UBET Sports launches decentralized betting platform on Polygon

Unlike traditional bookmakers, UBET Sports establishes odds on-chain

Crypto betting website UBET Sports has unveiled its decentralized sportsbook platform on the Polygon network.

The platform offers a unique approach to sports betting that sets it apart from traditional bookmakers. Unlike its counterparts, UBET Sports relies on blockchain technology to establish odds, ensuring transparency and decentralization.

One of the platform’s features is its automated market maker (AMM), specifically tailored to address the intricacies of sports betting.

This AMM addresses the shortcomings of existing solutions, such as Uniswap AMMs, which struggled to adapt swiftly to sudden fluctuations in pre-game and in-game events, a vital requirement for the dynamic sports betting market.

UBET Sports' co-founder and CEO, Daniel J. Im, emphasized the company's mission to overhaul the sports betting landscape, stating:

“There is an urgent need to improve a market that is currently marred by monopolized bookmakers who wield so much power against the bettor.”

The platform's approach does not stop at odds determination. UBET Sports also offers a non-custodial service model, allowing users to retain full ownership of their funds, free from the risks associated with relying on third-party sportsbooks to secure their assets.

UBET Sports' co-founder and CTO, Alexander Kondratskiy, highlighted the platform's impact on odds discrepancies and impermanent losses saying:

“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.”

With its commitment to user-centric design and technological innovation, UBET Sports offers an intuitive user interface, seamless deposit and withdrawal transactions, and an uncomplicated onboarding process. 

In the wake of its launch, UBET Sports noted that bettors are welcome to join its vibrant community on Discord and Telegram, and highlighted that it offers prompt customer support through Twitter.

At the end of July, UBET Sports also announced it was gearing up for its mainnet launch and invited users to participate in the Kickoff Contest for a chance to win a share of the $2,000 prize pool by registering on their website. 

The platform, known for its decentralized approach, enables users to both bet on sports events and become liquidity providers, fostering transparency and control over funds.

Leveraging blockchain technology, UBET offers real-time odds-setting through its automated market maker (AMM) algorithm, ensuring fair and informed betting decisions. 

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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.