Decentral sports books are still developing. Therefore, there may not be conclusive working examples having ample of betting volumes. You would be betting using tokens and not Bitcoin. It would be similar to betting with another cryptocurrency such as Ethereum and Litecoin for playing crypto games. For using the platform, you would be requiring to acquire a token.
It would be pertinent to mention here that all bets and balances would be done similar to pure Bitcoin sports book. It would be done in token rather than BTC or USD. However, the question would be why getting into the hassle of getting a token to bet with?
Who would be having the requisite funds?
With the platforms being decentral, they would be promising to get rid of exit scams. You should be rest assured that you would not come across any central place or any central person having the funds of sports book. Therefore, nobody would be able to run away with the tokens and later cash them for Bitcoin.
Who would be grading bets? What is the data available with them?
A decentral platform would offer you several modes of acquiring data for the games in a decentralized manner. Numerous ways have been designed for different platforms looking forward to doing this. By the end of the day, you would be making use of some of the essential tips that sports books would be using. The people in the decentral network that would be reporting about the data have been termed oracles.
There would be kind of checks and balances performed for ensuring nobody provides wrong data or cheats by sending wrong results of any event. The bets would be graded with data after the results would be approved by the network. The network of oracles would ensure prevention of incorrect reports from getting through. It would be definitely lot harder than you actually think.
Benefits
- Reduction in exit scams, as no individual would be in charge of funds.
- Does not need KYC, as with pure Ethereum Games.
- Decentral solution has been much harder to block.
Drawbacks
- You would need Bitcoin to purchase token, which would be risking the price of Bitcoin along with the price of token.
- You would suffer from lack of support, as there would be no one when decentral platform fail to work. The support would not be able to tell the decentral network about wrongly graded bet.
