SX Bet Review 2023: Is It a Legit Blockchain Betting Exchange?
SX Bet Summary
| Official Website | https://sx.bet/ |
| Year Founded In | 2019 |
| Software | N/A |
| Licenced By | Sunseven N.V. |
| Provably Fair Games | No |
| Available Games | Various Sports Betting Options |
| Banking Available | Swift, PayTrie, Moonpay |
| Minimum Deposit Amount | No minimum deposit |
| Minimum Withdrawal Amount | Variable |
| Waiting Period for Cash Out | Instant |
| Supported Fiat Currencies | USD |
| Supported Cryptocurrencies | USDC, ETH, SX |
| Restricted Countries | Canada, US, France, Netherlands, Ukraine, Russia, and more |
| Languages Available | English |
| Tournaments | Yes |
| VIP Club | No |
| Welcome Bonus and Offers | $1000 Welcome Bonus, $20 Free Bet |
| Mobile Support | Mobile-friendly site |
| Customer Support | Live Chat, Email, FAQs, & Social Channel Support |
What makes SX Bet truly unique is its community-centric strategy. Users earn bonus SX tokens upon winning and enjoy staking benefits, daily rewards, and governance participation. This article explores the various facets of SX Bet, from its non-custodial nature to peer-to-peer parlays and free API access. It also highlights the platform’s community-owned governance model and the extensive range of betting options, making SX Bet a frontrunner in blockchain betting.
Why is SX Bet the Best?
Here is the list of reasons why we feel SX Bet crypto betting platform is the best when compared to other sports betting platforms:-
The Best Odds
Experience the thrill of competitive odds that surpass traditional sportsbooks at SX Bet’s peer-to-peer betting exchange. Bettors take the reins by setting their own odds and engaging in dynamic, head-to-head betting, creating a lively and competitive market that yields highly favorable odds.
Web3 Security
The cutting-edge non-custodial approach offered by SX Bet ensures unmatched security and alleviates any worries about fund misappropriation. As a bettor, you retain complete control over your funds, securely stored in personal non-custodial wallets such as Metamask.
SX Ownership
SX token offers rewards that extend beyond winnings. These tokens play various roles within the ecosystem, offering enticing benefits like fee discounts, staking yields, and governance participation. It goes even further with weekly allocations of up to 150,000 tokens, based on betting volume, securing your stake in the platform’s promising future growth.
Transparency
Building trust is paramount at SX Bet, and it achieves it through the on-chain recording of every bet. This groundbreaking transparency ensures a public and tamper-proof record of all sports betting activity, instilling unwavering confidence among users and helping automatically settle winning.
Open Access
Stand out from the crowd with SX Bet’s unwavering commitment to open access, setting it apart from traditional online sportsbooks. Moreover, APIs are openly accessible, fostering innovation and custom tool development for gaining a competitive edge in the thrilling sports betting world.
How Does SX Bet Work?
As per our SX Bet review, the robust SX protocol lies at the core of the SX prediction market ecosystem. Comprising a collection of open-source smart contracts, this protocol governs the entire on-chain betting network. It is the central repository for control mechanisms, maintenance controls, configurable fees, and operational rules that drive the platform’s seamless functioning. We will dive into the key steps involved in creating and settling sports betting markets within the protocol.
Escrow Contract
Participants can offer and accept bets on the market. When a bet is offered and accepted, the respective crypto assets of the two bettors are atomically transferred to the Escrow contract. These assets remain securely held in the Escrow Contract until the market creator reports on the event’s outcome. The reporting outcomes are categorized into Outcome 1, Outcome 2, and Void. The protocol masterfully orchestrates the entire process, ensuring fairness, security, and transparency in the sports betting markets. It provides users with an engaging and reliable platform for their betting pursuits.
SX Bet Review: Pros and Cons
| Pros | Cons |
| SX Bet provides a peer-to-peer model for sports bettors. | SX Bet does not offer poker games or casino games. |
| This platform offers betting markets and an array of favorite sports betting options. | This platform comes with geographic restrictions. |
| Players do not need to complete KYC to register on this platform. | Does not offer fiat as a payment option. |
| Easy registration and account setup process. | |
| This platform uses smart contracts for Instant payments after betting. | |
| Provides exciting rewards and promotions. |
SX BET Sign-Up Process
If you are excited about exploring the SX Bet platform as a player or investor, kick-start your journey with the below easy-to-follow steps:-
Sign up on SX Bet
First, you need to create a wallet and account with SX Bet. You can do this by creating a Metamask wallet and signing up for an SX Account with it, or by creating an account directly on SX with your email, which will auto-create a Fortmatic wallet for you.
Verification
After signing up, you’ll need to complete basic and enhanced verification. Basic verification is required to start wagering, while completing enhanced verification will earn you $20 in free bet credits and other offers.
Fund Your Wallet
Most users use a centralized exchange (CEX) like Binance, Bitfinex, or Kraken to buy USDC or ETH with fiat currency. Once you’ve bought USDC or ETH, you can send it from your CEX wallet to your Metamask or Fortmatic wallet to be used on SX Bet. Users can also buy directly on the platform using Moonpay or PayTrie.
Bridge to SX Network
After sending funds to your wallet, you’ll need to bridge them onto the SX Network blockchain using the platform’s bridge. This will allow you to use the funds on SX Network applications, like SX Bet. There is a fast bridge to SX Network from Ethereum and Polygon, but make sure you have funds for gas fees.
Start Betting
Once you’ve completed the bridge transaction, you’re ready to start betting. You can now bet as you would on a normal sportsbook, using the token of your choice.
SX BET Betting Options
At SX Bet, a world of diverse cryptocurrency sports betting possibilities awaits, catering to sports enthusiasts and those searching for additional rewards. Covering favorite sports like Soccer, Baseball, Basketball, Football, Tennis, and MMA, the platform offers an array of choices.
- Core Sports Betting categories cover Football, Soccer, Basketball, Hockey, Tennis, MMA, Baseball, and Esports.
- Football enthusiasts can select from NFL, NCAAF, Europa League, Champion League, English Premier League, and CFL leagues.
- At the same time, SX Bet also offers novelty markets like Box Office Revenue, Blockchain Protocol Fee Predictions, Political Markets, Crypto Price Markets, and various other events.
SX BET Rewards
SX Bet provides users with existing offers and also with a range of enticing incentives to enhance the user experience. Some of them include:-
Bet Mining
When players wager and win bets, they earn SX tokens based on their total weekly winnings. Profits from all bets throughout the week accumulate, regardless of whether a bet is a winner or loser. These SX tokens are automatically added to the user’s account and can be claimed and further staked for additional earnings.
Tournaments
SX Bet specializes in betting tournaments, users can compete for a share of thousands in bet credits during these tournaments. SX Bet will often hold tournaments around major sporting events, sometimes even partnering with other communities in the Web3 space.
Promos
Users can earn rewards by completing KYC verification and participate in various campaigns like the $1000 welcome bonus that unlocks at a 2% rate.
Fee Rebates
The quantity of SX tokens staked determines a user’s market-making fees on SX Bet. Though fees on taking bets are a flat 2%, users who want to offer bets can have that further reduced, incentivizing users to offer odds to other players. Users are only charged fees on their net profits, enhancing the overall reward and fee structure.
SX BET Staking
SX Bet offers a novel staking opportunity for Wrapped SX (WSX) tokens, inviting users to reap daily rewards, enjoy lower betting fees, and engage in governance. This approach promotes active network development involvement, discouraging passive SX token holding. Staking at SX Bet cultivates a distinctive and rewarding experience, promoting an engaged community with a stake in shaping the platform’s future.
SX BET Analytics
Fee revenue data is transparently displayed on the SX Network analytics dashboard and Token Terminal. SX gas fees on the SX Blockchain contribute to staking rewards for SX holders.
The SX Bet Analytics tool equips users with a comprehensive performance view, featuring leaderboards highlighting top bettors in the community. The platform also introduces a Community Fund, allowing users to collaborate by bringing forth governance proposals to support the growth of the platform.
SX BET Bridge
The SX Bet Bridge is a crucial foundation, enabling smooth and secure transactions across different blockchain networks. It links various cryptocurrencies and the SX network, allowing users to effortlessly bridge tokens from Ethereum and Polygon. This bridge guarantees speedy and dependable cross-chain transfers, expanding the reach of SX Bet to a broader user base. By bridging gaps between blockchain ecosystems, SX Bet enhances its efficiency and user-friendliness, providing a seamless betting experience that transcends the limitations of the same blockchain network.
SX BET Tournaments
SX Bet platform presents an array of captivating tournaments, inviting bettors to compete for bet credit prize pools. Participation in these tournaments is free and accessible through interaction with the SX Bet exchange. These tournament prize pools usually range from $2,500 to $10,000. While this sum might not rival the top betting platforms, it holds significance within the sports betting niche. SX Bet’s tournaments offer a great thrill into the betting journey, allowing users to display their knowledge in betting and win prizes as a testament to their skills.
About SX Token
The SX token plays a pivotal role in nurturing community ownership and decentralized governance, guiding SX towards a sustainable trajectory. As an ERC-20 token, SX Bet operates across Ethereum, Polygon, and SX Network blockchains. SX generates protocol revenue essential for the ecosystem’s vitality, with the token as the sole beneficiary, avoiding centralization.
With a total supply of 1 billion SX tokens, initial allocation favored community members (55.00%), the development team (22.86%), early backers (17.14%), and strategic partners/marketing (5.00%). SX Token holders oversee the community treasury, deciding on distributing the remaining SX tokens. These tokens vest gradually, ensuring prudent utilization for sustainable growth in the SX ecosystem.
SX Bet Fees
At SX Bet, transaction fees apply to winning bets, aligning with conventional peer-to-peer betting exchange practices. Yet, players can lower fees on offered wagering positions by staking SX tokens, organized on a tiered status model. A higher stake in tokens elevates a player’s status, leading to reduced bet fees for market makers. This fee reduction structure incentivizes the offering of bets, increasing the platform’s liquidity, establishing a rewarding atmosphere, and enabling users to optimize potential returns.
SX BET Payment Methods
SX Bet offers user-friendly payment methods, enabling swift funding for seamless betting. Canadians can purchase USDC directly onto SX Network using PayTrie. Alternatively, users can purchase through Moonpay or a CEX and bridge their funds to SX Network.
The platform’s on-site bridging and swapping tools make for easy cryptocurrency conversion, enhancing convenience and adaptability for bettors.
SX Bet Supported Cryptos
SX Bet sports betting platform embraces a few cryptocurrencies to enhance inclusivity in the betting landscape. Bettors most commonly bet in stablecoin USDC, but can also bet in ETH and SX tokens.
SX BET Promotions
SX Bet enriches user experience through enticing promotions. New users receive a $20 free bet upon sign-up and successful enhanced verification, offering a risk-free platform exploration. Moreover, a generous $1000 welcome bonus, with a gradual 2% unlock rate, empowers users to use the bonus amount while engaging in betting activities progressively. These promotions extend a warm welcome and incentivize users to join SX Bet, enhancing the excitement and rewards of their betting journey from the very beginning.
SX BET Affiliate Program
At SX Bet community involvement is a priority. To acknowledge this support, the platform has launched an affiliate program. Users can actively expand the SX Bet community and promote the product through affiliate links. After onboarding and KYC verification, affiliates can earn 35% of fee revenue from their referral link, fostering a collaborative betting environment and allowing users to contribute to the platform’s growth and earn additional rewards for their efforts.
SX BET Customer Support
As per our SX Bet review, it provides a live chat customer support service allowing users to connect with their site representatives for quick resolution directly. While the customer support options are limited, the live chat feature is a valuable and efficient tool. Users can also find assistance in the help section, which includes a comprehensive FAQ section. Based on our experience with the live chat service, we were surprised by the prompt and informative responses we received. The live chat ensures that users’ questions are addressed promptly, enhancing the platform’s overall betting experience.
Our Verdict on SX Bet
In conclusion, elevating itself as the premier blockchain betting exchange on a global scale, SX Bet leaves a lasting mark with its distinctive offerings. By adopting a non-custodial approach, the betting exchange ensures security for user funds. Peer-to-peer betting offers users competitive odds and a pulsating, exciting, and transparent marketplace. The SX token, a pivotal asset within this ecosystem, endows users with governance participation and rewards, enhancing the victory of winning a bet. The platform offers a plethora of diverse betting options and the allure of immersive tournaments with sizeable prize pools.
With the increasing financial exposure in sports betting, it has raised concerns about the player’s capacity to incur losses that go with the territory. Hence, players should go for responsible betting and bet what they can afford to lose. Overall, SX Bet promises an innovative platform and a great future in sports betting.
FAQs
Is SX BET a Legit Blockchain Betting Exchange?
Yes, SX Bet is a legitimate sports betting platform. Functioning on the decentralized SX Network, it enables transparent peer-to-peer betting, free from centralized control. Diverse sports are open for betting, with automated smart contract technology ensuring hassle-free payout distribution post-event.
Which Cryptocurrencies Are Supported at SX BET?
SX Bet is a legit platform that supports many cryptocurrencies, users can bet in USDC, ETH, or SX token.
Is SX BET Safe for Beginners?
Yes, SX Bet is safe for beginners. Users retain fund control due to the platform’s non-custodial approach, with funds safely locked in their personal wallets. Moreover, blockchain integration amplifies security and transparency for transactions and activities in betting.
Can You Use SX BET on Mobile?
Yes, SX Bet allows you to use the platform on mobile devices. This platform is designed for web and mobile access and can also be used on tablets and smartphones.