Learn about bet mining and rewards
After airdropping their SX token to the SportX community last week, SportX will be distributing 200,000 SX each week to bettors with its initial bet mining program. From February 1st, 2021, 200,000 SX will be distributed to SportX bettors each week based on their share of the total winning volume.
Bet Mining is just the process of how users earn SportX Tokens (SX) as they bet on SportX. The best thing: there’s no sign-up required, and users automatically earn SX by betting. The purpose of this article is to explain how the process works and to give all the info required to be able to get started with earning SX tokens.
Mining Rewards
As previously mentioned, each week, 200,000 SX will be awarded to users based on their total winnings minus the original stake. Tokens are only earned on winning bets to discourage wash trading, as only winners pay protocol fees on bets.
To discourage wash trading even further, SX bet mining rewards are auto-staked. This means that they can’t be transferred for a minimum of 30 days, which is also known as the SX staking cool-down period.
Using the example given above we see that this bettor has generated $10,500 in winnings this week. The figure given for total winnings ($250,312) includes the initial bets so is different. For example, a $500 bet that generates a $200 profit gives a total return of $700 but would only count as $200 in winnings.
Why Bet Mining?
Community ownership lies at the heart of SportX and its mission is to address historical conflicts of interest in traditional betting. Whilst community ownership is paramount, liquidity and low costs will be the real decider in attracting users.
Bet mining rewards SportX users with SX subsequently increasing activity. The more liquidity and activity there is on SportX, the better the platform is to use for the next bettor, and so on.
Further Resources:
DappRadar Disclaimer
You must be over 18 years of age (or over the age of majority as stipulated in the laws of the jurisdiction applicable to you), and you are in a country where it is lawful to place bets on the service, (if in doubt, you should seek local legal advice). It is your responsibility to ensure that your use of the service is legal. Please gamble responsibly.
