What is Poolprops?
What do you get when you combine sports betting with blockchain technology? Well, you get something called “PoolProps.” It’s a decentralized sportsbook platform built on the Solana blockchain.
PoolProps is a new way to bet on sports without having to trust any third party. They’ve created a decentralized sportsbook where everyone gets paid directly from bets placed on games.
This means that you never have to worry about losing your funds because someone else stole them.
(Looking at you, FTX)
I’m going to go over everything you need to know about PoolProps including how to access the platform, place bets, and withdraw winnings. In addition, I’ll also explain why this new platform will revolutionize the sports betting industry.
What are “Prop” bets?
Proposition bets, or “props” for short, are bets that specify whether or not an outcome will occur in a game. Common examples could include whether a team wins, or whether or quarterback completes more than 10 passes.
These wagers are great because they are user friendly and clear cut. You do not have to be a professional gambler or mathematician to understand the betting system.
With a traditional bookie system, betters give their money up front to a centralized party, known as the bookie.
The bookie’s job is to collect all of the money, pay out the people who won, and turn a profit in the mean time. This is a simple business that requires nothing more than some math, risk management, and liquidity to maintain the payouts.
As you might have already guessed, PoolProps does not use a bookie. Instead, it uses a decentralized system to price wagers, collect funds, and process earnings for winners.
When you place a bet using $SOL, your funds are converted into a token on the Solana ecosystem. This token stores data about your wager and acts as a redeemable ticket should your predicted outcome happen.
By eliminating the need for a bookie, the PoolProps protocol aims to make sports betting more accessible and fair for users all around the world.
Browsing over to the Pool Props homepage, you’ll be able to see the available bets you can place. Keep in mind that these are always changing! The availability will be determined by which matches are being played and in what leagues.
The team is constantly adding new sports and leagues to wage on. Among the most popular sports are:
The Pool Props team is made up of four partners, with each one bringing valuable knowledge and experience to the operation. Three out of the four partners happen to be members of MonkeDAO, which is significant if you are a follower of the Solana Monkey Business NFT.
Kellen graduated in 2014 with a Computer Science degree from Harvard. He spent 5 years working on the analytics team for the Jacksonville Jaguars and is currently a data scientist at Flipside Crypto and member of MonkeDAO.
Michael graduated in 2017 with a Business Analytics degree from Boston College. He’s worked for Boston Consulting Group and in the analytics department for 2 professional sports franchises (NFL + NHL). He is currently a protocol advocate at Flipside Crypto and member of MonkeDAO.
Zac is currently a business major at Western University and a current participant in Solana Lab’s Major League Hacking fellowship program. Solana protocol experience with SolMaps + SolMints and member of MonkeDAO.
Manny Lora, Bizdev + Developer
Manny has 10+ years in the sports betting industry at companies like Fantasy Cruncher and Sirius XM. A daily fantasy professional for 8 years, radio show host, and co-owned the most popular Daily Fantasy Optimizer.
How to place a bet
Placing a wager is easy. To get started, you’ll need a Solana wallet that has some SOL in it. USDC support is coming, but currently the protocol only uses SOL.
Select which sport you want to bet on
Navigate over to the PoolProps homepage and select from the live sports menu at the top of the page
Pick the desired game and outcome
Next, select the game and outcome you want to wager on. In this example, I am placing a bet that the Chicago Bears are going to win against the Detroit Lions
Input the amount of SOL you want to wager
Type in the amount of SOL you want to wager and click the swap button
Confirm the transaction in your wallet
You will need to sign two transactions during this step. The first one should be a small amount of SOL for the fees (in my case it was a few pennies). The second one will show your wager being sent and the wager token being received in return.
Confirm in “My Positions” Screen
If you’ve done this correctly, you will see your new wager in the “Positions” tab. That’s it, have fun!