FAQ

Who is the Ubet platform for? UBET is a decentralized web-based sports betting platform that enables sports trading using USDC. Unlike traditional sportsbooks, which require users to bet against the house, UBET allows users to become both bettors and liquidity providers. This means that users cannot only place bets on their favourite sports teams and events but also act as the 'house' and provide liquidity to other users.
Who am I betting with? Yes and no. UBET is not Peer2Peer but rather Peer2Pool. This means that each bet is between a bettor and a group of liquidity providers. Anyone can become a liquidity provider on UBET!
How are betting odds determined? The betting odds are determined by our automated market maker. By having automated market makers, we eliminate centralized market makers and you do not have to worry about liquidity.
How do we have a low vig (service fee)? UBET offers a 3.0% transaction fee + slippage for the prematch games.
How do I get paid? You will receive the payment in USDC on the Polygon blockchain. USDC is a digital stablecoin that is pegged to the USD and is available on Polygon and other Ethereum blockchains.

What is the technology built on? UBET is built on blockchain technology where betting contracts are executed and validated on the blockchain.
What is the Polygon blockchain? Polygon is a decentralized public ledger that uses proof-of-stake for consensus. It offers users low transaction fees and full compatibility with the Ethereum blockchain.
What are smart contracts? Smart contracts are contracts that are validated and executed on the blockchain. In other words, smart contracts are immutable computer programs that run deterministically in the context of an Ethereum Virtual Machine, in our case, as part of the Polygon decentralized network protocol. For sports betting, these contracts define the betting event, payout terms, game start date, and settlement results.
What is an automated market maker? An automated market maker (AMM) algorithm automatically determines the price within the market by the actions of the participants automatically. The price depends on the demand of the bettors and the supply of the liquidity providers.

Last updated 1 year ago

Who is the Ubet platform for? UBET is a decentralized web-based sports betting platform that enables sports trading using USDC. Unlike traditional sportsbooks, which require users to bet against the house, UBET allows users to become both bettors and liquidity providers. This means that users cannot only place bets on their favourite sports teams and events but also act as the 'house' and provide liquidity to other users.
Who am I betting with? Yes and no. UBET is not Peer2Peer but rather Peer2Pool. This means that each bet is between a bettor and a group of liquidity providers. Anyone can become a liquidity provider on UBET!
How are betting odds determined? The betting odds are determined by our automated market maker. By having automated market makers, we eliminate centralized market makers and you do not have to worry about liquidity.
How do we have a low vig (service fee)? UBET offers a 3.0% transaction fee + slippage for the prematch games.
How do I get paid? You will receive the payment in USDC on the Polygon blockchain. USDC is a digital stablecoin that is pegged to the USD and is available on Polygon and other Ethereum blockchains.

What is the technology built on? UBET is built on blockchain technology where betting contracts are executed and validated on the blockchain.
What is the Polygon blockchain? Polygon is a decentralized public ledger that uses proof-of-stake for consensus. It offers users low transaction fees and full compatibility with the Ethereum blockchain.
What are smart contracts? Smart contracts are contracts that are validated and executed on the blockchain. In other words, smart contracts are immutable computer programs that run deterministically in the context of an Ethereum Virtual Machine, in our case, as part of the Polygon decentralized network protocol. For sports betting, these contracts define the betting event, payout terms, game start date, and settlement results.
What is an automated market maker? An automated market maker (AMM) algorithm automatically determines the price within the market by the actions of the participants automatically. The price depends on the demand of the bettors and the supply of the liquidity providers.

Last updated 1 year ago