According to the latest reports by Research and Markets, the online sports betting and gambling industry is expected to surge past $565 billion marks in the next two years. At present centralized sports betting dominate the market. However, with the revolution of blockchain technology, infinite possibilities are bound to open that will disrupt the betting industry. One of the betting platforms that effectively stands out is Wagerr.
Platform and Token
Wagerr is a trustless and decentralized sports booking platform. Its primary level consists of a standard wallet for betters and WGR token holders. WGR is the platform’s native token based on the Binance chain. The secondary level is made up of masternodes that also double up as oracles. Their function is to validate the real-world data. It is this second layer that scales Wagerr, enabling faster transaction process and rewards.
Wagerr blends technical elements with economics while rolling out decentralized governance and a deflationary system. The value of WGR is dynamically adjusted depending on prevailing market rates and betting volume. Notably, all this is done without the risk of failure because of the network’s high-level decentralization.
By interacting with the platform, users enjoy the true meaning of online betting. In fact, Wagerr betting volume surpassed Augur in 6 weeks. Wagerr is a cut above the competition including Augur which is struggling with user retention.
Betting Modes and Fees on Wagerr Platform
Distinctively, there are three modes of betting at Wagerr: multi-user betting, peer-to-peer betting, and peerless direct chain betting. The betting transactions are anonymous and anyone, regardless of geographical location, has unrestricted access. Wagerr also recently won the World’s Best Odds.
Wagerr’s fee burning strategy is in place with low and modest fees while the traditional bookkeepers still keep it high. Comparatively, Wagerr fees are 40% lower.
Nearly half of all the fees charged in WGR are destroyed in what is called value coupling. This way, the number of coins under circulation is reduced. Subsequently, WGR tokens gain higher value as supply and demand factors kick in.
Understanding Wagerr’s Betting Odds
Just to understand how it Wagerr betting odds work, one ought to have a thorough understanding of the underlying mechanics and the platform’s value coupling feature.
Value coupling links the value of the WGR token to betting volume and token burning. Wagerr creates value by coupling the price of WGR with the betting volume while systematically destroying/burning a portion of fees to spur the demand of WGR. The high demand and low token circulation push up the price of WGR.
Coin and Oracle
From Wagerr’s block explorer – over 293 million WGR in total bets and 301 million WGR in total mint, gifting WGR a spot rate of $0.03667849 (up 2.5% in the last trading day), according to coin trackers.
Secondly, anyone can operate an oracle and earn fees by posting bet data. An oracle can be compared to a verifying agent that retrieves data from real-world events like sports and publishes them on the blockchain. There are three ways through which an oracle can collect and post data. One is through a paid sports betting API, another by a sports site scrap script, and a third by manual entry.
This submitted data is then used to determine the outcome of winning or losing sports bets after consensus.
An oracle is also a masternode that posts collateral in WGR and can forge smart contracts that are backed by their collateral. Several oracles form the backbone and a secondary network layer that continuously process bets and events every day of the week without breaks. With this secondary layer of masternodes, Wagerr can scale while simultaneously guaranteeing decentralization.
For incentivization, oracles benefits in two folds. First by winning 50% of betting fees and secondly through fixed block rewards released after every minute.
Project’s Masternodes
From Wagerr block explorer, there are 93 peers and 3,042 masternodes with an average block generation time of 60.50 seconds. The average masternode payment is after every 51.12 hours. The estimated earnings based on current subsidy and active masternodes for an online masternode is roughly $1.12 per week.
How Blockchain Improves Betting
Additionally, Wagerr has a feature called odd balancing that is specifically in place to prevent the network from being exposed to huge payout liabilities. Thanks to odd balancing, Wagerr incentivizes counter bets when one side is outweighed in peerless direct chain betting where complementary transactions are not required to forge a contract. When incentivization kicks in, arbitrage occurs and this consequently encourages the adoption of Wagerr.
But there is more. Wagerr is global thanks to the underlying blockchain. Because of blockchain and smart contracting capability, all bets are executed on-chain. That’s an edge that shields the end-user against manipulation and corruption rampant in centralized entities. The Wagerr system escrows stakes, verifies results and pays out winners.
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