- Paradox and Root have come together for the launch of a new betting marketplace based on smart contracts
- The marketplace will launch just in time for the upcoming FIFA World Cup 2022
- The pari-mutuel betting pool model will rely on on-chain betting through generalized markets
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Peer-to-peer, pool-based betting protocol Paradox and on-chain marketplace for commerce, prediction, and financial markets Root have inked a fresh deal for the launch of a brand new pari-mutuel betting pool model. The model will be released just in time for the upcoming FIFA World Cup 2022 in Qatar and it will build on-chain betting using generalized markets that are permissionless. The new betting marketplace will launch on November 16 and it will allow market participants and users to wager on the much-anticipated event via Roots, the company’s in-house ERC-20 token.
Bet to Earn
The new wagering marketplace will be called Bet to Earn and it will stay active until December 18. Both Paradox and Roots have high hopes regarding the pari-mutuel betting pool that is expected to become a “touchpoint” for users interested in actively embracing decentralized forms of sports betting.
Paradox will provide pools that will enable users to benefit from the same odds while relying on the pool odds available at the time players place their bets. In the specific context of the FIFA World Cup, these odds will be locked in at the start of the event on November 20. In other words, bettors will not be at risk of receiving worse odds that could be triggered by factors like injuries suffered by players that normally influence odds between when bets are placed and when the sports events are initiated.
Root uses Beanstalk, an uncollateralized and permissionless fiat protocol that is DeFi’s only decentralized credit-based stablecoin protocol. Root used the voice of its spokesperson to explain its goal to keep “innovating across the entire tech stack” with the purpose of fixing the on-chain betting issue and turning it into the “dominant liquidity hub” for on-chain sports betting.
Paradox’s parimutuel model will be responsible for generating fair odds that should considerably improve the way bettors make their wagers for the much-anticipated World Cup. This edition will mark the 22nd edition of the prestigious competition. The tournament which will also be the last of its kind with a 32-team field will also be the pioneer World Cup to be organized in the Arab world as well as the second FIFA competition to be held entirely on the Asian continent after the tournament that was hosted by Japan and South Korea in 2002.
Paradox, which was started by the founders of one of the biggest web2 betting exchanges on the planet, was the runner-up at the inaugural SBC Summit Barcelona First Pitch, preceded by Kero Gaming.