Root Partners with P2P Betting Protocol Paradox on New Parimutuel Pool Model for FIFA World Cup
Paradox, a peer-to-peer betting protocol, has teamed up with Root, an on-chain marketplace for financial, prediction and commerce markets, to work on the launch of a new parimutuel betting pool model for the FIFA World Cup 2022 that the parties claim “ensures all market participants get the best odds.”
As a result of their partnership, a new betting marketplace launched on November 16, ahead of the FIFA World Cup 2022. Paradox says this will empower users and market participants to bet on the event using Roots, an ERC-20 token developed by Root.
“Root is innovating across the entire tech stack to solve the on-chain betting problem and become the dominant liquidity hub for on-chain betting. The fair odds created by the Paradox parimutuel model creates a new way to bet on the World Cup for fans,” said Manifold, Root Founding Team.
Root leverages Beanstalk, a permissionless and uncollateralized fiat stablecoin protocol that currently stands as DeFi’s only decentralized credit-based stablecoin protocol. The Root-Paradox partnership creates a cutting-edge style of sports betting where all market participants get the best odds.
The FIFA World Cup 2022 marks the beginning of the truly unique, smart contract-enabled offering that Root-Paradox aims to deliver. With Paradox pools, everyone that has the same position will get the same odds, based on the pool odds at the time any sporting event starts. In the case of the FIFA World Cup, the odds will “Lock In” at Kickoff in Qatar beginning on November 20. Therefore, bettors are not exposed to getting worse odds because of player injuries or other miscellaneous factors that affect the odds between when the bet is placed and when the event starts. The tournament will remain active through December 18.