Just over a month ago, we launched SportX V1, a product we believe to be the best cryptocurrency sports betting exchange. To celebrate, we ran a betting competition called the SportX Battle Royale.
The competition ran from May 30th to June 9th, with a prize pool of 10,000 DAI. Team scores were based on the total amount returned (bet + profit) for all winning bets. Players could play as an individual or add friends to their team (up to a maximum of five people per team).10,000 DAI Prize Pool
Of the total prize pool, 2,000 DAI was given away in daily draws, with the remaining 8,000 DAI awarded to the top 10 teams.
Admittedly, we were a bit nervous to launch the SportX Battle Royale. $10,000 is a lot of prize money to pay out for a competition that might be a huge flop.
We didn’t have anything to worry about though: the results of the betting competition blew us away. Over an 11-day period, SportX users bet a total of 186,631 DAI across 3,441 wagers.
The day with the highest payout? Monday, June 3rd, when 24,000 DAI was paid out to winners. This included winnings from Game 2 of the NBA Finals, the French Open Round of 16 play, and Game 4 of the Stanley Cup Finals.
After wrapping up the competition and paying out all of the prizes, we reflected on what worked and what we’d change for our next trading competition.What did we learn? Teams win more (unless you’re a whale)
It may seem obvious, but teams with multiple bettors had the most success, winning 9 of the top 10 prizes. However, there were two solo teams in the top 15, with one finishing 5th overall.Favourites paid, but sharp bookmakers found value on underdogs
Betting on heavy favourites was a successful strategy employed by Vynshow’s Glorious Knights, Broker News Network and 537. On the opposite side of the book, this led to outstanding value for underdog bookmakers (who received odds 200-300% bet...