Online betting annual rev: +$100b
Crypto betting annual rev: ~$5b
Web3 betting annual rev: <$10m
Study DEX market share growth 2019 to 2024. Study centralized platforms poised for disruption. Study GambleFi.
Lessons in there
+500,000 users that can now access
@SportX_Project
straight from the Exodus wallet home page
Getting tough to keep up with everything shipping in SX land 🚢🚢🚢
Some highlights from SX Weekly:
1) October likely to our best month ever
2) Now on annualized +$120m bets pace
3) $SX getting added to Polygon Index
Also really really excited to ship some big new features to SportX we've been working on this summer 🚢
Super pumped about this partnership!
Thanks again to the
@0xPolygon
team
@sandeepnailwal
@khamzah22
for being such test partners to work with
Excited to announce all of the things in the SX pipeline 🔜
1/ Main problem with sports betting house pool model:
There is negative network effects with them
More LP capital doesn't magically make the odds better as price (i.e. odds) is entirely determined by oracle feed
Time for a 🧵 on this dynamic + why SX is an exchange...
Last week we soft launched SportX ().
SportX is a non-custodial betting exchange built on Ethereum & the 1st dapp on our protocol.
1st week stats:
📊 $113,000 DAI of bet volume
📈 Over 1,000 bets made
💵 Protocol earned 2,260 DAI of fees
Why use SportX?
Tipster coins coming to an SX bettor near you (soon)
WHO is excited to monetize their track record and launch their own tipster coin?
This is one of the many innovative projects built by the community coming to the SX ecosystem in 2024
1/
@SX_Bet
is establishing itself as the lowest vig betting platform in the world
This is something that betting AMMs & sportsbooks like Rollbit that don't have price discovery can't replicate
And the liquidity network effects of SX have barely even begun to compound... a 🧵
Introducing Tipster protocol
An open-source protocol that leverages the transparency of SX to create the world's most trustworthy tipster platform.
Tipster platforms enable bettors to seek advice and the insights of expert tipsters to inform their betting decisions. Despite
@SX_Bet
has better odds on *every* single NBA spread market side tonight by a wide margin
Plus SX has a $1k welcome bonus, has betting tournaments, & you earn SX from bet mining
You also can't be banned for winning, keep custody of your funds, and its all transparent on-chain
1/ Crypto sportsbooks (like Stake, Rollbit, Roobet, and Sportsbet) only make money when their users lose
To protect their profits, these sportsbooks ban or limit winning bettors
Here’s why
@SX_Bet
doesn’t… 🧵
@DefiIgnas
@SX_Bet
largest web3 sports betting project by far - bigger than all others combined
profitable & paying out 100% of revenue (~7% real yield)
slept-on by CT because we're on own app chain & only used by actual bettors due to better odds
but coming to a chain near you soon..
0/ Why Blockchain-based Betting Platforms (part 2a)
Some thoughts on why professional sports bettors will (eventually) prefer to use a blockchain-based betting platform like
@SportX_Project
Prediction markets had on January 7th its biggest day in daily trading volume since March 16th, 2023.
Total trading volume across the top 4 projects went above 2 million.
Graph by
@tokenterminal
📢 Introducing the future of SX tokenomics
Here are 10 initiatives, product features, and governance proposals to supercharge
@SX_Network
tokenomics
Time to threadoooooor🧵🧵🧵
@SX_Bet
has better odds on 15/16 NBA markets once again today
If you care about making an extra 5-7% on your bets, SX is the best choice
Time is finally here for explosive growth in Web3 sports betting exchanges and political prediction markets
We're building the 1st
@0xPolygon
sister chain at
@SX_Network
(with a prediction market twist!)
If you're a Polygon project looking to expand to a new chain while still supporting
#Polygon
, reach out!
Excited to announce that
@PolyCrystal_
will be launching on SX Network!
PolyCrystal is one of the leading yield farms and liquidity providers for DEXs on Polygon. We're excited to have them as our 6th project deploying on SX Network.
Read more here:
1/ This week we pushed our first major upgrades to the SportX dapp:
We’ve spent a lot of time talking to users in the two months since our beta launch. Here’s a thread on what we’ve learned it’s going to take to reach mainstream users.
so goddamn boolish SX Bet
Cross-chain model is efficient and working smoothly
SX can facilitate huge amounts of betting volume with virtually no TVL by enabling us to tap into the betting liquidity already on SX Network
Appreciate the work put into this thread but your section on sports betting is way off the mark
Missing
@SX_Bet
@LunaFi_Project
@OvertimeMarkets
many others that are live + doing real volume already
Happy to help give you a better lay of the land
Decentralized Sports Betting
Crypto degens and sports betting naturally go together.
We are too early as there aren't that many protocols live yet.
Some names that came up in my research:
• Betswap (Backed by Wonderland)
• Frontrunner (injective)
• RektBets (Kujira)
SX is the only seemingly legit onchain betting project
Clear product value prop + long-term oriented & doxxed team
Perpetually surprised how often “competitors” implode
I get it; tough to grind years on end in the crypto betting niche
SX had 5th bday in March, more to come
Upcoming SX roadmap
1) Cross-chain launches of
@SX_Bet
on Arbitrum & Bera
2)
@SX_Network
projects launching including
@LiquiStake
@SX_edge_alerts
& more
3) Big features like cashout, props, alt spreads
GambleFi is one of the most beat-up sectors atm, primed for a rebound
Reminder that
@SX_Bet
is the best place in the world to bet on the Super Bowl atm
Current odds on SX:
Chiefs: +107
Eagles: -108
Bid-Ask spread: 0.4%
Current odds on Bet365/etc:
Chiefs: +100
Eagles: -120
Bid-Ask spread: 4.5%
SX is a 10x improvement
Yup.
@SX_Bet
> Doesn't limit or ban anyone
> Has better odds
> Earn SX with bet mining
> Fully non-custodial
> On-chain and transparent
SX is by far the largest blockchain betting platform in the world for a reason.
Friends don't let friends bet on any platform but SX
$sUSD has been growing pretty fast recently. It has tons of potential. I also love that it has USD in it's name.
But..
There's still 3 things that need to happen before developers (like us
@SportX_Project
) will integrate it en mass as the reserve currency of their app. (1/5)
@khanhamzahnft
Insane to think that we were like the 2nd dapp on Polygon when we deployed SportX in October 2020
14 months later and now there's +7,000 dapps...
Mind-boggling growth
bear markets are for builders
really really excited for the
@SX_Bet
roadmap
here's some of the coolest stuff we'll be working on... time to threadoooooor🧵
@franciskthomas
@0xPolygon
see
@SX_Bet
, also on Polygon (Edge)
biggest blockchain prediction market in the world
has no TVL tho as it uses more efficient CLOB model
1/ Sports bettors pay a 4.8% implied fee every time they place a bet on a sportsbook. This is the industry standard “vig”
We think that’s unacceptably high. Our mission at
@SX_Bet
is simple:
Reduce the vig by 90% from 4.8% to 0.5%
Here’s how… 🧵
something so cool about placing a bet from Arbitrum
then watching it show up on SX chain in real-time
cross-chain betting, coming to a chain near you soon
🎉We are excited to be partnering with Polygon’s first Edge Network
@SX_Network
to enable cross-chain asset transfers!
Starting with:
✅Supported 12 tokens with
@ethereum
<>
@SX_Network
✅Supported 6 tokens with
@0xPolygon
<>
@SX_Network
More to come soon!
has been fun chewing glass for last 2 years
but SX is finally ready for an insane breakout in growth
pieces are in place with cross-chain, fee reduction, & betdrops dropping this month.. gmgm
SX won’t stop until we achieve our vision of -101/-101
This is only sustainable if you own the underlying chain infra
App-chains enable ultra low pricing for protocols and apps
While cross-chain enables free distribution and ubiquity within the best generalized chains/L2s
1/🔮 Why building a betting bot on
@SX_Bet
enables anyone to get an edge in sports betting
you can degen into the Celtics because CT told you to or you can roll up your sleeves & bet like the big boys
Time for a 🧵....
Really excited to announce what we've been working in stealth the last few months! SX Network is the natural extension of what we've been working on for 3 years
@SportX_Project
A blockchain with an on-chain treasury and market-based governance, all built with the
@0xPolygon
SDK!
1/ Introducing SX Network
SX Network will be the 1st blockchain to combine smart contracts with an on-chain treasury and a prediction market protocol
It’s also a big milestone for
@0xPolygon
as the 1st project to launch with the Polygon SDK!
Learn more:
SX has become an institutional betting exchange for large bettors to do OTC bets and LP/MMs to lay off risk
Excited for retail growth though as we massively bring down the friction of on-boarding by going cross-chain on some of the most exciting L2s & L1s
Soon soon
"Mark my words, SX Network will be the largest ecosystem of decentralized betting applications in the world... or I will burn Utica to the ground" - Michael Scott
Excited to announce that
@TreasureKeyBet
will be launching on SX Network!
TreasureKey is the
#1
Gambling Dapp on Binance Smart Chain and already a top five gambling application on Polygon Network.
Read more about this announcement here:
this is why decentralized perps & sports betting platforms like
@SX_Bet
@idexio
@GainsNetwork_io
will win
non-custodial is simply better UX and more secure
wait
so if u deposit let’s say 1000$ in rollbit
you lose the trade
now u have 600$
u can’t withdraw your money coz you gotta have at least 1 profitable trade?
lmaaoo.. what kind of a scam is this?
imagine if other exchanges did it.. none of you will see your money again
@SX_Bet
has better odds on many of its exotic markets than Bet365 has on game lines
Bet on:
> National Anthem going over/under 122 seconds
> Opening coin toss is heads or tails
> First play of the game is Run or Pass
> Opening kickoff is a touchback
ridiculously good odds on NBA once again on SX
SX user numbers up and to the right last few months
wait till they see what we have cooking end of summer
For anyone worried about volatile crypto prices, I've written an article that explains how to think about the fundamentals of a crypto economies in practice
In the end, fundamentals are the only thing that matters
The next few months are going to be huge for the
@SX_Network
community
🚀 Migration of
@SX_Bet
to SX blockchain
🤝 Launching affiliate program to accelerate adoption
🌊 On-boarding market makers with new fee schedule
Goal of hitting $500m in bets by EOY looking good!
On this week's
#DeFiDecoded
,
@Andrew__SX
and I talk 2022 narratives, including:
- End of L1 wars and rise of multichain maximalism
- Implications of P2E and DeFi going mainstream
- How a change to U.S. GAAP in 2022 could make BTC a better treasury asset
Impossible to find better odds than this:
Wizards: +107
Blazers: -110
Bid-ask spread of 0.6%
Plus: users earn SX bet mining, $ prizes, bet credits.
DEX model gives
@SX_Bet
an unstoppable advantage in getting superior sports betting liquidity
Was my pleasure to sit down with
@0xRodney
on the DeFi Decoded pod!
We discuss Hack VC strategy & how they identify investable opportunities and early-stage companies. Also cover the Luna/UST collapse + opportunities he's currently seeing in the space
@GCRClassic
@SX_Bet
by far biggest blockchain sports betting platform - about to hit $250m in bets since inception and launched own
@0xPolygon
super net chain
Already have many large whale bettors thanks to deep liquidity available
The future of L1/L2s is here
it’s just not evenly distributed
Increasingly, the most exciting new chains coming out are specialized around a specific use case…
Excited for the day when people start creating decentralized autonomous hedge funds (DAHF) that utilize
@numerai
for decision inputs and
@melonprotocol
for admin infrastructure.
1. I've been following
@Numerai
closely since December 2016, here's some background on Numerai and reasons why I think their latest project
#Erasure
could be one of the coolest experiments on
#Ethereum
and bring value to their token $NMR
Pretty excited for everyone to see what we've been working on!
Being the first
#Polygon
sister chain is awesome, but being the first chain to use prediction market governance is where we're going to make our mark
SX Network's Blockchain is Live on Testnet 🏁
Combining
@0xPolygon
blockchain expertise and the SX prediction market protocol ($50M+ in trades settled) to create a scalable blockchain with prediction market governance!
One step closer to launch 🚀
Had good pal
@hal2001
of
@UMAprotocol
on DeFi Decoded this week to chat about oracles, DeFi, and his take on the multi-chain thesis
Tons of alpha dropped near the end of the pod as we chat about DeFi narratives to watch out for in 2022
Huge honour to chat with
@billbarhydt
@AbraGlobal
from his Bitcoin Citadel on the moon on
#DeFiDecoded
!
Really enjoyed talking about the macro picture and long-term adoption cycle of BTC and crypto with
@alextapscott
!
Watch it here:
Specialized chains are going to lead the next wave of adoption
Just as countries specialize in specific industries to gain a competitive advantage, blockchains will too
Starting to see first rumblings of this with
@osmosiszone
@Ronin_Network
@SX_Network
@PauloMacro
What exactly is tether going to be cleaned house on
It's an incredibly profitable business now that rates are higher that has a dominant monopoly position, solving a real need in the crypto ecosystem
Have been hearing same Tether FUD for 6 years now, when it was 1/85 the size
SX has the best odds, by far the most markets, and is the only web3 betting platform to offer live betting
our main disadvantage is in distribution in that the app and token live on its own custom app chain
that will be changing shortly
Beginning of long line of new native projects coming to SX Network over the next few weeks
Most of them are betting-related but others - like LiquiStake - will be helping bootstrap the SX DeFi ecosystem
Announcing LiquiStake: a liquid staking protocol exclusively on
@SX_Network
Liquistake will enable users to access liquidity from their staked WSX balance by providing them with a liquid token (stWSX) in exchange for staked tokens.
Helloooo, liquidity.
Total market cap of all gambling stocks: ~$300b
Total market cap of all gamblefi tokens: $0.6b
Study relative valuation. Study market share growth. Study innovator's dilemma. Lessons there