There are a few problems in the current gambling market. Traditional online casinos/sports betting platforms available work in a completely centralized manner and operating profits are distributed between selected individuals. Although this may not pose as much of a problem at the moment, with the coming shift from centralization and tightly controlled models to a decentralized future, the current model has a risk of being outdated in the coming years. Decent.bet’s vision aims to make full use of the opportunity that presents itself with the upcoming shift to decentralization. They want to create a platform where DBET house credit holders will have a say in how the platform moves forward with a decentralized governance model, receive profits generated by the platform for each session and even get to contribute to democratically selected charities.
Decent.bet is a smart contract based sports betting platform and online casino. The platform makes use of ERC20 tokens. DBETs are used to facilitate bets on the platform as well as buying credits in the house, known as DBET house credits. Users can look on the blockchain through the contract source code as well as track any transaction made on the contract to ensure Decent.bet stays fair and relies on accurate game outcomes and does not act maliciously.
The Decent.bet sports betting platform will make use of a trusted setup wherein the Decent.bet addresses will provide betting lines and outcomes. All transactions will be transparent and verifiable on the blockchain. This transparency will make it impossible for malicious or predatory activity to take place from the outset. All payouts, credit distributions, lottery winnings, house buy-ins, would be decentralized and determined on-chain. (1)
Different kind of gambling based casino games will also be available on their platform, making use of off-chain state channels that are finally verifiable on-chain. In the whitepaper is written that the speed and scalability would combine the user experience of a high-end gambling platform while bringing the transparency and auditability of the blockchain. There are a few features on the platform which will be explained below. (2)
Decent.bet will launch a decentralized casino based on smart contracts and state channels. Slots will be available at launch and will be followed by a series of other casino games such as craps and roulette.
The initial offering at launch by Decent.bet is a sport betting platform with multiple sports offerings such as; Baseball, Ice Hockey, Tennis and Soccer. All games, bets and outcomes on the platform will be saved on Smart Contracts. However, since there are issues with creating a completely decentralized sports betting platform in terms of having the right outcomes pushed to the contract and reducing the possibilities of different attacks and methods to game the system, Decent.bet will be pushing the games and outcomes onto the contract using trusted addresses. Although this brings in an aspect of centralization to the platform, all games, odds and outcomes being pushed in would be transparent and verifiable on the blockchain. Users would be able to immediately view incorrect outcomes on the blockchain and report them. So users would be able to call for a correction and receive a refund.
Recent news (14-4-18): ‘Supreme Court lets states legalize sports gambling’ (3)
The Decent.bet API will be used primarily to retrieve sports betting metadata. The API will deliver metadata required by the front-end such as team names, league names, event names etc., without filling the smart contract with data that does not require decentralization and also helping to reduce gas fees. Games on the Smart Contracts would be identifiable by their IDs.
Decent.bet offers a transparent house that its users can participate in. The house allows users to purchase DBET house credits at the start of every ‘session’ which are composed of three month periods. Users will be able to redeem profits for their house credits at the end of every session with the distribution of profit being based on the proportionality of house credits that they have held in comparison to the total house credits bought out from the house. 100% of all house profits will be distributed among house credit holders of which 5% is to be reserved for a winning DBET house credit holder lottery.
Lotteries will take place at the end of every session after profit distribution takes place. All DBET house credit holders with a minimum of 1,000 DBETs at the end of a session will automatically be given an entry into the session’s lottery for every 1,000 DBETs they own (max 5 entries).
Decent.bet will offer white label solutions for other companies to adapt their platform & technology to create their own houses which utilize their own custom lines and feeds. All outside companies looking to utilize Decent.bet for blockchain based gambling services will be required to hold at least 2,000,000 DBETs. Inspection would take place to ensure their track record as well as to verify compliance with appropriate regulations in the jurisdiction they are based in.
Decent.bet will establish a certified ‘501(c)(3) charity’ (4) called: Decent C for Humanity. 10% of the profits generated by the founders DBET house credits will be donated to Decent C for Humanity. The beneficiaries of the charity will be chosen in 2 ways, by the founders and by a vote through the community.
Confirmed! DecentBet will go from the Ethereum blockchain to the Vechain blockchain:
Nothing is confirmed but we found a notable message on Twitter: “FUN to be in the “Crypto Poker Game” At @ARIAPoker w @BrettRichey @SunshineLu24 @BangCryptoBang @JedidiahJewell $DBET $VET $VEN $XBP #POSITIVITY #CryptoLords” (5)
And a picture with the CEO of Vechain on the Facebook of COO Kurt Connolly: Interesting day in the DBET Vegas office yesterday. (6)
This information in combination with the answer on this question of the AMA: “If a new platform emerges beyond Ethereum, would we consider transitioning over to another platform” is pretty interesting: (1:03:09)” (7)
Use of the DecentBet token (DBET)
Decent.bet uses its own ERC-20 standard token, DBETs, for all transactions on the platform. DBETs are used for gambling along with other use cases such as purchasing DBET house credits, buying out custom houses and purchasing lottery tickets.
70%: Crowdsale; 18%: Founder’s share (1 year locked); 10%: Held by the contract that can only be used to establish The House; 2%: Used for bounties, Bitcointalk signature campaigns, Social media campaigns, Blog posts, translations etc.
Company and team
The team currently exists of 11 members and 1 advisor. Some team members are explained below.
CEO: Jedidiah Taylor, Bachelor in Business Management. CEO/Co-founder of Caliber Technologies and Veterans ink: a social enterprise and a certified benefit corporation that gives back to distressed military families through the sales of office and printing supplies and services. Jedidiah started his first company at the age 23 where he built an online sports betting hedging system. He then spent the next year and a half in San Jose, Costa Rica incorporating the model through a number of sports books and casinos. (8)
Senor Director of Technology: Adrian Scott, Ph.D. in mathematics: Nonlinear Optimization. Founded the peer-to-peer media distribution startup Flycode, which raised nearly $4 million in funding from Silicon Valley and Hollywood investors, and where he co-invented U.S. Patent #7,660,853 regarding a hashing algorithm on a peer-to-peer network. Recently he founded Coderbuddy, a 500 Startups portfolio company providing a platform-as-a-service for distributed, crowd-sourced software development. (9)
COO: Kurt Connolly, 14+ years of experience as a client representative on MCP & EPCM LNG projects/Offshore Platforms/FPSO/FSO/Drilling working on Global projects with Capex. Major Operators: Chevron, Inpex, ConocoPhillips, Woodside. (10)
‘18 M5: Cryptocurrency price betting mainnet release.
‘18 Q2: First Profit distribution, lottery and Decent C donation; Craps testnet release; iOS app release.
‘18 Q3: Craps Mainnet release; Decent.bet house Management module; First custom house share buyout.
‘18 Q4: Custom house sale to selected provider based on first house shareholder votes; Custom house initiation; Roulette testnet release.