Introduction

Description

SmartBet is a betting platform that allows users to place bets using cryptocurrency. It also provides incentives as interests to winners who decide to keep their wins on the platform. These reserved funds are traded with by the platform on a DeFi lending protocol. When users place bets on matches using native coin(BNB) which is swapped for stablecoins (BUSD), they are issued NFTs (ERC721) which serve as both the value of their bets as well as keep track of all accrued interests. Users can liquidate their wins at will.

User Story

A bettor comes to the platform to place 100BUSD bet on a match whose odds is 4/1. He will be issued an NFT that represents his bet. If this bet wins, his NFT will remain valid and valued at 4 * 100BUSD = 400BUSD. He can then decide to liquidate his NFT immediately or defer his liquidation till a later time. If he keeps his funds in the SmartBet platform, they will be traded with on a lending protocol and the user will receive dividends of the investment.