Betswap.gg Testnet Hands-On
Placing some bets on the world’s first DeFi betting exchange.
DeFi betting exchange Betswap.gg recently started their eagerly awaited testnet and I placed a couple of bets to see what it looks like in action. In the following, I will tell you about my experience.
How To Set Up Your Wallet For The Betswap.gg Testnet
In order to use the Betswap.gg testnet, you need to follow a few steps first to set up Metamask, add some test coins, and connect your wallet to the platform.
Betswap.gg has a detailed Quick Start guide on their site which makes the whole process very easy. It took me about 10 minutes to set everything up.
Once that is done you are ready to use the platform!
How To Place Bets on Betswap.gg
The betting platform is clearly structured.
- On the left side you can choose between different sports, leagues and competitions. (1)
- In the middle you see a listing of the upcoming games for the selected sport and league along with the betting odds for each game. (2)
- On the right side you will find an overview of your bets. (3)
If you click on one of the games, you will see a list of numerous other betting options, called markets. These include, for example, handicaps, goals scored, etc.
You’ll also notice that there is the possibility to bet ‘back’ or ‘lay’.
Here is a brief explanation of what that means.
Back: If you ‘back’ a quote, you bet directly on the respective outcome. In our example above, West Ham United receives a back odds of 2.16 in the home game against Wolverhampton Wanderers. If you place your money on these odds, West Ham will have to win the game for you to win the bet. ‘Back’ means betting on the respective outcome.
Lay: ‘Layed’ sets odds against the respective outcome. If you ‘lay’ the odds of 2.18 on West Ham United, you win your bet if West Ham does not win the home game. You are playing twice the chance of a draw or a win for Wolverhampton.
The platform allows users to place bets by transferring money to a smart contract via their wallet. External providers supply the system with betting odds and game results. A smart contract holds the money and releases it once the result is announced.
Once you have placed some bets you can also see them showing up in your betting history. There you’ll find stats such as your total winnings and details for all your bets.
Summary
As you can see, the betting experience is very straightforward and even for a newbie like me it was a matter of a few minutes to figure out how things work.
During my testing, I only encountered one minor bug. As far as I can tell, the testnet is stable. But the beta is still running centralized off-chain. The final switch to the decentralized on-chain solution should take place after the successful completion of the beta.
If you are interested in betting, or if you want to learn more about Betswap.gg as an investment opportunity, I highly recommend you to check out their website and testnet. It’s free and what you can see so far is just a small part of what the team has planned for the future (e.g. e-sports betting).
Betswap.gg are also planning an AMA on Twitter Spaces on March 12th at 6:00 PM UTC. Follow their Twitter channel @BetswapGG to learn more.
Disclaimer: This article was sponsored by Betswap.gg. It is intended for informational purposes only and should not be taken as financial advice. As always, before any buying or investment decision, you should do your own research. For more information, visit betswap.gg.
