[AW2] - Smart Bet 🏅

Smart Bet is a blockchain platform where folks can take a 100% secure long shot on their favorite team. It's a Decentralized Betting Platform for NBA games using the blockchain technology to create a safe and friendly interface. Our platform offers transparency and security for users transactions, allowing them to focus on their favorite team. A “research from Fact: MR study”, shows that the betting market is going to increase by 10,3% until 2032, going up to approximately $225 billion in value all over the world. The betting market has been increasing over the years. In 2018 it gained R$ 2 billion in Brazil alone. Additionally, in the US it gained US$66 billion in 2020 going up to US$ 84.66 billion in 2022 all over the world. Between 2021- 2022, the NBA gained around $10 million in revenue. Although betting is a market where we see a lot of potential growth, there are still some challenges with the betting platforms on Web2. People are afraid to bet because: they fear they will lose their money. They don't feel secure, fear of being defrauded, and just not feeling safe on betting platforms. But when we think about blockchain, it solves their problems. With blockchain technology, we are able to assure security, transparency and can deliver an easy way to receive the funds. This way folks can feel more at ease about engaging with a betting platform and have fun.

For this project, we deployed our contract on Polygon, which offers better prices, lower fees, fast transactions and can assure security for the large volume of validators. We chose to use Circle to bring credibility and an easy way to use the USDC token for payments. Magic, to authenticate the logins due the excellent UX and great SDK to integrate the application. We decided to use ChainLink because they give us the possibility to access off-chain data through their trusted oracle. Last but not least, we used Open Zeppelin to facilitate smart contract control and management as long as the usage of the autotasks and relayers for automation and transaction delivery. Smart Bet classifies as a Decentralized finance (DeFi) facilitating the onboarding of people without a third party involved, regardless of where they live or their bank status. Our business model is to facilitate 70% of the money from the bets to go to the winners, 20% to the lottery for the ones who don't win the main prize, 5% would go to the partners, and the last 5% will go to the platform. The page is going to have an NBA News and Find your Friends space. Not only will the user be able to bet on their favorite games and teams, but also will have a space to engage with their favorite pastime. We expect the users to enjoy the excitement of NBA games with the peace of mind that their bets are protected by the most advanced blockchain technology on the market.