I think all crypto betting platforms are fundamentally flawed. The reason - most betting occurs on sports. The set of all crypto users/builders who are also sports fans is very small.

@fluxprotocol, @AugurProject, @polydotmarket @Omen_eth

Further, anyone who uses betting platforms IRL knows the no.1 thing is markets + liquidity. I want to be able to bet on lots of things and be able to place a bet of my desired size.

On crypto platforms, there are SO FEW MARKETS and SO LITTLE LIQUIDITY.

These platforms also fail to understand why betting platforms work in the first place. There are two types: Sportsbook (house sets the odds and provides all liquidity), Exchange (users compete against users). To have an exchange, you need tons of liquidity from users

Yet crypto platforms go straight for the exchange route despite no users (mostly because of regulation - if you are taking the other side of a bet, you need a gambling licence). Ergo, they have few markets/low liquidity.

And, of course, all this doesn't matter because gas costs are high. However, gas basically = the fee a RL betting exchange would take anyway (circa 2%). A betting platform that forgoes a middleman fee (which it probably needs to do anyway to avoid regulation) would do fine.

There is an opportunity for non-crypto user acquisition - real world bettors would love a platform with guaranteed low fees and the ability to control governance. At the moment, if a RL betting platform like Betfair or Pinnacle want to change the goalposts on its user, they can.

But sadly, I see no crypto platform doing this properly or well. I'm convinced the builders of crypto platforms never bet regularly on a proper betting platform before.

wdyt @JasperGooijer @realpetermitch @shayne_coplan @Dxdao_ @koeppelmann @joeykrug