Decent.bet is a transparent, smart contract based sports betting platform and online casino. Employing the Ethereum blockchain based smart contracts, Decent.bet is aiming for mass adoption. Unlike other decentralized gambling platforms which primarily use Ether and Bitcoin for transactions, Decent.bet makes use of specialized ERC20 tokens – DBETs to facilitate bets on the platform as well as buy credits in the house, known as DBET house credits. This opens up numerous possibilities such as community owned houses, white label solutions and more.
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 completely decentralized and determined on-chain.
A whole host of gambling based casino games will also be available on the Decent.bet platform – making use of off-chain state channels that are finally verifiable on-chain. The speed and scalability would combine the user experience of a high-end gambling platform while bringing the transparency and auditability of the blockchain. This paper discusses the functioning of the Decent.bet user-owned house model, state channel based casino games, white label solutions, decentralized houses and business prospects for the platform.