Tap in Tuesday: The Ultimate Guide to Sports Betting on Ethereum

SportX is a decentralized sports betting platform built on Ethereum and the Matic L2

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DeFi Slate Fam:

Happy Tuesday y’all. The world of dApps in the crypto-verse continues to grow and evolve.

More and more applications are coming on the scene with creative solutions to old problems. The breadth of Ethereum allows applications to succeed in vastly different industries.

The world of DeFi extends from the risk-free to the risky.

In this article we focus on one of the oldest financial games around.

SportX is a decentralized platform for sports betting on Football, Basketball, Soccer, MMA, and more. An open, and composable spin on an age-long tradition.

Big thank you to SportX for this guest post and pushing us further towards the future of sports betting! The native SX token tracks activity on the SportX platform. As SportX grows so does $SX. The token is built on strong “ponzinomics” which has led to an ascent from $0.30 to $0.50 in recent months.

Immerse yourself in the new wave. This is the Ultimate Guide to Sports Betting on Ethereum.

Enjoy!

-Rob

PSA: SportX is restricted in certain countries including the US. Before visiting SportX and placing any wagers, please do your due diligence on the legality of using SportX in your jurisdiction and purchasing the SX token.


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Ultimate Guide to Getting Started on SportX

Welcome to SportX, this guide is designed to give you all the information you need to be able to confidently compete in a SportX tournament by placing bets on the SportX platform. 

Here’s what we will cover in this guide: 

  • Introduction to SportX

  • Placing A Bet on SportX Walkthrough

  • How to Monitor Your Bet and The Bet Settlement Process

  • How to Withdraw Your Winnings 

Introduction to SportX

SportX is a blockchain-based peer-to-peer betting exchange based on the Matic network, an Ethereum side chain. 

All bets on SportX are made with cryptocurrency, and the cryptocurrency used for the tournament is matic DAI. The cryptocurrency DAI is equal to $1 USD. 

You will be sent matic DAI to compete in the SportX Cup. 

Placing A Bet on SportX Walkthrough

Step 1: MetaMask Setup 

To interact with the Matic blockchain you need to have the Metamask browser extension installed and configured to work with the Ethereum address you used to enter the tournament. It is very important that you enter with this Ethereum address, as this is the one that we have sent the cryptocurrency to! 

When you are confident your Metamask is set up and logged in go to step 2. (If you need help on this jump into our Discord)

Step 2: Sign up to SportX

You can now visit www.sportx.bet, click login and then login with Metamask.

You should be logged in and on the top right-hand corner, you will be able to see you DAI balance. You can see that this example account has $63.71 DAI.

Step 3: Placing a bet

Now you are logged in, we can place a bet by:

  • Choosing a sport 

  • Choosing a game 

  • Choosing to place a Money Line bet

  • Placing a bet and signing the transaction

Let’s go through these steps one by one:

Step 3.1: Choosing a Sport

For this example, we are going to be betting on an English Premier League Soccer match. So the first step is to visit the left-hand side of the site and select the sport Soccer. Then select English Premier League.

Step 3.2: Choosing a Game
After clicking on English Premier League Football on the sports tab you will get to a screen that lists all the matches that can be bet on.

To make things simple, we are going to choose to bet on the first game which is Manchester City vs West Ham United - so we need to click on this match.

Step 3.3:  Choosing to a bet type 

When you reach the Bet page you will see three options, SPREAD, MONEY LINE and TOTAL.

For this guide, we will be showing you how to place a MONEY LINE bet. This is the most simple bet. When placing a money line bet, you are betting on who will be the winner of the match. 

Step 3.4: Placing a Bet

In this example, we are placing a $10 Money Line bet on West Ham United to beat Manchester City. 

To do this we will add $10 to the box under West Ham United. You will notice that the odds of winning the bet populate automatically, and we can see that if West Ham United win, we will get a return of $75.66. 

From here we need to click the green BET button under our $10 bet, and then confirm the bet. After this, we need to sign the transaction to the blockchain with MetaMask.

We will see the MetaMask browser extension pop-up, looking like this:

From here we can scroll down and click the blue ‘Sign’ button.

Congratulations! You have just placed your first bet.

All you have to do is wait until the game is over and come back to SportX to see if you have won or lost your bet. You will be able to see this by visiting https://sportx.bet/account

Let us know how you have got on in the Discord! 

How to Monitor Your Bet and The Bet Settlement Process

You can monitor your bet on your account page https://sportx.bet/account  when logged in. Here you will be able to see Unsettled Bets and Settled Bets.

Your Unsettled Bets are those that are on games that are going to be played or are currently being played. On the account page you can view your Stake, the Odds and the potential Return. 

When the game you are betting on is over, the scores are updated and your bet will be moved to a settled bet. Here is you can see the return on your bet. For winning bets the return is total of your Stake + Profit and is automatically added to your total balance. 

For losing bets the Return is $0.00. 

How to Withdraw Your Winnings 

As SportX is on Matic, the Matic ETH or Matic DAI that you have in your balance can only be used on ther Matic network. If you want to withdraw this to be used on Ethereum then you should follow these steps: 

  • Go to the Deposit tab https://sportx.bet/deposit/convert on the dashboard

  • Enter the amount of Matic DAI you want to conver to DAI and click ‘Convert Matic DAI to DAI’ 

  • Go to the Withdraw tab here https://sportx.bet/deposit/withdraw and click Withdraw DAI, then enter the amount you wish to withdraw and enter the Ethereum address you wish to withdraw DAI to

If you have any issues you can contact our team for support in the Discord 

Appendix

The SportX Cup Rules and Housekeeping

The SportX Cup is a competition for a group of people to compete against each other by placing bets. The winner is the person who has made the most profit from all their combined bets when the tournament closes. 

Rules: 

  • You must place at least 5 bets to win 

  • You can bet on any sports that are listed on SportX 

  • The winner is the person with the most profit at the end of the tournament 

  • There is no minimum amount to bet, you just need to make 5 bets

During the tournament, you will be able to track your position by visiting the Cup leaderboard. 

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⚠️ DISCLAIMER: Investing into cryptocurrency and DeFi platforms comes with inherent risk including technical risk, human error, platform failure and more. At certain points throughout this post, we might get commission for promoting certain projects, if this is the case we will always make sure it is clear. We are strictly an educational content platform, nothing we offer is financial advice. We are not professionals or licensed advisors.


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