A Closer Look Into SportX.bet (SX) on Polygon/Matic

By costanza | costanza | 8 Jun 2021


Sportx.bet is a Crypto Sports Betting project I have been eying for a long time but only recently got to take a closer look. This is my initial experience.

 

Since I first came across Sportx.bet, I always have liked the development and communication seeing things move forward. I never tried it out because it runs on Ethereum not willing to put up with the gas fees or even the fees to bridge ETH to Matic which they currently run on. After putting some time in finding a cheap bridge getting some funds on Matic, I set out to put it to the test.

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1. Bridge To Matic
Right now it is still somewhat of a hassle to get funds on Matic as the direct bridge requires you to play Ethereum Gas fees and major exchanges like Coinbase and Binance don't allow withdraws to it yet. It took me some time searching on Google coming across different methods to do it cheaper with the best solution at the time being the centralized ascendex.com which does allow Matic transfers for ETH and USDC. It took 24-hours after making a deposit of some coins with cheap transfer costs (TRX / EOS / BNB) trading them for USDC eventually successfully withdrawing them to the Polygon layer. xpollinate.io is also an option but Polygon was disabled at the time I tested along with bridge.orbitchain.io

 

2. Using Polygon
This requires Matic tokens in your account to pay for transaction fees. I found the site matic.supply which offers a free service sending a tiny bit of Matic enough to transact to your account to get started which worked fine. Afterward, I just used quicswap to get 1 MATIC setting me good for any future transaction fee.

Even though right now it works, Polygon is most likely a couple of steps too far for the average Sports Bettor especially those who aren't deep into crypto and are not willing to put up with all the hassle just to get some "decentralization" for which they in the first place don't care too much for. Compared to this, Sportbet.one is 100x more user-friendly allowing anyone to directly sign in with their social media accounts without having to think about any of the crypto stuff.

 

3. Personal Experience Sportx.bet

So my personal experience right now with this betting exchange running on Ethereum can't be called the best aside from getting funds on Matic.

  • To start, the odds which is one of the most important things are quite horrible. Just looking at the odds for the first EURO 2020 match for Friday comparing them to what others have available:

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Sportmarket Pro

I know it is possible to offer your own odds on the Sportx.bet exchange but the 4% default fee on profit that comes along with betting on the platform is way way too high to ever make it something that would be usable for me personally. If anything, Crypto betting exchanges should primarily solve the issue of giving players better odds instead of having a platform that tries that is aimed toward making a profit. At times it will probably be possible to actually get good odds on Sportx.bet but this by no means will be a regular thing.

  • The 2nd thing that instantly pulled me away was the fact that you need to provide additional information by signing a message linking it to your Ethereum wallet.

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Being able to bet anonymous and without personal limits is one of the things I look for in crypto betting even though that makes it all more complicated for platforms to fully comply with the law. This was the first step I didn't even get past with my main Ethereum wallet. I wanted to give it a go with an empty secondary Ethereum address in my Metamask but it simply seems to stick to being connected to the original Eth address even if I log out and log in again with the other one in my metamask.

  • The 3rd hurdle I came across was that when entering a bet slip being connected to the Polygon network, it tells me that I should switch to the Ethereum Main Net which is really confusing me. I came to Sportx.bet to place a bet on Polygon with low transaction fees and it redirects me to Ethereum?

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I have no clue if I will pay Ethereum fees or the cheap Matic fees when placing a bet if I wanted poor odds and sign personal information in the first place.

So yeah, my initial experience on the exchange was very far away from what I am personally looking for when it comes down to crypto betting and I never got to the point where I placed a bet.


4. SX Token
One of the reasons I also wanted to test out Sportx.bet is because they have their own token that possibly could be good as another way to get some passive income similar to how I'm now invested in WIN & SBET. From what I understand, a part of the initial SX tokens was airdropped to accounts that had used the platform. It gives a discount on trading fees and pays out part of the betting fees along with more SX to those who stake. There is also a Bet2Mine mechanic where bettors get SX tokens which brings action to the site likely not so much because people want to bet but because they want to farm SX tokens.

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I did end up buying 100 SX (~40$) just to test it out but I ended up being unable to stake them since the platform doesn't seem to be compatible with a Ledger yet while it doesn't allow Metamask to connect to another Ethereum Wallet.

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For as far as valuation goes, SX is trading at 0.35$ currently having a total supply of 1 Billion coins making it a fully diluted market cap of a massive 350 Million. (It even traded at 0.9$+ a while back).

Staking SX to get cheaper feels is also a use case for the token but the requirements seem overly high having to stake up to 10 Million SX (3.5 Million Dollars) to get feels down from 4% to 0.8%. The lowest amount is 350$ worth of SX which reduced the 4% to 3.88% on profit.

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Conclusion
Overall, Sportx.bet right now is not in a state where I would use it and not an investment I see any value in. I do like the development though as at least liquidity on all markets is offered and will for sure keep it on my radar giving it a 2nd chance when there are new updates or if things change. That being said, I'm also not a sports trader who is using Betfair so I might misunderstand part of the fee structure along with the dynamics.


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