How to create a bet

To create a bet, navigate to “My Bets”

Tap the plus icon in the lower right corner.

Create a bet description that is as clear and specific as possible, for example: “XRP will be above $0.53 according to the historical data listed on CoinMarketCap for the 22nd of June 2023”.

Select a category you want the bet to be listed in. This has no effect other than the bet being displayed in the selected category.

If you wish the bet to be private, meaning only a specified account can take it, you must tick the “Private Bet?” option. You can learn more about private bets here.

If you want to allow a tie as an outcome, you need to tick the option “Tie allowed?”

Next, you must put in the wager amount and select the token.

The next step is about setting timers correctly:

Bets can have two time limits: “Max accept time” and  “End Time”

“Max accept time” allows you to define until when a bet can be taken.

“End time” allows you to define the earliest time the bet creator and bet taker can define the outcome.

Once you set all conditions accordingly, tap “Create Bet” at the very bottom of the page. You will now be asked to pay the bet creation fee. Once the fee is successfully paid, the bet is visible in the “My Bets” section, awaiting the wager to be paid.

Example for “Max accept time?” usage: Team A is playing against Team B, and the event starts at 19:00 and ends at 21:00. Using “Max accept time”, you can ensure the bet needs to be taken before the event starts, while “End time” makes sure an outcome can only be called after the event ends. In some cases, you might want to add a time buffer.

The newly created bet is now at the top of the list, with the new bet indicator displayed.

Tap the bet to proceed and pay the wager.

Ensure everything is correct. If so, proceed by tapping “Deposit Wager”.

Follow the signing process as usual. Once the payment is confirmed, the bet will be visible to others unless it is a private bet, which will be only visible to the account you specified.

Private bets can still be shared and seen by others. However, only the specified taker can interact with them.

You can share the bet in a way most apps allow you to share items. This will generate a deep link to the bet itself.

If you change your mind, you can cancel the bet. This is possible even after the wager was paid, as long as no one took it. The bet fee will not be refunded.

How to accept a bet

Bets that are open and waiting to be taken are listed in the Home section of the xApp. This exlucdes bets you created as you can not take your own bets.

You can see all currently available bets or sort them by categories.

The overview shows the bet terms, current status, amount to wager, and end time.

If you tab on a bet, you will see additional information and the option to take that bet.

If you wish to take a bet, tap the accept button and follow the signing process to pay the wager. Takers do not need to pay the bet fee. The bet creator has already done this.

Once the wager payment is confirmed, the bet status changes, and it is now waiting for the time to end, allowing the parties to declare the outcome of the bet.

How to handle disputes

The dispute system is currently in development. If a party claims a dispute, the following happens:

All wagers will be returned to the creator and the taker. The creation fee will not be refunded.

How to declare an outcome

Once the end time of a bet finishes, the creator and taker can declare the outcome.

There are 4 potential outcomes of a bet:

Win; you will select this option if you are confident you won the bet based on the conditions.

Loss; you will select this option if you are confident you lost the bet based on the conditions.

Tie; this option is only available if a tie is allowed. Select this option if neither the creator nor the taker won/lost based on the condition.

Dispute: one party selects the outcome, and the remaining party disputes the outcome.

As soon as one of the parties declares an outcome, only the opposite option is available to the remaining party and the dispute option. Example: Creator declares win, only loss and dispute are available to the taker.

Payouts happen if the outcome declaration matches. As the dispute system is currently in development, all wagers will be returned if a disputed is claimed.