Quick take:
- UBET Sports asserts it is the most decentralized sportsbook out there!
- Unlike other sportsbooks, even the odds are determined on-chain.
- UBET Sports is creating its own unique AMM (Automated Market Maker) to address the underlying issues that make existing AMMs unsuitable for the nature of sports betting.
- Punters can now place bets on UBET!
NEW YORK, Aug. 25, 2023 (GLOBE NEWSWIRE) -- via IBN - UBET Sports today announces the launch of its decentralized crypto sports betting platform on Polygon network. A patient web3, football, and esports betting community can now enjoy the benefits of UBET’s most on-chain sports betting platform. With UBET Sports, bettors can be confident that every odd is boosted to the max. Bettors are also assured of non-custodial service, with players retaining ownership of their own funds rather than relying on a sportsbook to hold their cash.
Daniel J. Im, the co-founder/CEO of UBET Sports, has laid out a plan for revolutionizing the sports betting industry, with emerging markets as the focal point.
“There is an urgent need to improve a market that is currently marred by monopolized bookmakers who wield so much power against the bettor,” Mr. Im said, describing UBET’s purpose. Read about one bettor who experienced having his funds locked out by a popular bookmaker, here: "How Web3 sports betting solves the cash-out process".
Unlike other crypto sportsbooks where the odds are still set on off-chain, UBET uses its proprietary technology to set the odds from blockchain. Mr. Im believes UBET Sports is bringing its unique UBET AMM into the decentralized sports betting space. It solves the existing problems with Uniswap AMMs, which are commonly used in the crypto 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 said the major issue that UBET Sports addresses is odds discrepancies and impermanent loss, both of which are detrimental to bettors and liquidity providers respectively.
"We are working towards providing more opportunities for bettors and liquidity providers, regardless of market conditions. Our technological improvement will be significant to the sports betting space," Kondratskiy said.
There is global demand for a decentralized betting platform that can deliver a simple user interface, improved deposit and withdrawal transactions, and most importantly, a transparent and easy onboarding system.
Place your first bet at UBET and join our betting tournament! Keep up with events around UBET Sports by joining our thriving UBET community on Discord and Telegram, as well as quick customer support on our Twitter.
About UBET
UBET is a decentralized crypto sportsbook. We eliminate the house and risk aversion that exists within existing sports prediction market products. Our unique system and architecture will allow all sports fans to trade their predictions, when they want, at market-implied odds without friction.
For more information, visit ubetsports.io
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