Root, an on-chain marketplace for financial, prediction and commerce markets, is teaming up with peer-to-peer betting protocol Paradox on a new parimutuel betting pool model for the FIFA World Cup 2022 that the parties claim “ensures all market participants get the best odds.”
The Root-Paradox partnership comes just ahead of the soccer World Cup, to be held November 20 – December 18 in Qatar, launching Wednesday, November 16. The new alliance “will empower users and market participants to bet on the event using Roots, a new ERC-20 token developed by Root,” a press release explains.
“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,” said Manifold, Root Founding Team. Root leverages Beanstalk, a permissionless and uncollateralized fiat stablecoin protocol “that currently stands as DeFi’s only decentralized credit-based stablecoin protocol.”
“The fair odds created by the Paradox parimutuel model create a new way to bet on the World Cup for fans,” added Manifold. The pool-based Paradox betting protocol sees “all commission distributed to people who bet before you,” and is currently “teaming up with blockchain veterans to develop a user experience that leverages web3 to enable a new way to bet.”
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— Root (∞,∞) (@rootmarkets) November 3, 2022 “The Root-Paradox partnership creates a cutting-edge style of sports betting with guaranteed best odds for all market participants,” the announcement reads.
The FIFA World Cup 2022 marks the beginning of the “truly unique, smart contract-enabled” offering that Root-Paradox aims to deliver, the parties noted. For participants, everyone with the same position will get the same odds, based on the market price at the time any sporting event starts.
In the case of the FIFA World Cup, the odds will “Lock In” at kickoff in Qatar beginning on November 20. “Therefore, bettors are not exposed to getting worse odds because of player injuries or other miscellaneous factors that affect the odds between when the bet is placed and when the event starts,” a press release says.
The tournament will remain active through December 18. “Root-Paradox launching in correspondence with this iconic international event facilitates an exciting touchpoint for users to be involved in the future of decentralized sports betting,” claim the partners.