Meet XTZ Bets, a Decentralized Betting Platform built on Tezos

The house can’t win if it doesn’t play.

Hello world. Meet XTZ Bets (now launching in public beta), a groundbreaking decentralized betting platform where you can place bets against other players through publicly verifiable smart contracts deployed on the Tezos blockchain.

XTZ Bets is not a casino. It’s a service that makes it possible for players to bypass the “house,” place bets against each other and secure wagers using smart contracts deployed on the Tezos blockchain. XTZ Bets was designed from the ground up to maximize compliance with regulatory exemptions for private betting between individuals.

XTZ Bets is truly decentralized. It doesn’t set odds (there’s no “juice”), doesn’t take a percentage of winnings (there’s no “rake”), and all data used to determine game winners comes from third-party oracles (you don’t need to trust that an outcome was truly “random”). This design ensures that XTZ Bets’s interests are aligned with players that use the service.

XTZ Bets will be self-sustaining from the start. The service is funded through the sale of game Tickets and any residual income earned through delegating smart contract balances through liquid proof-of-stake. Two great features of the Tezos blockchain.

While decentralized autonomous organizations (DAOs) and funding tokens are great tools for raising money and encouraging community ownership, they are generally incompatible with securities and banking laws. At this time, our goal is to keep things as simple and compliant with local laws as possible.

XTZ Bets may launch a utility token in the future, but only if there is sufficient demand and doing so would actually improve gameplay or allow us to introduce great new features.

Three types of exchange rate betting games are available at launch, each relying on trusted Harbinger data oracles:

  • Quick Bets — a fast and fun winner-take-all cryptocurrency exchange rate guessing game with an affordable range of pre-determined wagers.

Gameplay Note: Since XTZ Bets games are deployed to the Blockchain and the underlying Smart Contracts need to obtain updated exchange rate information from trusted on-chain oracles before they can determine who won each game, users must trigger a small “validation” transaction before a game can end. To encourage prompt game validation, any user that validates a game will earn a free Ticket. While we plan to automate this process in the future, for now, keep your eyes open for chances to earn free plays!

Interested? Take a few minutes to explore, learn the games and place a few bets.

Follow @XTZbets on Twitter for updates and promotional drops.

Who’s behind XTZ Bets?

XTZ Bets is owned and operated by Dexy Games Inc., a new company on a mission to create fun blockchain dApps. The Dexy Games team includes Claude Barde, the creative mind behind XTZ Bets, MyTezosDefi and other great dApps.

We build decentralized games on the Tezos blockchain.