Augur has now added sports betting, the "Augur Turbo," which is Polygon-based
With the emerging interests in sports betting, Augur, which is a decentralized prediction market, has also stepped into this market.
On this Monday, the platform has announced the launch of Augur Turbo. The sportsbook would be based on the layer two Polygon of Ethereum. It would significantly reduce the costs and would oblige the users to a large extent.
The prediction markets run on a basic principle of “wisdom of the crowd," which means the will of the people. It is done so because, in this case, the accuracy of the prediction or assessment criterion is significantly increased as compared to the analysis of a single expert. The only catch in the idea is to amass a lot of people. The concept would become more viable with the introduction of the Polygon scaling solution.
The fundamentals of Augur Turbo would be based on the Chainlink’s oracle network, or any similar way would be used to enter the data into the programmable smart contracts. By using Chainlink’s integration, the users can create betting markets in various fields, including but not limited to Major League Baseball, National Basketball Association, Mixed Martial Arts, and Olympics. Other sports which have the potential to be included in this list are the National football league, soccer, tennis, golf, college football, and esports. The platform of Chainlink would provide the data such as the scores after the games, the stats of the teams and players, and the schedules.
The prediction would be based on the data provided by Chainlink, as soon as the market closes.
This move is to gather more userbase for Augur. Other polymarkets built on the Polygon have been found to be successful in fulfilling the needs of the crypto-savvy election watchers.
With the increased prices of Ethereum, Polygon has gathered a user base during the period of the last two months. It is because of this reason that metaverse projects have been replaced by decentralized exchange aggregators.
Increasing Demand For Sports Betting
The sportsbooks, which have been practiced now for a while, limit the market and have high fees. For that matter, sports betting has been a very interesting market. Since the time, Supreme Court has annulled the Amateur and Professional protection act of 1992 in the year 2018, sports betting has been banned, but more than $20 billion have still been bet.
The second version of Augur would be launched in the next year and would be based in layer one and would be named Augur pro. The prediction market allows anyone to bet on anything related to crypto or anything else.
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2021-05-27 13:26:49
