SX Bet is a peer-to-peer sportsbook that is backed by smart contract technology. In addition to competitive odds and a vast range of sporting markets, SX Bet is popular for its super-fast withdrawals and respect for player privacy.
This SX Bet review explores this sports betting platform in great detail, covering available markets, odds, bonuses, safety, and more.
SX Bet Pros & Cons
Our SX Bet review found that the sports betting platform comes with the following pros and cons:
How Does SX Bet Work?
In this section of our SX Bet review, we’ll dive a little deeper into how the sports betting exchange works.
In a nutshell, SX Bet operates in a different manner from traditional sportsbooks. As noted above, SX Bet should be viewed as a peer-to-peer betting exchange.
This means that bets are not placed with SX Bet. Instead, users will enter their required bet, which will then need to be matched by other players at the requested odds.
- For example, let’s suppose that the player wishes to wager on the soccer game between Man City and Spurs.
- The player stakes $1,000 on there being more than 2.5 goals at odds of 1.87
- On the other side of the market, players bet on there being less than 2.5 goals
- Once enough liquidity is available, the entire $1,000 wager will be filled
This means that irrespective of the outcome, SX Bet does not win or lose. On the contrary, only players that have wagered on the respective sporting market will have financial exposure to the result.
This sports betting model is arguably more attractive when compared to conventional systems. After all, there is no requirement for players to trust that the SX Bet sportsbook exchange will pay out. This is because each and every wagering position is backed by smart contract technology that operates on the Ethereum blockchain.
Furthermore, as soon as the sporting event has finished, the smart contract will automatically distribute winnings. Players can access SX Bet simply by opening an account and making a deposit in crypto tokens.
The preferred payment currency is DAI, as this pegs to the US dollar, and thus – it is easier to assess stakes and payouts. However, SX Bet supports plenty of other digital currencies as a means of payment.
What Can You Bet on at SX Bet?
Our SX Bet review found that the platform largely focuses on sports betting markets. As such, those in the market for the best Bitcoin casinos for games like roulette, slots, or blackjack will need to look elsewhere.
The vast majority of markets on the SX Bet platform are split across six core sports:
Within each sport, there are a wide variety of leagues and tournaments supported.
For example, those with an interest in soccer will be pleased to know that SX Bet supports games in the English Premier League, Ligue 1, Bundesliga, La Liga, and the Belgium First Division. Regional cups are supported too, such as the Champions League and Europa League.
Essentially, to ensure that there are sporting markets accessible to players from all over the world, around the clock, SX Bet offers a highly comprehensive and vast selection of games.
Within each sporting event, players can choose from several different markets. For instance, when betting on the NFL, SX Bet players can choose from the money line, spread, and totals.
SX Bet Crypto Betting
In addition to conventional sports, SX Bet also offers betting markets on two crypto assets – Bitcoin and Ethereum.
For example, as of writing, SX Bet players can wager on whether Bitcoin will be priced above or below $20,500 on September 23rd. The price for the former and latter, respective, is 3.72 and 1.27.
SX Bet is also popular for its regular hosting of sports betting tournaments. Its Weekend Challenge, for example, is offering a total prize pool of $10,000.
The leadership board is based on net returns over a three-day period. This means that the more that a player wins, the more points and prizes they will generate from the tournament.
SX Bet is also behind a native digital currency – the SX token. This is an ERC-20 token that operates on top of the Ethereum and Matic blockchains.
This SX Bet review found that the project’s token has several core purposes. First, SX functions as a governance token, which means that holders have a say in how the project handles key development decisions.
The token also offers players discounted fees on the SX Bet sportsbook. And finally, the SX token can also be used for the purpose of staking.
At the time of writing, the SX token has a small market capitalization of just under $17 million. This means that investors can gain exposure to the long-term success of the SX Bet exchange while this project is still young.
Below, we explore each segment of the SX token in more detail.
SX Bet is still a relatively new project. Therefore, the SX token offers investors the opportunity to gain exposure to the long-term growth of the platform.
With that said, rather than leaving SX tokens sitting idle in a crypto wallet, investors might consider staking their funds on the SX Bet platform.
As of writing, SX tokens can be staked at an attractive annual yield of 14.34%. This amounts to a yield of 1.18% per month.
Bet mining is a concept that enables players to earn additional rewards when gambling on the SX Bet platform. Put simply, each and every winning bet on the platform will generate additional rewards in the form of SX tokens.
Rewards are calculated on a week-by-week basis and are determined by the total return, less the original stake. Losing bets do not reduce the amount of mining rewards and any SX tokens earned are automatically deposited into the user’s SX Bet account.
First and foremost, fees and only charged on winning bets on the SX Bet platform. This is similar to how conventional peer-to-peer betting exchanges work.
With that said, players can reduce their wagering commissions on SX Bet by staking SX tokens. This is based on a tiered status model.
For example, ‘newbies’ are those that do not stake any SX tokens and thus, will pay a commission of 4% on winning bets. Those staking 25,000 SX tokens carry a ‘fish’ status’ and will have their fees reduced by 20%.
This equates to an effective commission of 3.20% on winning bets. The highest status is ‘dragon’, and this offers an 88% discount – or an effective commission of 0.5%.
Is SX Token a Good Buy?
SX token offers a clear investment proposition. That is to say, those looking to invest in the future growth of the SX Bet platform can do so by adding SX tokens to their portfolio.
The theory is that as SX Bet grows its platform in terms of markets and most importantly – customers and transactional volume, the value of the SX token will follow suit.
While there are no guarantees that this will be the case, the market capitalization of the SX token at this moment in time does potentially offer an attractive risk-reward upside.
As is the case when electing to invest in cryptocurrency for speculative purposes, it might be a good idea to dollar-cost average SX token purchases over a longer period of time.
This could be in addition to depositing SX tokens into the project’s crypto staking facility.
What Other Coins Can You Bet With on SX Bet?
It makes sense that SX Bet operates its sports betting market prices in US dollars. However, in order to achieve this and remain a crypto-centric platform, SX Bet utilizes Dai as its primary currency.
After all, Dai is not only pegged to the US dollar, but it operates on the same blockchain network as SX Bet – Ethereum. However, those without access to Dai can still get started with SX Bet.
This is because the platform claims to support ‘any crypto’ through its instant exchange protocol.
In other words, players can deposit Bitcoin, Ethereum, Ripple, BNB, Cardano, and pretty much any other support crypto asset and instantly convert the tokens to Dai.
How to Buy SX Token & Bet on SX Bet
Looking to gain exposure to the SX Bet platform from the perspective of a player and/or investor?
If so, the beginner’s guide below will discuss the required steps from start to finish.
Step 1: Open an Account With AscendEX
SX token is listed on a variety of centralized and decentralized crypto exchanges. With that said, the vast bulk of trading volume can be found on AscendEX.
Moreover, AscendEX accepts credit card payments, which will potentially appeal to first-time investors that do not currently own crypto. So, the first step to buying SX tokens is to open an account with AscendEX and complete the quick KYC process.
Step 2: Deposit Funds
The next step is to add some funds to the newly created AscendEX account.
AscendEX supports fiat currency payments in the form of debit/credit cards and conventional bank wires. It is also possible to deposit funds in crypto.
Do note that on the AscendEX exchange, SX token trades against USDT. Therefore, it is wise to fund the account with USDT when setting up a deposit.
If this isn’t possible, USDT can be obtained by performing an instant exchange on AscendEX from the deposit currency.
Step 3: Search SX/USDT and Buy SX Tokens
Once the account is funded and there are USDT tokens available to the trader, the next step is to search for SX. This can be achieved by clicking on ‘Markets’ and typing in ‘SX/USDT’ in the search box.
Then, click on SX/USDT to go to the relevant trading page.
The final part of the process is to place a buy order. This is much the same as electing to buy crypto from any other exchange.
Simply type in the number of USDT tokens to swap for SX, and confirm the trade. The SX tokens will then appear in the user’s portfolio.
Note: Consider opting for a market order when completing the trade. This will ensure that the SX/USDT swap is executed instantly at the next best available price.
Step 4: Open Account With SX Bet
To start wagering on the SX Bet sportsbook, players will first need to open an account. On the SX Bet homepage, click on the ‘Sign Up’ button.
This simply requires an email address. As a result, there is no requirement to provide any personal information or KYC documents.
Step 5: Deposit SX Tokens
Now that an SX Bet account has been opened, the user can deposit the SX tokens that were previously purchased.
In the account area, click on ‘Deposit’ and locate the wallet address for SX token. Head back to the exchange that was used to purchase the tokens and request a withdrawal. Paste in the wallet address from the SX Bet account and complete the transfer.
Step 6: Start Betting
As soon as the SX tokens arrive in the SX Bet account, the player can begin placing wagers. Simply select the preferred sport and market, and enter a wagering position as needed.
Any winnings from the bet will automatically be deposited into the SX Bet account on settlement via a smart contract.
Is SX Bet Legit?
Unlike other sports betting platforms in the traditional and crypto spaces, SX Bet is a peer-to-peer aggregator. In simple terms, this means that bets are wagered between players.
As a result, the SX Bet sports betting exchange does not take on wagering positions itself.
Moreover, bets placed on the platform are facilitated and executed by smart contracts. This means that the entire process is automated and there cannot be any form of market manipulation.
In other words, once a sporting event has finished, the smart contract will automatically settle winning and losing bets.
SX Bet offers an innovative concept that stands out in the over-crowded crypto sports betting arena. Through the use of smart contract technology, SX Bet is a peer-to-peer betting exchange that matches wagering positions between players.
This means that SX Bet does not take on any risk itself, rather, players wager with one another via a solid and transparent marketplace.
Players can also gain exposure to the future growth of the SX Bet platform through the project’s native digital asset – the SX token. The SX token – as an up-and-coming asset, offers a small market capitalization for early investors.