FAQ’s

Intro to UBET

  • UBET is a decentralized web3 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 can not only place bets on their favourite sports teams and events but also act as the 'house' and provide liquidity to other users.

  • 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!

  • We are hard at work round-the-clock to bring the decentralized dream to reality as soon as possible. For now, it’s scheduled to be released in Q3 2023!

  • 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.

  • UBET offers a 3.0% transaction fee + slippage (depending on your bet size and liquidity) for prematch bettings. Once the game starts, the transaction fee can fluctuate depending on the market volatility and the time left from the maturity date - this is to protect the liquidity providers from impermanent loss.

  • Yes, you can always trade in the market - buy and sell to optimize your position. However, you cannot exit your position once the game starts.

  • 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.

UBET Community

  • Bettors who want:

    - A decentralized platform with no centralized bookie.

    - Passive income.

    - Better odds.

    - Lower fees.

    - Transparency.

    - Instant payout.

    - A great user experience.

    - No wager limits (coming soon).

  • The biggest advantage is that you are no longer playing against the house, but a group of sports fans just like you. This allows UBET to offer balanced and fair odds, low transaction fees, and an overall better betting experience for bettors.

  • UBET is decentralized, meaning, you are betting against other players like you. This includes liquidity providers and bettors who bet against you.

  • You can follow us on Twitter to stay up-to-date on the latest news. However, the best way to keep up to date as well as engage the community is through our Discord!

UBET Technology

  • UBet is built on blockchain technology where betting contracts are executed and validated on the blockchain.

  • Polygon is a decentralized public ledger that uses proof-of-stake for consensus. For users, it offers low transaction fees and full compatibility with the Ethereum blockchain.

  • 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.

  • 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.