In the current crypto ecosystem, there is a growing perception that development teams are overly focused on infrastructure at the expense of consumer-facing products. Overtime Markets offers a different approach, exemplifying how a consumer-oriented platform can contribute to the sports betting industry with its updated V2 platform.
Since its release in mid-June, Overtime Markets V2 has recorded over $6.8 million in notional volume and $2.2 million in premium volume. More than 2,200 users have placed nearly 14,000 bets, generating over $120,000 in revenue for liquidity providers.
Decentralised betting allows users to assume the roles of both the house and the bettor, promoting a transparent, secure, and fair betting environment. Unlike traditional sportsbooks, where the house controls the odds and holds all the stakes, decentralised platforms strive for greater equity and reduce potential biases.
This model is central to Overtime Markets, and the V2 launch demonstrates the capabilities of this approach, providing a real-world application of decentralised principles in a popular market.
Key Features of Overtime Markets V2
- Live Markets: Utilising data from OpticOdds, a sports betting data provider, Overtime Markets V2 enables users to place bets in real-time, even after an event has started. This feature aims to bridge the gap between traditional and onchain sportsbooks, offering a more interactive betting experience and catering to users who prefer to make informed decisions based on the progression of the event.
- Expanded Market Offerings: V2 includes more betting markets per game and a broader range of sports, such as football, basketball, volleyball, among many others. The platform will also feature markets for the upcoming summer Olympics. This expansion provides users with more options and opportunities to engage with the platform.
- Improved Odds: Another enhancement in V2 are improved odds. The skew impact, which occurs when many bettors favour one side of a bet, making the odds less favourable for that choice, is addressed in this version. By tackling this issue, V2 aims to provide fairer odds compared to centralised sportsbooks, enhancing the overall fairness and attractiveness of the betting experience.
- Overhauled Collateral System: The overhauled collateral system in V2 introduces USDC as the default collateral across all chains (Optimism, Base, and Arbitrum), which helps reduce volatility risks. Additionally, ETH has been introduced as a native collateral option for decentralised trading. The THALES token offers an extra 1% payout per game and burns performance fees to reduce its total supply, enhancing the overall user experience and providing additional incentives for token holders.
- Streamlined Liquidity Pools: The platform has also streamlined liquidity pools by merging single and parlay pools into one, simplifying the process for users who wish to act as the house. Deposits can now be made into three different pools per chain: USDC, ETH, and THALES. This simplification makes it easier for users to provide liquidity and participate in the platform’s ecosystem.
The upcoming 2024 Paris Olympics from July 26 to August 11 is an opportune time to explore the Overtime Markets V2 platform. The revamped features and performance may appeal to sports bettors interested in the future of onchain betting, offering a glimpse into how decentralised platforms can transform traditional industries.