OpenBook

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The Best Decentralized Betting Platform!

OpenBook

The fastest, easiest way to bet on sports.

$1,304,941

Paid out prize in total

1,080

Winners

1,724

MetaMask accounts connected

OpenBook's User Model

A Revolution in Online Betting

Bet, Book, or Host with our revolutionary new model!

BET

BOOK

HOST

Bet with OpenBook to take advantage of the benefits of decentralization & a competitive playing field! Odds are made by the Hosts, who compete for YOU to bet with them.

Why is OpenBook better?

Opening Up the Playing Field

The Bettors, Bookies, and Hosts at OpenBook are the focus. Not the elusive "house."

Three Ways to PLay

Whether you'd like to place bets like usual, provide funds to an open Vault, or start taking the reigns & creating odds, OpenBook is the place to go.

Vaults Model

OpenBook wants to revolutionize the way people interact with sports betting online. The dynamic relationships that emerge between the three primary user bases are a unique feature of our Vaults model.

Building a Web3 Future

The founders at OpenBook believe strongly that Web3 is the frontier of the future. Decentralization is changing the way people interact with one another across industries and across the globe; our model lets the users play how they'd like against whom they'd like.

Competition Brings Benefits

Bettors are free to bet with whichever Vault they choose. Bookies are free to stake with whichever Vault Host they choose. Vault Hosts can freely change their Vault conditions. Healthy competition brings benefits that disseminate to everyone involved!

Deployed on Polygon

The Polygon network is one of the fastest growing blockchains; it offers fast block mining speed, low gas cost, & secure transactions.

Fully Responsive

OpenBook is Designed For All Platforms

Our interface is available on all platforms: smartphones, tablets, laptops, and desktops!

Betting on your favorite team and win easy money

5 simple steps for sports betting

Our platform has been designed from the ground up to be tailored to the unique form of betting and settlement offered by the blockchain. Follow these simple steps and make profits!

OpenBook is fully integrated with MetaMask, connected your MetaMask account to our app simply by clicking theon the top right corner of the app.

By following this route over a traditional login approach, all Bettors and Bookies can remain anonymous to OpenBook. The only identification factor is the public wallet address one uses to make bets or provide liquidity.

Choose your bet

Once logged into MetaMask and connected to OpenBook, the Bettor must choose the bet or bets they’d like to make. For now, we offer only money line bets on all of our matches. The types of betting and their role in OpenBook are addressed in more detail in the following section. Choosing a bet and adding it to the Bettor’s bet slip is as easy as clicking on the box inside the correct match corresponding to the chosen side of the moneyline. Bets inside the bet slip have individual wager amount boxes to be filled out.

Place your bet

As soon as the Bettor has filled their bet slip to satisfaction, placing a bet is a simple as clicking the “Place Bets” button. The bet or bets will need to be confirmed in the MetaMask pop ups, then an on-screen receipt will appear with the details of the transaction for the Bettor. As soon as the blockchain processes the transaction–blocktime on the Polygon network is roughly every 2 seconds, meaning this wait will hardly be noticeable under the worst conditions –the Bettor is sent their bet slip as an ERC-1155 token.

Wait and/or Watch the Game

Very little explanation is needed for this part; after confirming the transaction, the blockchain and our Providers take care of everything else on the back end. Until the outcome of the match is settled and confirmed by the Providers, all the Bettor needs to do is hope they won.

Collect your winning

After the Providers have settled the final outcome of a match, that information is shared with OpenBook. When the Bettor checks to see if they’ve won, our interface will refer to the Bettor’s wallet for bet slips and determine by slip ID# and metadata if each slip has won. If there are any unclaimed winnings on any bet slips in the Bettor’s wallet, there will be a button on the page to claim all winnings. After confirming to claim winnings, the ERC-1155 token receipt for all winning bet slips are checked for validity and then systematically burnt. After validation, the original bet amount and winnings are disbursed to the Bettor’s wallet, completing the process.

Frequently Asked Questions

We Can Answer Your Questions!

How fast do I get paid once I win a bet?

After the game is finished, our smart contracts will automatically calculate the results of all bets. You can claim your winnings on your Account page as soon as this process is completed!

I want to bet using OpenBook, what do I need to do?

Step 1: Login to MetaMask
To utilize the services OpenBook provides, one needs to connect their MetaMask wallet to the site. By following this route over a traditional login approach, all Bettors and Bookies can remain anonymous to OpenBook. The only identification factor is the public wallet address one uses to make bets or provide liquidity.

Step 2: Navigate to the Bookie Side
Just as straightforward as it is on the betting side, this step only requires the prospective Bookie to click their way to the Bookie side of OpenBook in our web interface. On the Bookie side, there are only a few pages and shuffling through them is useful for all OpenBook users. One of these pages has buttons to stake DAI in our Liquidity Pool. This is the page where Bookies will add and withdraw their stake in the pool.

Step 3: Stake Funds in our Liquidity Pool
Staking, providing liquidity, and becoming a Bookie are all for the most part synonymous at OpenBook. Simply input the amount to stake, and click the “Stake DAI” button! The transaction confirmations will appear in MetaMask just like when placing bets. After the transaction is confirmed, the protocol will send the new Bookie a one-to-one amount of ERC-1155 token to DAI staked. We’ll refer to these tokens as OpenBook Stake Tokens from now on.

Step 4: Monitor Profits & Pool Growth
Possessing the OpenBook Stake Tokens in their MetaMask wallet, Bookies at any time can return to the Bookie side pages and check on things. The state of the OpenBook Liquidity Pool is all open data on the blockchain, so we have built a simple interface to visualize these stats. The growth of the pool and the profits for the Bookie can be monitored with ease.

Step 5: Withdraw Anytime
On the same page that allows staking, any amount of DAI the Bookie currently has staked can be withdrawn just as smoothly. Type in the amount to withdraw, and click to withdraw! Confirm the MetaMask transactions, and in moments the DAI will return to the Bookie’s wallet.

What commission does OpenBook charge on bets?

A 2% vig on every bet is charged at OpenBook.

Does OpenBook provide escrow?

No. All transcations are executed publically on the blockchain using secure audited smart contracts; bets are also settled by smart contracts in this way. Everything is visible, transparent, and public.

What makes OpenBook unique?

Check out the "Why is OpenBook better?" section above to see a quick outline of what differentiates us!

How do I deposit and withdraw as a Bettor?

At OpenBook, all transactions are done through self-custodial MetaMask wallets and executed on the Polygon blockchain; no deposit or withdrawl required! You can view your transactions in the MetaMask user interface.

How do I deposit and withdrawl as a Bookie?

What betting strategies does OpenBook offer?

The sports betting landscape is riddled with a huge variety of betting types for gamblers to enjoy and participate in. For the Alpha prototype, OpenBook will only serve money line type wagers. This is due to time constraints and for the sake of prototyping and load testing.

What is Decimal odds format?

Decimal odds are the most popular type of odds around the world, and have two main advantages over American odds — they convert to probabilities much easier, and they’re slightly more intuitive once you’re familiar.

So how do decimal odds work?

Decimal odds represent the total return for every $1 wagered, including the money you risked.

An American moneyline at -110 is 1.91 in decimal odds. Why?

Because for every $1 you’re betting, you’re getting 91 cents back, plus the original dollar.

Therefore, any odds under 2.0 will represent a favorite. Any odds over 2.0 will be an underdog.

What is American odds format?

American odds are centered around winning or wagering $100 on a given bet, though you don’t need to actually wager $100. It scales up and down depending on your bet amount.

If You’re Betting a Favorite: The odds for favorites will have a minus (-) sign in front, and indicate the money you need to risk to win $100. So if you’re betting on the Yankees at -130, you need to risk $130 and will win $100 if New York wins the game (plus your original $130 back).

If You’re Betting an Underdog: The odds for underdogs will have a plus (+) sign in front, and indicate the money you’ll win for every $100 risked. So if you’re betting the Red Sox at +120, you’ll risk $100 and will win $120 if Boston wins the game (plus your original $100 back).

It might be easier to think in terms of dollars instead of $100’s. So for every $1.30 risked on the Yankees in this game, you’d win $1. For every $1 risked on the Red Sox, you’d win $1.20.

What is DAI?

Dai (DAI) is a stablecoin linked to the value of the U.S. dollar. To maintain its price stability, DAI’s value is regulated by MakerDAO, its decentralized governance community.
1 DAI ~= 1 dollar

What is a wallet?

A cryptocurrency wallet is a device, physical medium, program or a service which stores the public and/or private keys for cryptocurrency transactions. In addition to this basic function of storing the keys, a cryptocurrency wallet more often also offers the functionality of encrypting and/or signing information.

What is MetaMask?

MetaMask is a software cryptocurrency wallet used to interact with the Ethereum blockchain. It allows users to access their Ethereum wallet through a browser extension or mobile app, which can then be used to interact with decentralized applications.

What are the benefits of becoming a bookie?

The most vital benefit for most Bookies will be the APR % that is awarded as profit for staking DAI in our liquidity pool. This profit APR % will fluctuate as time progresses based on protocol performance. In addition, the 2% vig taken on every bet is used to fill the liquidity pool, of which Bookies have a percentage stake and thus will gain incremental benefits from its growth.

How do I withdraw my money?

You can withdraw money by going to the bookie page, enter the amount you wish to withdraw and click on the withdraw button.

Can be I both the bettor and the bookie

Yes, you can be both the bettor and the bookie. In the future, our hope is to further incentivize the connection between Bettor and Bookie. Our plan for this includes a tiered bonus system based on either amount staked, time staked, or other metrics. The bonus is an increasing discount on the vig when placing bets, all the way down to near 0% at the highest tier. We may also include additional benefit programs to promote Bookie retention and acquisition as we grow the protocol.

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