SX #59 -101/-101 Mission: SX Bet’s Quest to Cut Sports Betting Vig by 90%
Analyzing UX Obstacles That Have Prevented Adoption of Web3 Betting
🤝 SX Bet’s Quest to Cut Sports Betting Vig by 90%
SX’s mission is simple, we aim to slash betting costs (i.e. the vig) by 90% from 4.8% to 0.5%. This represents a 10x improvement from the industry standard odds of -110/-110 (1.90/1.90) to industry-leading odds of -101/-101 (1.99/1.99). In simple terms, this means a $100 bet on a 50–50 outcome pays you $99 in profit — not $90 like it does currently — a 10% higher payout for bettors.
Our strategy? Utilize the unique advantages offered by building our entire technology stack using web3 rails.
🖥️ Why Poor UX Has Prevented Mainstream Adoption of Web3 Betting
The explosive growth of decentralized finance (DeFi) and non-fungible tokens (NFTs) over the last two years has been phenomenal to see and shows that there are clear use cases for the web3 space. However, web3 blockchain betting — hasn’t seen the same explosive growth.
Growth has been incremental — for example, SX is the largest blockchain betting platform in the world and grew betting volumes 2x last year to $180m. While this was nothing to sneeze at given how bad the overall crypto market environment has been, it’s a far cry from its potential.
Why hasn’t web3 blockchain betting achieved the same adoption rates as DeFi and NFTs? The answer can be found in three core issues that web3 betting apps have grappled with since their inception: poor user experience (UX), low trust, and lack of a compelling value proposition.
🏆 Upcoming Tournament
🎾 SX Slam 🎾 May 28 -June 11 💰 $7,500 💰
The French Open is back! SX users have the opportunity to compete for a $7,500 prize pool in a RETURN tournament. Bettors must place three wagers to qualify, only wagers on WTA and ATP French Open matches contribute to your standing.
About SX Network
SX Network combines smart contracts with an on-chain treasury and prediction market protocol. SX Network is perfect for developers with EVM compatibility, low-cost transactions, and PoS-based consensus. SX Bet is the largest blockchain betting platform in the world, with over $340,000,000 in betting volume since its inception.