Augur will use Chainlink to cut costs on sports betting and will attempt to get rid of the intermediaries as we read more today in our latest chainlink news.
The decentralized predictions market Augur will use Chainlink to launch a new platform Augur Turbo aimed at the fast-growing sports betting market. The new offering will try to cut costs and intermediaries as Augur claimed:
“Traditional betting exchanges are highly centralized and introduce a large number of restrictions on users, such as limiting payouts and withdrawals, siphoning fees of 5-10%, and limiting the types of markets that can be created.”
To ensure that the fees remain low, Augur Turbo is built using Polygon which is a Layer 2 scalability solution and most crypto platforms are built on Ethereum including Augur, and the cost of interacting with the platforms can be expensive given the constraints of ETH. When the network is congested, simple swaps can cost hundreds of dollars and many projects in the crypto ecosystem turned to Polygon for example to keep the fees low.
The English Premier League is always a safe bet no matter if the wager is on game statistics, revenue, or fan base!
— Augur (@AugurProject) May 14, 2021
Augur Turbo taps Chainlink oracles to ensure that the platform is using reliable data and no matter the network, oracles are extremely important. They will assist in bringing information from outside of the network and the information could be different kinds of updates or ballot counts for local elections. In this case, Chainlink’s highly reliable and secure will be used to deliver schedules and post-game scores, players’ stats, and more.
With Augur Turbo, the users can create markets for unique sporting events and outcomes like the final score of the week’s Champions League final between British soccer clubs Manchester City and Chelsea and the users can make a market speculating on the outcome of Game 2 between Milwaukee Bucks and Miami Heat in the NBA Playoffs that will be something as a mundane as which colors each team that will wear on game day.
Because the service is open-source, if there’s enough interest in a bet, a market will form around the bet and Augur Turbo will allow users to make bets on other events unrelated to sports like events and politics.