Root, a chain betting company, has announced its partnership with Paradox, a peer-to-peer betting protocol for parimutuel betting models. Together, the companies plan to create a ‘Bet to Earn’ marketplace ahead of the 2022 World Cup. It will launch on November 16 – four days before the tournament kicks off.
This partnership will allow users to bet on matches using Roots, a new E-20 token developed by Root. The betting company hosts an on-chain betting environment that allows for permissionless markets with highly capital-efficient liquidity.
A spokesperson for the Root Founding Team commented: “Root is innovating across the entire tech stack to solve the on-chain betting problem and become the dominant liquidity hub for on-chain betting.
"The fair odds created by the Paradox parimutuel model creates a new way to bet on the World Cup for fans."
Root leverages Beanstalk, a permissionless and uncollateralized fiat stablecoin protocol. The company says that this is Web3’s only decentralized credit-based stablecoin model and will be targeted at a younger, tech-savvy market engaged in World Cup betting.
Meanwhile, Paradox offers betting pools where everyone is in the position to get the same odds, based on the pool odds at the starting time of the sporting event. In the case of the World Cup, the odds will be locked in once the first match – Qatar vs Ecuador – kicks off on December 20.
The ‘locked in’ feature means that bettors are not exposed to getting worse odds because of player injuries or other factors between initial bet placement and match kick-off.
The Bet to Earn tournament will remain active until December 18, and the two companies hope it will be a “touchpoint” for users who want to get involved in decentralized sports betting.
