Launched in March 2019 by a team based in Canada, SportX is a community-owned sports betting exchange and political prediction market. It comprises of the SportX protocol, the SportX.bet exchange, and the SX token.
The SportX protocol comprises the set of open source smart contracts that power the entire SportX ecosystem. The protocol creates, processes, and settles all bets, on-chain. This protocol houses the control mechanisms, configurable fees, maintenance controls, and rules that govern the entire network. It also houses all the governance logic, including the processes by which SX stakers control the Community Treasury.
The SportX.bet exchange is a non-custodial front-end interface that enables anyone with a Web3 wallet to place bets using the SportX protocol. The SportX.bet exchange concentrates liquidity into one central location in order to provide a platform for users to find the best odds and depth. The non-custodial nature of SportX.bet enables it a level of personal privacy, security, and transparency that simply cannot be replicated in the traditional centralized platform. Users can currently access SportX.bet through its industry leading API which allows both the offering (limit order equivalent) and filling of bets (market order equivalent), or they can interact with the protocol using the Sportx.bet front-end.
The SX token (SX) will serve this purpose by enabling shared community ownership and decentralized governance that will guide SportX to a sustainable future. SX enables SportX to truly become the world’s first community-owned sports betting platform and accelerate its advantages in liquidity, security, and reliability. SX is an ERC-20 token that exists on the Ethereum and Matic blockchain networks.
The SX token has three main uses on day one:
1) Governance: SX allows token holders to control over all the parameters of the SportX protocol smart contracts through the governance.sportx.bet user interface.
2) Staking: In order to participate in governance votes, token holders must first stake (i.e. lock up) their tokens. In return for giving up liquidity, token holders that stake tokens earn staking rewards.
3) Fee Discount: Token holders that stake SX also earn a reduction on any exchange fees they pay while using SportX, with varying percentages based on their total staked balance.
SportX is a peer-to-peer betting exchange that allows all users to both offer and take bets. This is different from traditional sportsbook where users can only take bets offered by the company running the site. This peer-to-peer model of betting leads to better odds and remove the ability of owners to exploit the users for profit. This model of betting also means there are no betting limits as you can offer or fill any offer available without limit.
