Lightning Network Sports Betting \ stacker news ~bitcoin

898 sats \ 13 comments \ @kr 24 Mar 2023 bitcoin

I’m kind of surprised that nobody has built a Lightning-native sports betting app yet, feels like it could be a great product for a number of reasons…

LN enables instant funding and withdrawals
median online sports betting amount is under $10
sports betting is a multi-billion dollar industry that is becoming more “legalized” over time
sports have global appeal, and sports betting is getting really popular among mainstream audiences
no direct competition (yet) may allow a company to set higher take-rates for now

If you’re considering building this and want to chat more, DM me on Twitter!

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188 sats \ 0 replies \ @Undisciplined 24 Mar 2023

I was thinking about making a similar post on here and there's no reason it has to be restricted to sports.

This could work very simply:

Let people create the bet e.g. Lakers vs Celtics.
Then it's open for anyone to place money on one side or the other.
After the event, payout the full pot to the winners in proportion to their share of the total wager on that side.

Rather than arbitrarily setting odds, just report what the payouts would be in real time based on the current amounts wagered.

As long as people are allowed to withdraw their wagers, there isn't any risk of being stuck with odds you don't like because of changes after your bet.

162 sats \ 0 replies \ @grayruby 24 Mar 2023

Me too. I posted this months ago as one of my Bitcoin business ideas.

108 sats \ 2 replies \ @nout 24 Mar 2023

I was betting sats on Formula 1 results on Nostr 😄 don't need app...

0 sats \ 1 reply \ @MastercardMaximalist 24 Mar 2023

how?

0 sats \ 0 replies \ @erict875 24 Mar 2023

My guess is that both parties agree on a trusted third party (TTP) who will act as an escrow.

However, in cases where the bets are public and the amount is small, a TTP may not be necessary as people would want to maintain their reputation and wouldn't want it to be damaged.

I think that one DLC gets fully implemented on LN, this use-case will explode.

181 sats \ 2 replies \ @Undisciplined 24 Mar 2023

I shared this thread over on Zapread if anyone wants to follow the discussion over there.

0 sats \ 1 reply \ @erict875 24 Mar 2023

An app with LN integration, but still doing old-fashion auth with email and password. 😔

0 sats \ 0 replies \ @Undisciplined 24 Mar 2023

fair

101 sats \ 0 replies \ @erict875 24 Mar 2023

I think you would need DLC for this, but it has not yet been fully ported to Lightning.

Crypto garage is working on it https://medium.com/crypto-garage/dlc-on-lightning-cb5d191f6e64