Automated Play Pools (APP)
First Sports Events Automated Play Pools
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First Sports Events Automated Play Pools
Last updated
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The Automated Play Pool ("APP") is a smart contract dedicated to each sport match.
At first, it collects the bets on different outcomes (e.g. team A wins / team B wins / draw). Once the match starts, bets are closed until completion. Finally, at the settlement of the match, one outcome is declared winner, allowing winners to withdraw a share of the losers bets alongside their initial investment.
In other words, if your team wins the event, you win a share of the opposite team pool
Automated Play Pool Lifecycle Overview
In essence, the APP is a zero sum game. The right balance between the different outcomes is ensured through arbitrage opportunities in the same way as it is established on Decentralized Exchanges ("DEX").
The last thing we want is to see everyone placing a bet at the last second. To counter that, incentives are provided for placing a bet earlier.
The incentive consists of 2 components:
reduction of fees proportional to the whole bets collection time span
redistribution of the collected fees among the early players proportional to the amount of their bet and their earliness
Automated Play Pool Fees & Incentives for a given bet
The earlier you bet, the bigger the incentive!
A "no fees" window is added at the beginning of the APP lifecycle to give a fair chance to the most incentive greedy coons out there.
As the cherry on the cake, the amount invested in an APP is automatically staked to earn GANG tokens until the event resolution, at a rate most likely higher than the regular GANG staking pool.
Once again, the earlier you enter the play pool, the more you farm GANG tokens!
When a sport event is cancelled, every coon is able to withdraw what he invested without enduring any fees (the incentives are then lost too). However the staking rewards are still earned!
