Crypto Sports Betting Exchange SportX Launches on Ethereum

medium.com

8 pointsAY_952 comments

Interesting idea, similar to Betfair in the UK, have you had any traction on the site so far?

I also know that many countries limit access to online sports betting, how do you deal with gambling regulations? Also I have heard of a number of crypto exchanges being hacked (Mt.Gox, Coincheck), how is SportX any different?

Since we launched last week, we have done ~$110,000 in trades. If you include our March Beta Launch we are over $350,000 from roughly 300 users.

To build trust we geoblock countries that have taken the position that peer-to-peer betting is illegal or requires a gambling license (like the US and the U.K). We also block users from financial sanctioned countries.

Centralized exchanges (Mt. Gox, Coincheck) basically keep all of their user’s funds in large wallets. If a hacker gets access to it, they can steal large amounts of money very fast.

SportX is a decentralized exchange, which means we never store funds on behalf of our users. User’s funds are stored in their personal wallets (self-custody), which puts security at the individual level.

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