All bets are placed/settled using the SINO token. The betting smart contract burns tokens when a bet is placed, mints to pay out winnings.
There's no human counterparty holding/handling funds. This project is currently deployed on Arbitrum Sepolia, main net coming later.
A user bets 1000 SINO at odds of 2.00. The smart contract burns it. If bet wins, it mints 2000 SINO to the user. Actual winning chance is 49% (not 50%) due to house edge.
The 2% house edge, built into the betting contract, makes it possible to: deflate the SINO token, reward game creators, top up the jackpot fund.
The only human involvement is an oracle injecting random numbers onchain. These numbers get used for settling bets.
If you build a dapp with games on top of the Sino betting smart contract, you'll get rewarded with SINO tokens after every winning bet placed via your dapp.
Every bet, regardless of its size, also has a 1% chance of winning the jackopt.
Every bet placing/settling and random number injection generates an onchain event, auditable by anyone.
All needed to place bets is a crypto wallet. No need to register an account or provide personal details.