On February 13, 2022, I made a video on YouTube questioning why I could not bet BSV on the Super Bowl at the time.
Now, in February 2024, we can, with the launch of Lil Bit in August 2023, an automated on-chain casino and sportsbook. In that video, I discussed how the betting process should ideally work, where BSV is deposited, processed, and paid out instantly. Lil Bit’s implementation takes that concept even further by not taking custody of users’ funds on deposit, where the users are always in full control of funds (other than when placing a bet). In case of winnings, payouts are executed minutes after a decision, allowing users to place successive bets with their winnings if they would like, or spend elsewhere freely with no withdrawal action necessary.
Lil Bit has hundreds of Player and Game props, not just for the Super Bowl, but any sports game.
I even discussed referrals in the video, which could be paid out instantly upon referred users placing bets. Lil Bit has also implemented that, so a Bitcoiner can onboard their friends at their local Super Bowl party, where the minimum bet is 1/1,000th of a cent.
Many casual watchers of the Super Bowl may engage in prop bets on pen and paper during the game, and this is very similar. Even smaller amounts of cash can be wagered just for fun. If those referred end up winning, then the one who onboarded them will earn 1% of the value of any future bets, regardless of the outcomes of those bets.
As of late January 2024, Lil Bit launched a Prediction Market with two rather controversial figures—Craig Wright and Donald Trump. Users can bet whether the Judge will rule Craig Wright as Satoshi Nakamoto during the long-anticipated COPA trial. If the case happens to settle or the Judge does not reach a verdict on that subject, the “wager resolves to PUSH.” The other currently live bet is if Donald Trump will win the 2024 South Carolina Primary. Lil Bit has appropriately tagged the bets with “Crypto” and “Politics,” respectively, implying more categories and prediction bets are coming. Lil Bit has said on X that they will elaborate on the Prediction Market’s mechanics in a blog post. They have also noted that users will be able to host their own bets within a month.
We are going to publish a blog article in a bit but its Pari-mutuel betting with a Time Multiplier.
— Lil Bit (@lilbitgame) January 29, 2024
This is the first prediction market on the BSV blockchain since Vala Markets ended their alpha phase towards the end of 2022. On a technical level, by functioning with pure BSV, Lil Bit’s prediction market is superior to something like Polymarket, which operates with ERC-20 stablecoin USDC and previously had to implement a novel fee scheme where they charge more USDC as fees instead of burdening the user with Ethereum’s unpredictable gas fees for deposits.
Obviously, the greater challenge for Lil Bit will be sourcing and providing liquid prediction markets to gamble on, as Ethereum and USDC have much more users and market capitalizations than BSV.
Overall, these are positive movements for using your BSV. While gambling is not for everyone, inevitably, humans will always desire to. The novel micropayment aspect can help curb the addictive pitfalls of gambling, as fractions of a penny can be wagered just for fun. I look forward to how the new features of Lil Bit are rolled out and utilized.
Watch: iGaming & blockchain with Becky Liggero
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