Market and bets
Kublabs.com is the world's first fully decentralized betting dapp powered by Kublabs Protocol. You can place bets on a variety of sports and betting markets.
How are markets structured?
Events, their outcomes, and odds are provided by independent Oracles.
All events are structured in the following way: Sport -> League -> Event -> Game -> Market -> Outcome
Sport, e.g. Football, Esport, etc.
League, e.g. "International TournamentsUEFA Nations League - Round 1"
Condition (Event): "Slovenia - Sweden"
Market: Full-time result
Outcome: 1
Odds: 1.55
If you wager $100 on 1.55 odds for Slovenia to win (Outcome 1), you will receive $155 if Slovenia wins. You will lose your initial stake ($100) if Sweden wins (Outcome 2).
You will lose your initial stake ($100) if Sweden wins (Outcome 2).
How are bets represented on the chain?
Players make bets via frontends on the outcomes of the events. Winning participants get funds from liquidity pools as a multiplier of their initial wager on the odds. Lost bets are deposited into the liquidity pools for future payments.
Oracles create events on the protocol and provide initial odds. Liquidity Providers transfer funds into liquidity pools by way of the "Kublabs Liquidity Tree" design and receive compensation for the facilitation of bets.
To place a bet, you call an Kublabs Protocol contract and send tokens from your wallet to the liquidity pool. In exchange, you will receive an NFT as evidence of your bet. This NFT could be bought and sold. When the necessary information is provided by Oracle, NFT owners will be able to redeem the original quantity of tokens multiplied by the odds (if their bet won).
Can bets be rejected or cancelled?
Betting on Kublabs.com is permissionless. Events (games), markets (the bets that are possible connected to a particular event), odds and resolving market outcomes are settled at the protocol level. Kublabs.com has no control over this and therefore individual bets can never be rejected or canceled. In the rare and unlikey events that some events/markets may be canceled - bets are voided and this affects everyone who has participated in this market on Kublabs.com or any other apps using Kublabs Protocol. The initial bets made can be refunded/redeemed from the liquidity pool on the Kublabs.com app.
Examples where such occurrences may be possible are if the event was cancelled, the market data was wrong (e.g. event started earlier than the onchain data for this event suggests, thus allowing bettors to take bets after event is finished), or the results are disputed or unreliable.
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