Seeking investors to launch an eSports betting business

[joey.rich]

I'm launching an eSports betting business & looking for some help.  The goal is to provide maximum odds & payouts to bettors using open source P2P tech.

The technology for this business is fully built.  It makes extensive use of the blockchain for the underlying betting system, and also uses the blockchain for player deposits and withdrawals.  You can read my post history to get some more information about this technology.

Betting operates with no house and the payouts & odds for each event are determined entirely by player bets.

I need some investors who can consistently wager money on eSports betting events.  Currently we have very low betting volume which means that when bettors join, they find that they can't bet very much money without dramatically changing the odds on eSports matches.

Investors will essentially set up their own "eSports betting hedge fund" where they'll bet on eSports matches.  By betting on both sides of each match, investors can provide liquidity to betting events and also avoid losing or gaining much depending on the outcome of each match.

If you're interested in getting involved, please DM me, reply with any questions in this thread or visit our eSports betting landing page:
https://intro.stakemoney.com



For more info on the tech behind this project, you can follow these links.
https://poly.cash
https://github.com/PolyCash/polycash

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[eckmar]

I'm not sure I understood it correctly, but betting odds can change drastically? Can then change after I make a bet, or is my bet locked it at a time I made it?

[joey.rich]

I'm not sure I understood it correctly, but betting odds can change drastically? Can then change after I make a bet, or is my bet locked it at a time I made it?

This system uses parimutuel betting, so odds are not fixed until betting ends.

You can see the current odds when you're placing your bet, but those odds may go up or down a bit, depending on how people after you bet.  Everyone gets the same odds once betting ends.

[eckmar]

I'm not sure I understood it correctly, but betting odds can change drastically? Can then change after I make a bet, or is my bet locked it at a time I made it?

This system uses parimutuel betting, so odds are not fixed until betting ends.

You can see the current odds when you're placing your bet, but those odds may go up or down a bit, depending on how people after you bet.  Everyone gets the same odds once betting ends.

Can't speak for everyone, but thats a big issue in my mind. If I want to bet at for example 1.5 odds, and they later become 1.1, thats not good. I'm essentially making a bet, and hoping the odds would be good as well. Thats like a double bet.

[sunsilk]

This is like Onehash, they're also a mutual betting bookie. I thought when you have said about investors, you're looking for funding to the entire platform that you're building but little did I know that it's already built.

The structure that you're asking the investors is to simply bet and increase the volume day by day. You didn't mention how the investors will make from that structure.

[joey.rich]

I'm not sure I understood it correctly, but betting odds can change drastically? Can then change after I make a bet, or is my bet locked it at a time I made it?

This system uses parimutuel betting, so odds are not fixed until betting ends.

You can see the current odds when you're placing your bet, but those odds may go up or down a bit, depending on how people after you bet.  Everyone gets the same odds once betting ends.

Can't speak for everyone, but thats a big issue in my mind. If I want to bet at for example 1.5 odds, and they later become 1.1, thats not good. I'm essentially making a bet, and hoping the odds would be good as well. Thats like a double bet.

Yeah I do see your point.  People are used to their potential payout being fixed at the time they place their bet.

But I think this system can work well for betting markets with large volume.  If you place your bet near the end of the betting period, the odds are not likely to change much by the time betting ends.  And of course the odds could change in your favor rather than changing against you.

If the odds do change dramatically, you can effectively cancel your position by betting on the other options.

Since this is open source & running on the blockchain, bets can be placed in an automated way & there's very little friction.

On average bookmakers may pay out only 80% or 90% of the money they take in.  So offering payouts that are on average ~20% higher can hopefully overcome objections to the differences with this system.

[joey.rich]

This is like Onehash, they're also a mutual betting bookie. I thought when you have said about investors, you're looking for funding to the entire platform that you're building but little did I know that it's already built.

The structure that you're asking the investors is to simply bet and increase the volume day by day. You didn't mention how the investors will make from that structure.

I would like to make profit-sharing agreements with any investors.  Fees on betting are low (0.10% to 0.5%), but with good volume there should be money coming in.

It is also a very liquid investment.  Investors hold the private keys to their money and can cash out their stablecoins at any time.

[sunsilk]

This is like Onehash, they're also a mutual betting bookie. I thought when you have said about investors, you're looking for funding to the entire platform that you're building but little did I know that it's already built.

The structure that you're asking the investors is to simply bet and increase the volume day by day. You didn't mention how the investors will make from that structure.

I would like to make profit-sharing agreements with any investors.  Fees on betting are low (0.10% to 0.5%), but with good volume there should be money coming in.

It is also a very liquid investment.  Investors hold the private keys to their money and can cash out their stablecoins at any time.

This looks more a long term venture with you and for the investors. I think you must include that profit-sharing idea on your first page so that if a potential investor of yours comes in, he has an idea how would be the business structure and idea you're offering to them.

As you have mentioned stable coins, so this is going to be a bitcoin and stable coins accepting esports bookie?

[Zemomtum]

This is not a project that you are going to be in haste to achieve success. The site looks okay and if indeed you get investors, you didn't state their benefits and what measure you are going to put in place to ascertain its fulfillment.

[Degens]

Why not just whitelabel Degens which is a peer to peer sports betting exchange that has been live on the ethereum mainnet since 2017?

[Degens]

I'm not sure I understood it correctly, but betting odds can change drastically? Can then change after I make a bet, or is my bet locked it at a time I made it?

This system uses parimutuel betting, so odds are not fixed until betting ends.

You can see the current odds when you're placing your bet, but those odds may go up or down a bit, depending on how people after you bet.  Everyone gets the same odds once betting ends.

Parimutuel betting is a poor system for sports betting. You will want to do fixed odds betting.

[Playxium]

i have my system of sportsbetting winbet555.com and from my experience you should use fixed odds from a feed supplier that is good and this will cost you
but it will give you a risk management so you will always stay on the winning side

[joey.rich]

This is like Onehash, they're also a mutual betting bookie. I thought when you have said about investors, you're looking for funding to the entire platform that you're building but little did I know that it's already built.

The structure that you're asking the investors is to simply bet and increase the volume day by day. You didn't mention how the investors will make from that structure.

I would like to make profit-sharing agreements with any investors.  Fees on betting are low (0.10% to 0.5%), but with good volume there should be money coming in.

It is also a very liquid investment.  Investors hold the private keys to their money and can cash out their stablecoins at any time.

This looks more a long term venture with you and for the investors. I think you must include that profit-sharing idea on your first page so that if a potential investor of yours comes in, he has an idea how would be the business structure and idea you're offering to them.

As you have mentioned stable coins, so this is going to be a bitcoin and stable coins accepting esports bookie?

Yes, we are launching an esports bookie using this tech, and accept bitcoin.  It's not that we are accepting stablecoins, but rather that the eSports betting is accomplished through a stablecoin that we are launching which uses the Litecoin network for its private keys.

[joey.rich]

This is not a project that you are going to be in haste to achieve success. The site looks okay and if indeed you get investors, you didn't state their benefits and what measure you are going to put in place to ascertain its fulfillment.

I'll put more info about the investment I'm seeking on the website.  Thanks for your feedback.

[joey.rich]

I'm not sure I understood it correctly, but betting odds can change drastically? Can then change after I make a bet, or is my bet locked it at a time I made it?

This system uses parimutuel betting, so odds are not fixed until betting ends.

You can see the current odds when you're placing your bet, but those odds may go up or down a bit, depending on how people after you bet.  Everyone gets the same odds once betting ends.

Parimutuel betting is a poor system for sports betting. You will want to do fixed odds betting.

Fixed odds betting relies on two-party contracts and there are plenty of existing systems for that.  For this, we used a more decentralized design for parimutuel betting.

With all bets placed by users, there's no need for a house.  Bets are placed and paid out at the protocol level, so you always maintain the private keys to your bets and never send coins to a trusted intermediary.

By eliminating the house edge / vigorish (typically 10%) we intend to attract bettors with significantly higher payouts.

[Vod]

Bets are placed and paid out at the protocol level, so you always maintain the private keys to your bets and never send coins to a trusted intermediary.

Pretty serious statement.   What protocol level are you talking about?

[Degens]

Bets are placed and paid out at the protocol level, so you always maintain the private keys to your bets and never send coins to a trusted intermediary.

Pretty serious statement.   What protocol level are you talking about?

Non custodial betting exchanges aren't a new thing... they use smart contracts. Not sure how OP plans to accomplish this using litecoin which doesn't have smart contract capabilities though.

Degens uses an audited ethereum smart contract https://github.com/degensprotocol/degens-contract

[joey.rich]

Bets are placed and paid out at the protocol level, so you always maintain the private keys to your bets and never send coins to a trusted intermediary.

Pretty serious statement.   What protocol level are you talking about?

Non custodial betting exchanges aren't a new thing... they use smart contracts. Not sure how OP plans to accomplish this using litecoin which doesn't have smart contract capabilities though.

Degens uses an audited ethereum smart contract https://github.com/degensprotocol/degens-contract

I'm not too familiar with your diagram, but levels 3 and 7 would both seem to apply to how consensus is maintained here.
PolyCash is a protocol for colored coins.  Each currency launched on this protocol runs on a UTXO-based blockchain like Bitcoin or Litecoin.
This consensus paradigm doesn't rely on smart contracts.

PolyCash nodes remain in sync as long as they agree on parameters that define the currency.
For this eSports stablecoin, nodes maintain consensus on transaction data by referencing data from the Litecoin blockchain.
But transaction data isn't the only information needed to maintain consensus.  Info about the betting events plus base parameters for the currency are included in the game definition (a text file).  Nodes verify that they're in sync by comparing game definitions with their peers.

[Vod]

I'm not too familiar with your diagram, but levels 3 and 7 would both seem to apply to how consensus is maintained here.

My diagram is of the Open Standards Interconnection model - something anyone working on networks learns right away.  Using words to make you sound more intelligent usually has the opposite effect. :/

Anyway, if anyone is still interested in you, you never answered how you "always maintain the private keys to your bets and never send coins to a trusted intermediary".

[joey.rich]

I'm not too familiar with your diagram, but levels 3 and 7 would both seem to apply to how consensus is maintained here.

My diagram is of the Open Standards Interconnection model - something anyone working on networks learns right away.  Using words to make you sound more intelligent usually has the opposite effect. :/

Anyway, if anyone is still interested in you, you never answered how you "always maintain the private keys to your bets and never send coins to a trusted intermediary".

Hi Vod, each bet placed in a PolyCash game is associated to a Litecoin UTXO.  When setting up your own PolyCash node, you first install litecoin as a full node.
You then acquire in-game coins from an exchange or by purchasing them from another user.
The private keys to your bets are stored in your litecoin wallet.dat