SX Bet breaks ground with zero commission fees

Bettors will also be rewarded weekly with $SX tokens for their engagement with the platform

Web3 sports betting platform SX Bet has recently declared a groundbreaking move by abolishing all commission fees associated with betting activities, marking a pivotal moment in the realm of sports gambling. Effective immediately, both makers and takers will be exempted from paying any commission fees on their bets, including parlay wagers.

Andrew Young, the project lead at SX Bet, expressed the rationale behind this strategic decision, stating that amidst exploring various avenues for monetization, the company has opted to eliminate commission rates to enhance fairness and reduce the vig in sports betting to zero.

Furthermore, SX Bet has introduced a unique incentive mechanism wherein bettors will be rewarded weekly with the native governance token $SX for their engagement with the platform. This essentially translates into a negative net commission, implying that bettors are essentially being compensated for their participation.

In addition to this monumental change, SX Bet has launched on Arbitrum on March 19, signifying a strategic expansion aimed at tapping into the vast crypto-native audience across various blockchain networks. This move is going to broaden SX Bet's reach.

The launch on Arbitrum is accompanied by a slew of exciting incentives and promotional events, including an Airdrop and a high-stakes betting tournament, all geared towards commemorating this milestone achievement and fostering widespread engagement among users.

SX Bet operates within the SX Network blockchain ecosystem, which integrates smart contracts with an on-chain treasury and prediction market protocol. Boasting low-cost transactions and a Proof of Stake (PoS) based consensus mechanism, SX Network offers an ideal environment for developers seeking Ethereum Virtual Machine (EVM) compatibility.

SX Bet claims that it is the largest blockchain betting platform globally, having processed a staggering $437 million in betting volume. Notably, the platform operates on a non-custodial basis, with all bets being executed peer-to-peer and settled transparently on-chain.

It is important to note that SX Bet is not accessible in the United States or other jurisdictions where online gambling is prohibited.

In other news, SX Network recently secured funding in a strategic round led by Draper Dragon, with contributions from CMCC Global, CMS Holdings, and angel investors.

With plans to expand onto five new blockchains, starting with Arbitrum, SX Network’s flagship platform SX Bet aims to become the first cross-chain betting application, offering incentives to foster adoption and engagement.

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Written by Silvia Pavlof

Silvia has explored various forms of writing, ranging from content creation for social media to crafting movie scripts. Drawing on her experience as a journalist specializing in the gambling sector, she is currently investigating the impact of cryptocurrencies and blockchain on traditional gambling and iGaming.

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