Ideal decentralized betting.

[Julien_Olynpic]

Today I wrote in another thread about decentralized betting and I thought that we haven't had a full discussion about this issue yet. Decentralized betting platforms have made a good step in this direction, and I see that this movement is unstoppable, but there are still many problems that prevent us from talking about complete decentralization.
So, I would like to ask you, how do you see the ideal
decentralized betting? If you are not competent in betting, you can tell us how you see the ideal decentralized casino.
But my thread is primarily dedicated to the ideal decentralized betting.
We will discuss different situations, problems and the ideal description.
What is wrong with betting platforms, because they are decentralized? First of all, their decentralization is not absolute. Recently we saw repressions against the head of the Polymarket platform.
In my opinion, the ideal decentralized betting looks like this:
1. The platform works only with cryptocurrencies. No fiat.
2. The platform is a decentralized network of nodes that are part of a single network.
3. The creation of bookmaker lines or "Yes" and "No" tokens, like on Polymarket, is also decentralized.
4. The platform token is used to pay commissions.
5. Determining the results of matches, resolving disputes and moderation are decentralized.
Write whatever you think is necessary.
1. Write about possible problems that the platform may face.
2. Write about additional solutions that can be used to solve these problems.
I will take the best from the discussion and write about it in the continuation of the topic.
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If you wish, write a list of possible problems of such a platform in the form of a list. And also solutions to these problems in the form of a list. Also, you can additionally note which problem or several problems you consider the most important or difficult to solve.

[Beparanf]

Real decentralized betting is a sportsbook like directbet.eu which user doesn’t need to create an account to bet rather you only need to send your bet on dedicated wallet address for specific match then the payment automatically sent on your original address once match is settled.

Current decentralized is not really decentralized and they are just using it to attract players that doesn’t want to do KYC yet you still need to rely with the casino to hold your bankroll before you can place bet.

[bitbollo]

Real decentralized betting is a sportsbook like directbet.eu which user doesn’t need to create an account to bet rather you only need to send your bet on dedicated wallet address for specific match then the payment automatically sent on your original address once match is settled.

Current decentralized is not really decentralized and they are just using it to attract players that doesn’t want to do KYC yet you still need to rely with the casino to hold your bankroll before you can place bet.

Directbet wasnt a decentralized sportsbook since you were playing directly against them (meanwhile in a decentralized platforms players are playing against each others).

Regarding OP questons:
1 which currency? if you're using a not decentralized coin how you can achieve a decentralized platform?
2 what is the incentive for running a node?
4 this is something really hard... why this token has a value and where to exchange? who should run it and following developing and so on?
5 there are already "oracles" that scraping the internet providing results, this can be an option.

I think that create and run a decentralized platforms with all aspects involved is seriously harder and it will requires a lot of time.

[kotajikikox]

1. Write about possible problems that the platform may face.

A complete decentralized platform will certainly alert the government and would investigate them immediately for money laundering schemes or any illegal activities even if the platform is clean. The platform is going to need a country to operate at and register their platform in which might serve as a difficulty because of how the platform would operate.

2. Write about additional solutions that can be used to solve these problems.

Make sure that there is no single entity governing the platform or the network. Recognize the countries where this kind of platform is possible to operate and operate in those locations otherwise, block the use of the platform in other countries that may have a problem with this kind of technology.

[viljy]

I don't understand what ideal you want to achieve? Polymarket was already decentralized. If ideal decentralization means absolute impunity and irresponsibility, then alas, this is not feasible on planet Earth. Every platform has owners or at least creators. All of them can be found by politics or crime if necessary.

Therefore, ideally decentralized betting can only be a website and a platform written and launched by AI from scratch. And it should be an open source AI. Important: betting must be completely non-commercial. The profit should be spent only on his support and the rest to charity.

But even in this case, you can find people who can be accused of something. These are the creators of the AI model, the owners of the servers where the model was launched, etc. It is enough to recall the history of criminal prosecution of the authors of the Tornado Cash open source code, as an example of such persecution.

[mindrust]

Real decentralized betting is a sportsbook like directbet.eu which user doesn’t need to create an account to bet rather you only need to send your bet on dedicated wallet address for specific match then the payment automatically sent on your original address once match is settled.

Current decentralized is not really decentralized and they are just using it to attract players that doesn’t want to do KYC yet you still need to rely with the casino to hold your bankroll before you can place bet.

True. I miss directbet.eu so much. It was a great idea and they did a great job but for some reason they had to shut down their operations. If I am not wrong it is because people tried to cheat the casino by using “child pays for parent” or RBF type of stuff. I am not exactly sure though. Somehow I remember that they were blaming the bitcoin protocol for what happened.

That’s the casino I had the most fun because you didn’t have to deposit, you didn’t have to do KYC and it was all automated. Too bad we don’t see a replacement. It would be OK if some other casino were replicating the same idea but using a different coin but all the well known alts have implemented RBF into their protocol nowadays probably.

[Beparanf]

Real decentralized betting is a sportsbook like directbet.eu which user doesn’t need to create an account to bet rather you only need to send your bet on dedicated wallet address for specific match then the payment automatically sent on your original address once match is settled.

Current decentralized is not really decentralized and they are just using it to attract players that doesn’t want to do KYC yet you still need to rely with the casino to hold your bankroll before you can place bet.

Directbet wasnt a decentralized sportsbook since you were playing directly against them (meanwhile in a decentralized platforms players are playing against each others).

I think you are pertaining to decentralized P2P platform since there’s different type of decentralized casino.

One is what I mention you don’t need to create an account and just bet directly on-chain like what directbet.eu offers. It doesn’t requires you to deposit your balance on custodial wallet of casino.

Anyway, nowadays decentralized platform seems like being generalized as the one being offered by polymarket which user bet against player directly.

Real decentralized betting is a sportsbook like directbet.eu which user doesn’t need to create an account to bet rather you only need to send your bet on dedicated wallet address for specific match then the payment automatically sent on your original address once match is settled.

Current decentralized is not really decentralized and they are just using it to attract players that doesn’t want to do KYC yet you still need to rely with the casino to hold your bankroll before you can place bet.

True. I miss directbet.eu so much. It was a great idea and they did a great job but for some reason they had to shut down their operations. If I am not wrong it is because people tried to cheat the casino by using “child pays for parent” or RBF type of stuff. I am not exactly sure though. Somehow I remember that they were blaming the bitcoin protocol for what happened.

That’s the casino I had the most fun because you didn’t have to deposit, you didn’t have to do KYC and it was all automated. Too bad we don’t see a replacement. It would be OK if some other casino were replicating the same idea but using a different coin but all the well known alts have implemented RBF into their protocol nowadays probably.

Glad to see fellow enthusiasts of this wonderful website. Never encountered any problem playing on this casino since everything is automated without worrying about KYC and pending withdrawals on casino account.

Good old days, I like too their dice game that use same method.

[m2017]

1. The platform works only with cryptocurrencies. No fiat.

Why not? The ideal decentralized betting platform would still plan to use its own token. What difference does it make what forms of money (traditional or cryptocurrencies) these tokens will be bought for? Or are you afraid of the influence of regulators?

Ideally, I think that the platform should have the ability to buy these tokens for most of the popular cryptocurrencies, that is, to have its own small exchanger without the need to use third-party exchangers. I see it like this: a gambler goes to the site, sends N-amount of bitcoin, receives N-amount of platform tokens on his deposit and is ready to place bets. This should happen automatically, quickly and without unnecessary nonsense, like KYC and AML, verifications. Of course, at an adequate market rate.

[Hatchy]

That’s the casino I had the most fun because you didn’t have to deposit, you didn’t have to do KYC and it was all automated. Too bad we don’t see a replacement. It would be OK if some other casino were replicating the same idea but using a different coin but all the well known alts have implemented RBF into their protocol nowadays probably.

I got to know about directbet.eu few weeks after they closed down. I was looking for similar sites where such services could be offered but there wasn't a side this which had been shut down already. With what I heard, they actually had RBF issues so you are correct. I wonder why there isn't any replacement for it till now. Well as per the decentralized betting casino mentioned by op, it would face so many issues prior to the fact that the government mostly find issues with decentralized system.. they might claim to be decentralized but still offer kyc services to their customers. So the idea may be difficult for them to fully implement.

[stompix]

Why not? The ideal decentralized betting platform would still plan to use its own token. What difference does it make what forms of money (traditional or cryptocurrencies) these tokens will be bought for? Or are you afraid of the influence of regulators?

In order to deal with fit people will need to deposit said fiat, so how can you do that without a bank account so somebody that has full control over the money, which is as centralized as the definition of centralization allows it to be?

Decentralized betting platforms have made a good step in this direction, and I see that this movement is unstoppable, but there are still many problems that prevent us from talking about complete decentralization.

There is no decentralized betting platform, Period! The moment the said platform has a domain name and a company behind it it's as centralized as Betfair or Bet365, the only difference is that they are using crypto!
In order to have a complete decentralized betting platform you need for it to be distributed, then you need to give anyone permission to create an event, and then you need the settlements of those events to be cleared without a central authority, and on top of that you would need o make it user-friendly, requirements which as you can see have failed every single time

[crwth]

I do remember a site that does that great, and I have read that people mentioned it. It's DirectBet. I remember getting there, depositing, and waiting for the winnings to return to my wallet (if I won, of course).

I am not sure how people would be doing it, especially with the regulatory things that the government wants. I think there's a case with Polymarket. Maybe something that runs with a decentralized entity wouldn't be just one entity?

Well, there would be a lot of problems that could be encountered.

[Oshosondy]

2. The platform is a decentralized network of nodes that are part of a single network.

People do not understand that this is what that is important in decentralization, but they think the gambling sites are decentralized because they do not get verified and they can gamble up to huge withdrawal limit without going for KYC. Also what that really deceive them is because they can connect their noncustodial wallet to the decentralized site. But decentralization starts from having nodes and no central servers that only belong to the gambling site owners.

[danherbias07]

Directbet wasnt a decentralized sportsbook since you were playing directly against them (meanwhile in a decentralized platforms players are playing against each others).

This is where it gets confusing for me as there's a need to balance the money coming in. It's an application where no one is holding anything which means it must only rely on its own algorithm and system to weigh both sides. I don't really know how they will do that but I guess it's because I have not tried a decentralized gambling platform yet that's why I cannot understand.
I did try a decentralized trading site so I do understand that, but I don't know how it can be injected in gambling.

I think that create and run a decentralized platforms with all aspects involved is seriously harder and it will requires a lot of time.

Yeah, that's what I think too. So where will the creator get the money after he finishes the platform? Because that's just not it, there will be maintenance and fixing issues and I doubt he will do it all for free. I think it's a difficult job which is why it's not that popular with many gamblers.

[swogerino]

Only directbet.eu offered such service and honestly I don't know why they got away and got offline, I doubt any whale took all of their money as they were making good money through this process but so far I have not seen any other service equal to them to offer the same service. There were also nitrogen as far as I know who were offering anonymous bets like them but I don't know what happened to them, scam accusations or something similar and they are done too, so based on this stories I don't think this is a good service that will last long, it can very easily be abused just like any other service.

[Jawhead999]

The ideal of decentralized betting are:

1. The account created using our wallet, so whenever we want to login to our account, we only need to submit our private key.
2. The site doesn't depend on central party, so whenever the website closed down, any player can still gamble by set up the apps in their PC.
3. Whenever someone have a problem with the bookie, the solution come from majority vote instead of the owner decision.

[Outhue]

Real decentralised casino don't need users account to be created, they also won't give new users access to some crypto wallet address, if gamblers have to gamble they will use their own crypto wallet, without moving or sending out any coins into the casino.

Now tell me how many casinos are doing these, it is going to be very hard to do, moreover it is not allow to run a casino this days without regulation, later or sooner such casinos will be asked to close down, trust me, the casino has no room for decentralization, the law won't permit such.

[JiiBs]

Real decentralized betting is a sportsbook like directbet.eu which user doesn’t need to create an account to bet rather you only need to send your bet on dedicated wallet address for specific match then the payment automatically sent on your original address once match is settled.

Current decentralized is not really decentralized and they are just using it to attract players that doesn’t want to do KYC yet you still need to rely with the casino to hold your bankroll before you can place bet.

First I’ve heard of it and frankly, that could really be cool.

Is there no possibilities of an issue? As decentralized system, I wouldn’t expect any support on this or is there and how do they get to handle issues when it does arises?
Issues like having some of your fixtures postsponed? Can we have the issue of delayed deposit or confiscation of funds?

You could answer more generally if you want.

[gunhell16]

If I were the only one asked, I would prefer decentralized betting for my opinion, because a casino like this usually does not have kyc, then only pure cryptocurrency can be used to bet. Where if you are lucky enough to win, we can hold the crypto we won with a chance of increasing its value.

And when this happens, it can also be hot in the eyes of the country's governments because they are not regulated under the government regulations,
this is the only disadvantage when a casino is decentralized.

[Smartprofit]

As an ideal option, I believe that such an online betting platform can be created on the basis of the Monero cryptocurrency. Monero is a model of anonymity and privacy in the crypto industry.

By the way, the main ideologist of Monero, Riccardo Spagni, is currently developing the Tari coin (which involves parallel mining with Monero). Tari is positioned as a platform for creating completely anonymous and confidential digital assets.

And such digital assets can theoretically be sports bets, winnings and bonuses. In general, in my opinion, it is quite possible to create a decentralized betting platform based on the Tari and Monero cryptocurrencies.

Moreover, this project will not have founders (whom regulators can threaten with repressive measures). This is a big plus in terms of decentralization of such a project.

[Beparanf]

Real decentralized betting is a sportsbook like directbet.eu which user doesn’t need to create an account to bet rather you only need to send your bet on dedicated wallet address for specific match then the payment automatically sent on your original address once match is settled.

Current decentralized is not really decentralized and they are just using it to attract players that doesn’t want to do KYC yet you still need to rely with the casino to hold your bankroll before you can place bet.

First I’ve heard of it and frankly, that could really be cool.

Is there no possibilities of an issue? As decentralized system, I wouldn’t expect any support on this or is there and how do they get to handle issues when it does arises?
Issues like having some of your fixtures postsponed? Can we have the issue of delayed deposit or confiscation of funds?

You could answer more generally if you want.

So far there’s no issue encountered when this casino is still running since the hot wallet is always have an updated balance for the payout.

This is the beauty of real decentralized betting. You don’t need support because everything run smoothly during bet placement and payout. You don’t have to worry that casino will freeze your account and ask KYC.

Actually, the only problem is in the casino itself not to the player since they experienced lots of cheating since they offer instant credit of deposit while other user double spend pending transactions that has low transaction fee set.