🏈Sports Markets v2
Sports Markets V2 introduce the use of merkle trees to create markets and push odds to the chain. By using Merkle trees it allows Overtime contracts a quick and secure verification of the data integrity using hashes. The root summarizes the entire dataset, allowing for an ideal structure of v2 contracts. where efficiency is crucial Overtime Markets is able to provide a premier decentralized and fully onchain Sportsbook.
How does the Sports Market Merkle trees work?
V2 will use Merkle trees to create markets and push odds to the chain reducing the overall overhead cost, and possibility to push multiple odds at the same time. Chainlink nodes will remain the source of market resolution when the markets reach expiry.
Positions on Overtime for soccer/football matches are only for regular time (90 minutes + additional time). Playoff or knockout games that are tied at the end of regular time and go to extra time/penalty shoot-out will result in a draw (X).
So if you purchase a HOME position for a soccer/football match that goes to extra time, the winning position for that market is DRAW, even if the HOME team ends up winning the match during extra time.
Market creation
Markets are created from games offered by the Chainlink end-point. The games are organized in sportIds which represent league competitions of given sports, not only the sport in general. The current list of supported leagues include:
Soccer (Football) MLS, Serie A (BRA), Copa Libertadores, EPL, La Liga, Serie A (ITA), Bundesliga, Ligue 1, Eredivisie, Primeira Liga, J1 legue, Saudi Professional League, Conmebol WC qualifications, UEFA CL, UEFA Europa League, Euro 2024, UEFA Nations League, Women FIFA WC, UEFA Euro U21, FIFA WC U20, FA cup, Copa Del Rey, Coupe de France, DFB Pokal, Coppa Italian, FIFA WC, MX LIGA American Football NFL, NCAA Football Basketball NBA, NCAA Basketball, EUROLEAGUE, WNBA, FIBA World Cup Baseball MLB Hockey NHL, IIHF World Championship Figthing Sports UFC, Boxing Tennis Grand Slam, ATP Events Esports CSGO, DOTA 2, LOL Cricket Indian Premier League T20 Blast Golf PGA
Olympic Games Soccer, Basketball 3x3, Basketball, Tennis, Table Tennis, Voleyball, Handball, Hockey, Waterpolo, Rugby, Beach Voleyball Politics US 2024 Elections
Market creation starts by fetching games for each sportId each day from the end-point. The fetched games are stored on-chain and then the market's contracts are created from every fetched game. Each game is a dedicated positional market smart contract with two or three available positions depending on the possible outcomes of the sport in question.
The Thales Protocol DAO retains the right to introduce thresholds upon which the odds will change to allow large sized bets
Trading on Overtime
Each Sports Market is open for trading immediately after it is created by the contract offering on-demand liquidity. This liquidity is open for trading up until the moment the game in question starts.
The v2 contract supports each market by offering liquidity on each market position.
HOMEandAWAYpositions - for two-outcome positional markets (e.g. basketball)HOME,AWAYandDRAWpositions - for three-outcome positional markets (e.g. soccer)
Soccer results are settled after the first 90 minutes of play plus injury time.
Each position is priced by using the merkle tree root data pushed onchain. Odds are pushed onchain frequently avoiding outdated pricing. The contract then offers a strict price to the traders.
Each Sports Market has native liquidity caps (or limits). The v2 contracts will offer on-demand liquidity under the following condition only:
The V2 contracts risk is below a currently set threshold in USD. - It can only allow exposure to the market resolution (game result) below the currently set threshold. If the threshold is reached, the contract stops offering liquidity for that sports market.
Market Offering
Each markets are resolved by Results Data provided by Chainlink Sports Feeds.
Sports Markets include:
Moneyline - Position on which team/player will win.
Handicaps -Position on which team/player will win.
Totals - Position on the combined score being over or under a set number.
Double Chance - Position on two possible outcomes (win/draw, draw/win, win/win).
Half time/full time - Position on the winning team at half time and full time.
Both teams to score - Position on the possibility of both teams to score.
Draw no bet - Position on moneyline with a pay back if game ends in draw.
Player Props - Position on individual player performance stats.
Parlay - Position by combining multiple bets for a higher payout.
For Tennis markets, walkovers will be treated as canceled matches, while retirements during matches or disqualifications will be treated as a win for player going to the next round. For soccer (football) games resolve after regular time. If tied at the end of regular time, DRAW is the winning position, even if a team goes on to win in extra time.
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