Crypto Sportz is the first sports wagering platform built entirely on the Ethereum blockchain. Released to the public on February 3rd, 2018, participants bet on sports like basketball, soccer, and football using ether (ETH), a digital currency.
The platform’s appeal comes primarily from its simplicity and no-strings-attached approach to sports wagering. In the current format, you place a wager (minimum 0.005ETH) on one of three options: team A wins, team B wins, or draw. If you’re correct, you win ETH proportionately to the amount you wager. This approach makes the thrill of sports betting easily accessible to the user/fan.
The Crypto Sportz platform operates through ‘smart contracts’ which are self-executing sets of code living on the Ethereum blockchain. What this means is that no one, including the developers themselves, can manipulate or interfere with any step in the wagering process–from entry to payout.
Since its Superbowl 2018 debut, Crypto Sportz has amassed a total of approx. 2.5 ETH in a wager. Users hail from over 96 countries so far including the U.S., Australia, China, Germany, Brazil, and Kenya. The team set out to create a global product by identifying and addressing barriers that may limit participation based on location.
It is steadily rising as a solid contender in the dapp space gaining traction in spaces like DappRadar and StateOfTheDapps.
From the CEO: “The reception we’ve gotten so far is very positive. With a minimal ad budget, we were able to transform an idea into a globally used platform in just a few months. We set out to create a product that sells itself and we are very proud to see that it’s working.”
The team from Canada has decided against an ICO route and instead provided a fully functional application from the beginning. By looking at their smart contract, you can see they make a modest profit by assigning a 4% transaction fee to every wager.
“There’s lots of excitement and fandom happening around sports, and that’s where the thrill of wagering is born. But all of that gets lost in the mix when you introduce these opaque wagering systems that are in one way or another biased against the user,” says Tomash Devenishek, Founder, and CEO of Crypto Sportz.
“We are sports fans that also happen to be professionals in tech, marketing, and business. We had the knowledge and expertise to create the experience we felt was missing: a back-to-the-basics way of making the games we love more interesting.”
Blockchain applications have a very bright future. Although the capabilities of the blockchain are currently overshadowed by crypto investment hype, developers behind decentralized applications with good use-cases are showcasing its potential. We look forward to seeing how the Crypto Sportz dapp will benefit the two worlds it aims to marry: crypto and sports.