucks available for sale.

[dark08]

What is the advantages of your site to other online casino? I guest this is another normal sport book can you provide us some good feature of your esport site personally I like the cleanliness of your site but I dont understand how its really work.

[nakamura12]

What is the advantages of your site to other online casino? I guest this is another normal sport book can you provide us some good feature of your esport site personally I like the cleanliness of your site but I dont understand how its really work.

My opinion is that their stable coins may have a future in gambling society and may be more advantages to other online casinos or sportsbook out there. I do agree with you about the cleanliness of their site and also have the same question as you as I am curious about their site and also I played Dota 2 game which they also have it in their site.

[joey.rich]

Great that you are honest and is willing to tell how much much money the casino has, but what will happen if the users win more money than the $10.000 the betting site is back with, does the site have additional funds to back up the business so it can provide security that everyone will be paid?

As I sell bucks, I will hold on to those deposits, so would have up to $20k in the business account if a majority of bucks were to be sold.  I am operating with no expenses because the important thing at this point is proving the concept, and I have another source of income.

This is parimutuel betting and all bets are between players.  There is no house holding onto funds.  When you place a bet, you actually destroy coins to one of your own addresses and then the protocol creates new coins to the winning addresses when each event pays out.  The 1% fee is paid to all coin holders via deflation rather than being kept by a house.

Parties holding onto the backing funds are a point of centralization but are not involved in the betting and should not be confused with the house in a traditional sportsbook.

We can do a Bitcoin backed coin if players would prefer to have the value of their in-game coins fluctuate with the value of BTC rather than dollars.  

There's no need for your casino to create a bitcoin backed coin because bitcoin itself suits as an accepted cryptocurrency for majority of the casinos. I understand that you're trying to save the value through this bucks you have which is just available on your exchange.

This is like buying an altcoin that has a utility for its own platform.

This is a platform which makes it easy to create a currency and betting functionality is built in at the protocol level for these currencies.

In eSports Live $10k, "bucks" run on Litecoin and each bet creates a Litecoin transaction.  We could run on Bitcoin instead but TX fees would be $1-$2 per TX, compared to Litecoin where we can get transactions with 20+ bets confirmed for 0.0001 LTC = 1 penny.

Why in the world would I invest in a coin that is not yet tradable in the market op? This is very risky since there is always a chance that your coin could fail which would lead to heavy losses for all the investors.

This is basically another form of gambling itself on top of gambling in your site. I suggest adding BTC as a payment option asap in order to attract more gamblers. If not, this is not the right board for this thread.

We already have BTC payments & withdrawals built in.

There is some risk since this is a new app with lots of functionality.  But a lot of steps have been taken to make sure nothing goes wrong like holding backing funds in a traditional bank account and keeping only some BTC on public nodes and transferring the remainder to offline wallets.  We also have done comprehensive security reviews and did a bug bounty program for finding vulnerabilities and so are highly confident that the app is secure.

Even though this coin is not tradable on exchanges, you can still buy & sell your coins for BTC by trading with public nodes.

[joey.rich]

What is the advantages of your site to other online casino? I guest this is another normal sport book can you provide us some good feature of your esport site personally I like the cleanliness of your site but I dont understand how its really work.

The advantages are:

• Low fees, and fees go to coin holders rather than a business owner.
• This is an open source P2P app which can you can install on your own computer.
• You can create your own betting currencies.
• By running your own node you can fork any coin where you disagree with consensus on the outcome of a betting event.
• This app has nice wallet and blockchain explorer features which you can use for viewing BTC/LTC data or managing your bitcoins/litecoins (or any other blockchain based on the Bitcoin code).
• This app does a great job of handling all the complexity of the blockchain and makes creating a new P2P betting currency as easy as integrating a data source or uploading a CSV file.

[joey.rich]

Has anyone tried placing a bet and willing to share their experience?

[carlfebz2]

Has anyone tried placing a bet and willing to share their experience?

I think there no one on this forum did able to try the site and making a bet because at first,its never been an appealing thing if you don't really make bets directly with BTC.
You are still required to some conversion and I heavily agree on what said above that bitcoin is already capable on such manner.

[joey.rich]

Has anyone tried placing a bet and willing to share their experience?

I think there no one on this forum did able to try the site and making a bet because at first,its never been an appealing thing if you don't really make bets directly with BTC.
You are still required to some conversion and I heavily agree on what said above that bitcoin is already capable on such manner.

Is the issue that no one wants to hold USD until their bet resolves, or that people are expecting to get ripped off on the conversion or something?

Based on the feedback here so far, I'm considering switching to a BTC pegged in-game currency called mBTC worth 1/1000 of a bitcoin each.  Deposits/withdrawals will no longer depend on the USD/BTC exchange rate so it will be easier to see that there's no deposit/withdrawal fees.  I want to make sure I understand your objection(s) first though.