Augur moves into sports betting

Decentralized finance company Augur is launching Augur Turbo, a dedicated platform that will focus on the expanding sports betting market.

Augur aims to “cut costs and intermediaries”, bringing a more worthwhile experience for sports fans and bettors.

The project appears to be an exchange similar to Betfair’s offering in the mainstream sports betting space.

“Traditional betting exchanges are highly centralized and introduce a large number of restrictions on users, such as limiting payouts and withdrawals, siphoning fees of 5-10%, and limiting the types of markets that can be created”, Augur said in a statement.

Augur Turbo has been developed on Polygon, a Layer 2 scalability solution that is built to keep the costs of interacting low, amid soaring Ethereum gas prices and other vulnerabilities that have hindered the network from reaching its full potential.

The Polygon architecture should ensure that fees stay low so that consumers can enjoy the end-product fully.

Augur Turbo will also use Chainlink oracles so that it guarantees the fairness of the data. Oracles are solutions that bring third-party data to the network, which is crucial for running a sports betting platform of any type.

Augur’s team commended Chainlink as a highly secure and reliable oracle network that can get the job done.

Consumers will also be able to host unique markets for sporting events and offer markets that aren’t available at other betting platforms, thus making the platform a worthwhile solution for sports fans who are looking to place a wager on a desired outcome that is not offered anywhere else.

The platform will gauge market interest for a specific selection and if there are enough people willing to bet, Augur Turbo will create the market.

While Augur Turbo is still figuring out its offer, you can bet on sports using blockchain and crypto at Sportsbet.io, Cloudbet and 1xBit.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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