Issue #1 — Cost: In traditional pari-mutuel betting models, bookmakers such as casinos collect wagers and calculate payout odds for winning bets based on a percentage commission that they retain, which covers their operating overhead expenses. This percentage ultimately comes out of bettors’ winnings. As MeVu is a digital peer-to-peer betting platform in which bettors place wagers against each other, its overhead costs are a fraction of those of traditional bookmakers, allowing for higher payouts for winning bettors.

Issue #2 — Trust: When a sports bettor places a bet, their stake is kept in the bookmaker’s custody. If the bet loses, the bookmaker keeps the stake, and if the bet wins, the stake is to be returned to the bettor along with their winnings. This model is reliable in circumstances where the bookmaker is unequivocally deemed to be trustworthy (e.g. US bettors using sportsbooks in casinos in states such as Nevada and Pennsylvania, which are heavily regulated). However, with online bookmakers often being incorporated in faraway jurisdictions such as Malta and Gibraltar, trust is a concern for many bettors, given the challenges of pursuing legal recourse with a foreign bookmaker in the event of a dispute. Bets made on MeVu have the stakes from each bettor locked in an Ethereum smart contract, which is programmed to automatically disburse funds to the winning bettor upon a wager’s condition(s) being met or unmet. As part of a public blockchain network, this smart contract is fully transparent and auditable, introducing an unforeseen level of accountability into the ecosystem of sports betting.

Issue #3 — Access: Sports bookmakers have been taking an increasingly hostile approach to sophisticated bettors, given that they can present a threat to the bookmakers' profitability. In 2018, it was reported that around 50,000 accounts with UK bookmakers had been outright canceled, seemingly for merely “trying to win”1. As a result of being chased away by regulated bookmakers, many more serious sports bettors have turned to illicit bookmakers to place their bets. While these bettors benefit from having their wagers accepted, they also expose themselves to the risks of no formal payment guarantee, as well as the possibility of prosecution. As bets on MeVu are made between independent bettors who agree on fixed wager amounts at fixed odds, there is no “house” profitability to be threatened, and therefore no incentive to place bets through illegal bookmakers. Because of this, MeVu offers a key advantage for more serious sports bettors, whose wagering action stands to be disapproved by risk-averse bookmakers.

The meVu platform’s beta version is currently live and can be accessed at https://dapp.mevu.bet/. As of this writing, the beta version of meVu is offering wagers on sporting categories to include basketball, hockey, football, and esports, where users can place bets at the odds provided by meVu against counterparties with whom they will automatically be matched. However, users who are sufficiently capitalized will have the option of setting their own odds at their discretion, effectively allowing them to become their own sportsbook. This capability will engender a new level of competition to sports wagering, enabling bettors to have access to a wide selection of odds.