Augur is nothing short of a revolutionary approach to sports betting—a decentralized, peer-to-peer network where users can create their markets and bet against each other directly. This essentially cuts out the need for a bookmaker but in a way that is transparent and fair. Owned and operated by its users, Augur users use ETH and DAI tokens to bet against each other in real time and essentially create their own sportsbooks. Since the betting is peer-to-peer, there is no juice or vig added by the oddsmakers, only a fee added by the market creator. Augur also incentivizes reporters to use its own Reputation Tokens, or REP, to verify the outcomes of events and ensure that they’re being reported properly.

This burgeoning platform will offer sports bettors a lot in terms of transparency, efficiency, and value. Let’s dive into how the Augur prediction markets work and how sports betting will be handled in this revolutionary new system:

How Augur Prediction Markets Work

When you hear the term ‘prediction markets’ you may confused by the breadth of what it suggests. Yes, anything can be predicted and therefore anything can be bet on. Any event that has a measurable outcome, that is. This is nothing new, as Vegas has been known to house some strange bets, and bettors have demonstrated that they’re willing to wager on everything from TV season finales to Super Bowl song picks.

What makes the Augur platform different is that bettors are going against each other directly, and the prediction results are reported by the users themselves. This incentivizes an environment of honesty because users can dispute incorrect reports and reporting outcomes incorrectly has a financial impact. …

This article appeared first on Cryptovest

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