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The original was posted on /r/monero by /u/sigmanero_org on 2024-04-20 16:58:49.
Hello!
Announcing sigmanero.org, a new sports betting exchange that uses Monero’s multisig wallets for each individual bet.
Users bet against other users not the against the house.
The multisig wallets are auto-generated in less than 1 minute in the browser of each user. No need for command line interface (CLIs).
The setup is as follows. User A places an offer for a bet in a particular event for example LA Lakers to win vs Boston Celtics. This offer will have the side (Lakers or Celtics to win), the amount in XMR and odds that user A would like to bet.
User B can see user A’s offer and accept the offer. At this point, a new 2/3 multisig wallet will be created between A, B and Sigmanero.
This new multisig will have to be funded before the start of the event by both A and B. Both A and B will also need to save their new multisig seed keys separately.
When the winner is known, the winning side can reclaim funds using his/her seed key to sign the transfer out of the multisig wallet. Important to stress that if they don’t save their seed keys, then they cannot reclaim funds, and there will be nothing Sigmanero can do about it.
At no point in time will Sigmanero have controls of funds or will any of the user seed keys be shared with Sigmanero. To move funds, Sigmanero will always require one extra signature from one of the users. If both users decide to move funds, they can do it without Sigmanero.
More details under
If A chooses so it can make its bet offer private and share the bet with a known person. This will guarantee that A knows who is the counterparty B and both users can confirm that they will share the same multisig main address and the 2/3 key set up.
In cases where A funds the multisig wallet before the start of the event but B does not, then A will simply be refunded. Both A's key together with Sigmanero's key are sufficient for the refund to happen. Both users will have visibility of funds going into the wallet on the website.
Betting for each event opens 6 hours before scheduled time and closes 15 min before event start. A key constraint is that A and B need to place the bet at the same time for the multisig to be generated. This means that when A places a new bet "offer" it needs to wait with the browser open until someone matches the offer from the opposite side. Users that simply "accept" bets have a better experience and can simply browse around the best offer and accept it when it suits them. The advantage for the offering side of the bet is that it can set the amount and betting odds to their liking. Anyone can "offer" and "accept" bets. Sigmanero acts as an intermediary.
Winning users can claim their bet funds right after the end of the event. This means that XMR is only present in the multisig wallet for a short amount of time.
The use of multisig wallets should stop concerns about rug-pulls, exit-scams, or wallets becoming compromised by attackers.
At this moment we will have available the main European soccer leagues such as English Premier League and main US sports such as NBA and NHL. Let us know if you would like to see other options!
Betting starts 6 hours before event
In the near future we also plan to add political events such as elections which we hope will be interesting for prediction market followers.
The use of multisigs greatly reduces the need of a trusted centralised party because users are in control of funds. But we also understand that multisigs are relatively uncommon, although we hope that a project like Sigmanero can show that is possible and practical for users and business to adopt multisigs. No excuses after this example!
Let us know what you think!
Sigmanero team