Rather than “You vs The House”, SX.bet (previously SportX) acts as a middle man for sports bettors looking to get a bet down safely. This puts SX.bet in a stronger position, with no conflict of interest with their users. The community is ultimately at the heart of the product, and that is highlighted by their active Discord channel where you can chat with fellow punters and the SX.bet team directly.
If you're not currently involved in the cryptocurrency space or any of that sounds like jargon to you, then just bear with us - you'll want to keep reading.
Despite only being around since 2019, their product has proven popular enough to make it the largest of its kind based on transactions processed, which shows the credibility of the platform.
Getting started with SX.bet
When you visit SX.bet you're going to find all of the usual sports and markets that you like to bet on, although it should be said their interface is clean, crisp and more user-friendly than you're probably used to. Basically, it's less crowded and far more to the point.
The sign-up process is extremely quick, simple and efficient because most users will be able to join by connecting their MetaMask or WalletConnect. It'll pull your details, with permission, and offer instant access to your stored cryptocurrency so you can get straight down to business. You will need to complete KYC protocol, but this will unlock some extra features, including a nice $20 no-deposit credit in your account!
When it comes to making your first deposit, you are able to deposit via DAI (linked to the dollar), Ethereum or SX tokens. Depositing FIAT currency is not currently available, but being a Crypto-based exchange, this is to be expected.
Once you're in, SX.bet offers a unique welcome bonus in the form of ongoing rewards. All you need to do is complete their straight forward KYC and join one of the promotional campaigns. Every time you bet and satisfy the terms and conditions of the campaign, you'll unlock a percentage of your maximum bonus, which at the time of writing is up to $1,000.
One great bonus that is offered by SX.bet are their awesome competitions and tournaments that have great prizes and are very regular. These are free to enter and simply betting on SX/bet gives you a chance to win. The tournaments will usually focus on a specific event - for example, the World Cup or a major tennis competition.
Users simply opt into the tournament and place bets on the featured event. There's usually a prize pool, which can be anything from a few hundred dollars to $5,000+, and the higher you finish up the leaderboard, the bigger the prize you win!
What can you bet on?
The bookmaker allows you to bet on all the major sports you'd expect, including American football, basketball, hockey, baseball, football, tennis, cricket, MMA and more. At the moment, horse racing isn't part of the offering.
One of their biggest markets, aside from US sports, is football. You'll be able to bet on major international events like the World Cup, European Championship, Copa America and all of the major leagues around the world.
You can place a bet on typical markets such as match winner, the spread, game totals and also outright win bets, such as betting on the winner of a race or a tournament. You'll also be able to bet on some accumulators.
When you visit SX.bet and select a sport and market you wish to bet on, you notice that you are able to see the 'volume' that has been bet on each specific market, such as match winner, point spread, total, etc.
Users will be able to place in-play bets on all of the sports, events and markets mentioned above, with the ability to cash out on some bets placed before and during an event. Unlike a standard bookmaker, which can obviously only run successfully if it's making a profit off us, the bettors, SX is a peer-to-peer betting exchange.
SX.bet does not need you, the bettor, to lose any money. They take a small commission as their fee for providing their platform, rather than hoping you lose!
Here's how it works
You want to place a $50 bet on LA Lakers to beat LA Clippers in a playoff game. In order for you to place that bet, there needs to be someone on the opposite side willing to bet against the Lakers winning, whilst staking the necessary amount to pay out on your bet.
If the Lakers win, your winnings are paid by the person who bet against them. Acting as the middle man, the house (SX.bet) takes a small commission, which is customary at all peer-to-peer betting exchanges.
Your commission is determined by your activity level and betting volume. A newbie who places relatively few bets can expect to pay the higher commission of around 4%, while the highest ranking users get an 88% discount and pay just 0.50% commission.
Unlike a standard bookmaker which can experience delays, data issues or even make their own questionable judgement on payouts, SX uses smart contracts stored on the Ethereum blockchain which means when an event is finished, your payout is going to be instant.
In conclusion
SX.bet have the makings of a solid bookmaker for a number of reasons. The neat and easy-to-navigate interface is way easier to use than some more crowded, clunkier bookmakers.
The use of smart contracts allows for an instant payout on your winning bets, while betting in crypto as opposed to FIAT gives you quick access to funds through your connected wallet.
Being a peer-to-peer betting exchange adds a level of trustworthiness and transparency to proceedings, and also allows you to bet without fear of being limited.