Root and Paradox launch wagering marketplace ahead of FIFA 2022
Paradox, a peer-to-peer betting protocol has teamed up with Root, to work on the launch of a new parimutuel betting pool model for the FIFA World Cup 2022, building on-chain betting via permissionless, generalised markets.
As a result of their partnership, a new betting marketplace launches on 16 November, ahead of the FIFA World Cup 2022. Paradox says this will empower users and market participants to bet on the event using Roots, an ERC-20 token developed by Root.
Called Bet to Earn, Paradox and Root’s marketplace will remain active until 18 December, and the two companies hope it will be a “touchpoint” for users who want to get involved in decentralised sports betting.
This year’s World Cup marks the beginning of the smart-contract-enabled offering that the two companies aim to deliver. Thanks to Paradox pools, all users will get the same odds, based on the pool odds at the time a bet is placed.
In the case of the FIFA World Cup, the odds will “Lock in” at kickoff in Qatar starting on 20 November. This means bettors will not be exposed to getting worse odds because of player injuries or other miscellaneous factors that usually affect the odds between when a bet is placed and when the events start.
A spokesperson from Root 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 create a new way to bet on the World Cup for fans.”
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