New Type of DeFi – Decentralized Betting
Decentralized betting and all the benefits of decentralization - anonymity, speed, efficiency. Introducing the Overtime app.
The field of DeFi is bringing us another blockchain solution that is well-known in the Web2 world. In the summer of 2022, a new DeFi application was created, bringing people the opportunity to bet on sports. All you need is a crypto wallet in your browser and you're ready to go. There is already a lot to choose from. Below is a list of leagues that will be expanded over time.
At the end of September 2022, the solution had a total of 1350 recorded users. The stablecoins USDT, USDC, DAI, and sUSD are used for betting. However, not all may be available initially.
You have three display types for odds to choose from for your bet. Other than that, it is also necessary to think about the time, because betting closes 24 hours before the match begins.
Thanks to the smart contract, this application works with set rules for paying out winnings, which means that Overtime will not delay payouts. It will only be necessary to wait for a regular update so that the application has the required data to pay out the winnings.
As of the end of September 2022, Overtime supports the following 17 leagues – but there are plans to add more over time.
- FIFA World Cup
- UEFA Champions League
- La Liga
- Serie A
- Formula 1
- Ligue 1
- NCAA Men's Football
The advantages of this solution include:
1) Most platforms require registration. They collect a lot of personal and other data. The risk occurs, for example, when applying for a loan. Web2 transactions are monitored by all banks. If you make an online bet payment (even once), your score is immediately reduced, and you will not be able to get a more favorable loan. Another risk is the loss of personal information due to theft by hackers. DeFi bets do not suffer from this.
2) In classic betting, companies collect your funds for safekeeping, and this is a problem. In crypto, we follow the crypto proverb, "Not your keys, not your crypto." It is not necessary to rely on a centralized depository. Overtime offers public smart contracts that anyone can verify. Deposited funds are thus handled by a decentralized service that does not play against you.
3) Most betting companies rely on centralized deposit storage. When the time comes to withdraw, some of these companies may require a waiting period or may even refuse to pay you your winnings. With Overtime, you can withdraw your prize at any time after 6 hours.
Let's have a look at how it all works.
The Overtime application is fully installed on the blockchain. It runs automatically and without supervision. This is another use of the AMM (Automated Market Maker) protocol that uses sports data feeds to issue bets/options. The app also cannot offer more bets/odds than it is able to pay out.
After you bet, the application will issue you LP tokens of the corresponding value for your stablecoins. Their quantity will represent the betting rate. If your bet wins, your LP tokens will be eligible for a 1:1 payout in USD. If you lose, the LP tokens will be worthless. I imagine they would burn them, so they don't end up taking up space in your wallet.
Overtime odds come from Pinnacle Sportsbook, a highly respected bookmaker with customers in over 100 countries. Pinnacle has been around since 1998 and is considered one of the most trusted internet bookmakers. They have top security. They are also one of the few bookmakers offering the best e-sports bets.
Data from the company flows using the Chainlink protocol, which ensures that odds updates and results reach the blockchain. In addition, Overtime will be launched soon on the Optimism network to get low-cost and near-instant transactions.
Instructions in English can be found at this link: