Eliminating Vig
SX cuts commission to zero and is now on track to be the lowest vig sports betting platform and have the best odds in the world
We want to reduce vig in sports betting to zero while also drastically increasing fairness and transparency by using the power of the blockchain.
The latter two of these goals — fairness and transparency — have been a staple of SX from the beginning.
By its very nature, SX is the most transparent and fair sports betting platform ever created. Every single bet on SX is posted on-chain, creating a verifiable and tamper-proof permanent record on the SX Network blockchain. This is in stark contrast to typical betting platforms, where all betting flow is hidden from the public, and only accessible to the owners of the site.
This opaque nature naturally benefits the platform owners, creating an inherently unfair market for everyone else. Most sportsbook owners compound their inherent advantages by also banning or limiting anyone who is talented enough to still eke out profits. In the current sports betting market, the house (almost) always wins.
SX Monetization
However, on the primary mission of eliminating vig, SX has been somewhat underwhelming. By virtue of being a betting exchange, SX is able to cut down vig by enabling market-makers and users to compete against each other to offer bets on a two-sided market. While this is a big improvement over traditional sportsbooks, betting exchanges aren’t all that new.
While SX’s decentralized betting exchange model is highly unique and disruptive, SX’s monetization model up and until now, hasn’t been. SX charged a simple 2% commission on all profits of winning bets, which while being an industry-low, is still standard among betting exchanges.
We think we can do better: the world’s first negative fee betting platform.
While exploring different monetization routes, SX has taken the step to cut commission rates to zero for the time being. That means both makers and takers pay 0% commission on all bets, including parlay bets as well. On top of paying no fee, SX rewards bettors weekly in its native governance token $SX for using the platform. This means the net commission paid on bets is actually negative; SX bettors are effectively being paid to bet.
Why do this?
As both a betting exchange and it’s own blockchain, SX is subject to massive network effects. Both the SX Bet product and the SX Network blockchain become more useful and valuable as usage goes up.
With SX Bet, more users incentivizes more market-makers to onboard onto the exchange, leading to better odds, which encourages more users, and therefore more market-makers. With SX Network, more users incentivizes more app developers to build on SX Network, which creates new utility for both existing and new SX Network users, which encourages more users, and therefore more market-makers.
The early results have been extremely promising, with SX boasting the best odds in the world on many sports. In turn, betting has started to increase, with March already on track to be our biggest month ever, even though it’s a been relatively calm couple of days in terms of sports events.
SX Moving Forward
With SX’s superior odds, it’s commission cut to zero, and SX tokens being awarded through bet mining, there’s truly no better place in the world to bet than SX Bet. That’s why friend’s don’t let friends bet anywhere but SX.
About SX
SX Bet is the #1 blockchain sports betting platform by betting volume across all chains. All bets are peer-to-peer and settled on-chain. SX lets you get the best odds when you bet on sports with crypto, all from the security of your own wallet. SX has processed +$420,000,000 in betting volume. SX Bet is not available in the United States or other prohibited jurisdictions.
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