October 19, 2020 (Investorideas.com Newswire) Baseball, betting and Bitcoin. Now there’s a triple play worth turning.
Thanks to Exbet, it may also soon be a reality.
Exbet is the first licensed betting exchange that will use cryptocurrency exclusively as its native payment option. The site launched Oct. 15 at exbet.io.
They are welcoming new players with an industry-low one percent commission rate, with high liquidity and excellent value.
Exbet and exbet.io are owned and operated by Flux Capa NV in Curaçao. They are licensed and regulated by the Government of Curaçao.
Exbet has been billed as the Betfair of Bitcoin. Betfair is the oldest and most well-known sports betting exchange currently in operation.
Sports betting exchanges basically eliminate the house. Instead of placing a wager on odds supplied by a bookmaker (the house), with a betting exchange, bettors are competing against each other.
A betting exchange is similar to a stock exchange. On a stock exchange, users buy and sell stocks from and to other users. On a betting exchange, users place back and lay bets with other users.
Here's how it works - for starters, a bettor proposes a wager. For example, suppose someone wanted to place a wager on the World Series but didn't like the MLB baseball odds that were being offered at traditional sportsbooks.
With a betting exchange, the player establishes a wager. For example let's say the player proposes a World Series bet on the Atlanta Braves to win at odds of minus -115. In betting jargon, -115 means that in order to gain a $100 profit on this wager, the bettor would need to wager $115. This is called a back bet because you are backing the team to win.
The next step to make this wager go is to find a second bettor who also wants a piece of the action. This is where the betting exchange comes in. They put the wager out there for perusal to find out if another person on the betting exchange wants some of that action. And there's more ways to play this than in a traditional sportsbook format.
Since a betting exchange is done via a peer-to-peer setup, bettors have the option to lay a wager. That means to bet on a team to lose. Rather than bet on the Braves opponent - for sake of argument, we'll say it's the Tampa Bay Rays - the second bettor in the exchange is able to bet on the Braves to lose. This is a lay bet. You are wagering on a team to lose.
The two players in the exchange agree upon a price for the lay bet - say Atlanta at +115 - and the wager is on.
The one percent commission rate should attract customers to Exbet. The industry standard takeout for a betting site is 10 percent.
Their site also provides API integration for algorithmic trading and third-party tools.
"With the sporting calendar back on track, we are thrilled to launch Exbet, the world's first fully-featured and licensed Bitcoin betting exchange," Exbet COO David Evenas told European Gaming. "Betting exchange users have, for too long, been neglected by a handful of operators more focused on short-term gains than the long-term health of the vertical.
"We see considerable opportunities at the intersection of blockchain and betting exchanges, with many cryptocurrency users already familiar with exchange mechanics.
"This new audience, combined with a growing number of exchange veterans and market makers switching to Bitcoin for our low commission rate, means we can offer strong pre-match liquidity immediately."
Exbet is not 'the house' - instead, the Exbet betting exchange is a platform that matches the back and lay bets from users.
Exbet is currently offering betting action on the NFL, soccer leagues from around the world, including the UEFA Champions League, English Premier League, German Bundesliga, Spain's La Liga and Italy's Serie A, as well as North American Major League Soccer.
There's also wagering offered in India Premier League Cricket and US politics. The site expects to add NBA and MLB sometime during 2020.
Exbet currently supports Bitcoin funding only. Looking ahead, they intend to support funding with other cryptocurrencies, although Exbet's native betting token will remain as Bitcoin.
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