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Using Bitcoin To Facilitate Sports Betting

Chris Stewart is the CEO and cofounder of Suredbits, a bitcoin-settled derivatives platform.

Discreet log contracts (DLCs) are a method to do peer-to-peer betting immediately on Bitcoin. You could make these contracts contingent on an oracle’s attestation a couple of real-world occasion. This real-world occasion might be the winner of a presidential election, the BTC/USD worth on a cryptocurrency alternate or the result of a sporting occasion.

A easy instance is betting on the result of the Super Bowl. The Super Bowl this 12 months was between the Cincinnati Bengals and the Los Angeles Rams. With discreet log contracts, Alice and Bob can guess on the Super Bowl by making a bitcoin transaction between them. The funds locked within the bitcoin transaction grow to be unlocked when an oracle attests to the result of the Super Bowl.

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