SX Bet Review 2023: A Deep Dive Into The Future of Blockchain Betting

In the rapidly evolving world of blockchain technology, new platforms are constantly emerging, each promising to revolutionize a different industry. One such platform is SX Bet, a blockchain-based sports betting exchange that has been making waves in the betting industry since its inception.

This SX Bet review will provide an in-depth look at SX Bet, exploring its origins, offerings, pros and cons, unique features, and why it stands out in the crowded field of online betting platforms. Whether you’re a seasoned bettor or a newcomer to the world of blockchain, this comprehensive review aims to provide you with all the information you need to understand and navigate SX Bet.

Who’s Behind SX Bet

SX Bet, previously known as SportX, was founded in 2019 and has since been a strong contender in the sports betting space. The platform is built on the SX Network, the world’s largest blockchain prediction market ecosystem, which is powered by the SX token. The team behind SX Bet is a group of dedicated professionals who are passionate about revolutionizing the betting industry by leveraging blockchain technology.

In August 2022, SX Bet made a significant leap by migrating to the SX Network. This transition, which had been in the works for several months, resulted in immediate improvements in the platform’s performance and speed. Notably, gas fees on the SX Network are now 99% lower than on Polygon PoS, making transactions more cost-effective for users.

Furthermore, all transaction fees now contribute to the SX Network’s revenue, fostering a self-sustaining ecosystem. This migration has not only enhanced the current user experience but also laid a solid foundation for the platform’s future evolution.

SX Bet Review: What Does SX Bet Offer?

SX Bet is a peer-to-peer blockchain sports betting exchange. Unlike traditional sportsbooks where you bet against the house, SX Bet allows users to bet against each other. This unique model has the potential to disrupt the traditional betting industry, as it offers a more transparent, fair, and potentially profitable betting environment.

The platform stands as the world’s largest blockchain betting exchange, offering a non-custodial, peer-to-peer platform where users bet directly from their wallets in USDC, ETH, or SX. This means that users have complete control over their funds at all times, eliminating the risk of misappropriated or wrongfully held funds, a common issue with traditional betting platforms.

SX Bet is also the first platform to offer peer-to-peer parlays, providing unique betting opportunities for sports, esports, and crypto price market enthusiasts. This innovative feature allows users to combine multiple bets, increasing the potential payout.

Betting Options

SX Bet offers a wide range of betting options, covering traditional sports like football, basketball, and baseball, as well as esports and cryptocurrency price markets. This diversity caters to a broad range of betting enthusiasts, from sports fans to crypto traders.

The platform also offers in-play betting, allowing users to place bets while a game or match is ongoing. This feature adds an extra layer of excitement and dynamism to the betting experience.

Our Review: Pros And Cons Of SX Bet

Pros

• Lower Vigs: SX Bet aims to reduce the vig by 90%, offering industry-leading odds and higher payouts for bettors.
• Peer-to-Peer Betting: Unlike traditional sportsbooks, SX Bet operates on a peer-to-peer model, allowing users to both offer and take bets, leading to better odds.
• Non-Custodial Security: SX Bet doesn’t hold users’ funds custodially. Instead, bettors have complete control over their funds, securely stored in their personal non-custodial wallets.
• Transparency: Every bet is recorded on-chain, creating a public and tamper-proof record of all betting activity, ensuring the platform’s integrity.
• SX Token Utility: The SX token offers various functionalities within the SX Network ecosystem, including staking, governance, fee discounts, and acting as a gas token.
• Open Access: SX Bet doesn’t ban, restrict, or limit winning bettors, allowing consistent winners to continue betting without penalties.
• Community Ownership: The SX token enables community ownership and decentralized governance, fostering a sustainable future for the platform.
• Profit Sharing: SX Bet is the first betting platform to offer revenue share to its token holders, a revolutionary approach in the industry.

Cons

• Geographic Restrictions: SX Bet is not available in certain countries, including the United States and several European countries.
• No casino games: As usual for most sports betting platforms, there are no casino games available.

Payment and Withdrawal Options

SX Bet operates exclusively with cryptocurrencies, specifically USDC, ETH, and SX. The platform supports both Metamask and Fortmatic wallets, giving users the flexibility to choose the wallet they prefer.

The use of cryptocurrencies for transactions ensures faster, cheaper, and more secure transactions compared to traditional payment methods. Moreover, since the platform is non-custodial, users have complete control over their funds, eliminating the need for a withdrawal process.

Features

SX Bet offers several unique features that set it apart from traditional betting platforms:

• Peer-to-Peer Betting: Unlike traditional sportsbooks where you bet against the house, SX Bet operates on a peer-to-peer model, allowing users to bet against each other. This model fosters a dynamic and competitive environment, often leading to better odds.
• Non-Custodial Platform: SX Bet is a non-custodial platform, meaning users maintain complete control over their funds via a non-custodial wallet. This feature significantly reduces the risk of misappropriated or wrongfully held funds.
• Variety Of Betting Options: SX Bet offers a wide range of betting options, covering traditional sports, esports, and even crypto price markets. This diversity caters to a broad spectrum of betting enthusiasts.
• World’s First Peer-to-Peer Parlays: SX Bet is the first platform to offer peer-to-peer parlays, providing unique betting opportunities that are not available on other platforms.
• Community Ownership: SX Bet is community-owned, giving users a say in the platform’s governance. This democratic approach fosters a sense of ownership and engagement among users.
• Free API Access: SX Bet offers free API access, allowing developers to build on top of the platform and create new applications or integrations.
• Staking: Users can earn through staking on the platform. By staking $SX tokens, users can earn real yield, adding another dimension to their betting experience.
• No Limitations on Winners: Unlike traditional sportsbooks that may limit winning bettors, SX Bet does not engage in such practices. This feature ensures a fair and transparent betting environment.
• Instant Withdrawals: With SX Bet, users don’t have to wait for their withdrawal requests to be processed. Since the funds are always in the users’ custody, they can move their funds off SX Network whenever they wish.
• SX Token Rewards: Every time a user wins a bet, they receive $SX tokens on top of their winnings. These tokens can be used for wagering, staking, swapping for other tokens, or voting rights in the platform’s governance.
• Easy Account Setup: Setting up an account with SX Bet is straightforward. Users can create a wallet and sign up for an SX Account with Metamask, or create an account directly on SX with their email, which will auto-create a Fortmatic wallet for them.

Why SX Bet Is One Of The Best In The Industry

SX Bet is revolutionizing the betting industry with its unique peer-to-peer, non-custodial model. By allowing users to bet directly from their wallets, the platform offers a level of transparency and control that is not available in traditional betting platforms.

Moreover, SX Bet’s competitive environment leads to higher payouts, making it a more profitable option for bettors. The platform also does not limit or ban winners, a common practice in traditional sportsbooks that is often seen as unethical.

As Andrew Young, project lead of SXBet, showed impressively in a recent Twitter thread, SX Bet is establishing itself as the lowest vig betting platform in the world. In the thread, Young compared the vig for a bunch of MLB games across +20 sportsbooks using the leading odds comparison site OddsJam, showing SX Bet’s massive reduction in vig.

“As we onboard more market makers, we should be able to drive our vig down to a ridiculous 1.0%. With the mission long-term to get to 0.5% vig; a 10x improvement on the current industry standard,” remarked Young.

The platform’s use of blockchain technology also offers several advantages, including faster and more secure transactions, as well as the ability to earn through staking. These features, combined with the platform’s commitment to community ownership and free API access, make SX Bet one of the best in the industry.

How to Get Started: Step-by-Step Guide

Getting started with SX Bet is a straightforward process, even for those who are new to crypto and web3. Here’s a step-by-step guide:

1. Create an Account & Wallet: First, you need to create a wallet and account with SX Bet. You can do this by creating a Metamask wallet and signing up for an SX Account with it, or by creating an account directly on SX with your email, which will auto-create a Fortmatic wallet for you.
2. Verification: After signing up, you’ll need to complete basic and enhanced verification. Basic verification is required to start wagering, while completing enhanced verification will earn you $20 in free bet credits and other offers.
3. Fund Your Wallet: Most users use a centralized exchange (CEX) like Binance, Bitfinex, or Kraken to buy USDC or ETH with fiat currency. Once you’ve bought USDC or ETH, you can send it from your CEX wallet to your Metamask or Fortmatic wallet to be used on SX Bet.
4. Bridging: After sending funds to your wallet, you’ll need to bridge them onto the SX Network blockchain using the platform’s bridge. This will allow you to use the funds on SX Network applications, like SX Bet.
5. Start Betting: Once you’ve completed the bridge transaction, you’re ready to start betting. You can now bet as you would on a normal sportsbook, using the token of your choice.

Restricted Countries

SX Bet is not available in certain countries due to regulatory restrictions. These include the United States, American Samoa, Guam, Northern Mariana Islands, Puerto Rico, U.S. Virgin Islands, France, French Guiana, French Polynesia, Guadeloupe, Martinique, Mayotte, Reunion, Saint Barthelemy, Saint Martin, Saint Pierre and Miquelon, Wallis and Futuna, Netherlands, Aruba, Curacao, St. Maarten, Bonaire, St. Eustatius, Saba, Turkey, Belarus, Cuba, Iran, North Korea, South Sudan, Sudan, Syria, Crimea, Donetsk, and Luhansk.

What Is The SX Token?

The SX token is the native cryptocurrency of the SX Bet platform. It plays a pivotal role in the ecosystem, providing users with a range of benefits and functionalities. The SX token is an ERC-20 token, meaning it operates on the Ethereum blockchain, but it’s also compatible with the Polygon network, providing flexibility and accessibility for users.

One of the primary uses of the SX token is in the platform’s staking mechanism. Users can stake their SX tokens to earn real yield, adding an extra dimension to their betting experience. Staking not only provides a passive income stream but also contributes to the overall security and stability of the SX Bet platform.

In addition to staking, SX tokens are also used for wagering on the platform. When users win a bet, they receive SX tokens on top of their winnings. These tokens can then be used for future wagers, providing an additional incentive for users to engage with the platform.

Furthermore, SX tokens grant users voting rights in the platform’s governance. This means that token holders can influence the direction and development of SX Bet, contributing to decisions on everything from platform upgrades to new feature implementations. This level of community involvement is a key aspect of SX Bet’s ethos, fostering a sense of ownership and engagement among users.

Lastly, SX tokens can be swapped for other tokens or even used as a medium of exchange within the SX Bet ecosystem. This versatility makes the SX token a valuable asset for users, providing them with a range of options for how they use their tokens.

SX Bet – Verdict: Why SX Bet is One of The Best

SX Bet is a game-changer in the blockchain betting arena. Its unique peer-to-peer betting model, higher payouts, and user-friendly platform make it one of the best in the industry. The platform’s commitment to transparency, security, and user empowerment sets it apart from traditional betting platforms. Whether you’re a sports bettor, an esports fan, or a crypto market enthusiast, SX Bet offers a unique and rewarding betting experience.

Visit SX Bet at https://sx.bet/