Wagerr is a decentralized sportsbook where users can bet on sports anonymously from anywhere in the world with the best odds. As a blockchain based sportsbook, Wagerr offers bettors distinct features and benefits unavailable anywhere else.
One of those features is the fact that Wagerr does not limit or restrict bettors. This is a big drawcard, particularly for serious bettors (even sportsbooks) and usually met with resistance…. “Surely not, how is that possible?”.
The answer lies in blockchain technology, but really, it’s how the team has utilised the blockchain to re-imagine how a sports book could operate. The result is impressive. The below article walks you through how the Wagerr model works.
Wagerr: No limit betting
Firstly, let’s be clear by what we mean by no limits - it is true that wagerr does not restrict players, actually it’s technically impossible for that to happen because Wagerr cannot identify who is making the bet. But no limits has some caveats, that is - you first need to buy the $WGR coin (remember there is only a limited supply).
Assuming you are happy with the odds presented to you and you are willing to purchase $WGR then you are free to bet as much as you wish - No questions asked. This is powerful and we believe is just one of the features that makes Wagerr so compelling to a variety of users.
Ok, but how can Wagerr actually do this? Surely, people will bet extremely large amounts and Wagerr will go bankrupt?
Wagerr: A revolutionary model
Of course this is wrong. Traditionally, the money a user bets with would go straight to the operator of the bookie who would then use that money as capital to payout bets.
However, in Wagerr’s case the money bet ($WGR in this case) is immediately removed from existence, we call this “burned”. Then one of two things can happen depending on the outcome of the bet:
- If the user loses, his bet that money stays burned, reducing the overall supply of WGR in the market.
- If the user wins, the blockchain will mint fresh $WGR to pay out the bet. Increasing the supply of WGR.
This second point is important, Wagerr cannot go bankrupt like traditional operators as having the ability to mint its own currency means Wagerr can't default. It also means that Wagerr is capable of accepting significantly larger bets, this is a big breakthrough in the industry where the trend to increase profitability has been to restrict winning players.
Balancing the Mint and Burn
Clearly though, in the Wagerr system there needs to be a balance of coins being “burned” (removed from the supply) and coins being minted (added to the supply). If there was an endless supply of WGR then WGR would not be valuable at all. To understand this we need to dive in a little deeper - but stay with us because this is where it gets exciting for you as a bettor or holder of Wagerr!
Bettors will win and lose continually and therefore the supply of WGR will fluctuate. However, over time it is expected that more WGR will be removed from the supply than added because like all sportsbooks a small house edge is built into the odds. Wagerr averages an incredibly low 3% margin that is competitive with the best traditional sportsbooks in the world and we expect this to lower as the platform improves. This small edge means you can be confident that Wagerr will burn more WGR than it mints in the long run. The below picture should help visualise this house edge.
The House Edge Visualized
In any bet there are two possible outcomes. A player wins or a player loses. This example shows that when a player loses, the 100 WGR is removed from the supply. Alternatively, if the player wins there is a net increase in coin supply. Once we factor in the 'implied probability of the bet' then on average 1.5 WGR is burned for every 100 WGR bet aassuming the odds are fair.
The fees you see above help make Wagerr sustainable but the important one is “WGR burned”. This burn is what makes WGR different. By burning the fee (removing the coin from the supply) It benefits all existing holders as there is less around. The Wagerr model is designed simply that the value of the WGR coin aligns to the value of the Wagerr betting network. The more valuable the betting network the more valuable the WGR coin.
The Wagerr model is unique and it requires a complete rethink of how the sportsbook model can operate. If you have any questions, join the discussion
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