FAQ

Browse our frequently asked questions below, if you can not find the answer to you’re looking for please contact us.

• Q: What is Betswap.gg?

  A: Betswap is the decentralized sports betting exchange and casino built with blockchain technology, where players can opt to play casino games or make peer to peer sports betting on their favorite teams.

• Q: What is a Betting exchange?

  A: A betting exchange is a marketplace that allows bettors to wager against each other at lower fees than those offered by a traditional sportsbook. Two customers agree on the odds and stakes for a given game, and bet against one another. Betting exchanges are different from traditional betting sites in that they allow players to bet directly against each other and set odds themselves. Instead of being limited to the odds set by bookies, and only having the option to back a certain outcome, a betting exchange allows users to go head-to-head against each other by either backing or laying.

• Q: How does Betswap work?

  A: As Betswap is peer-to-peer, you bet against other users and liquidity providers, and the exchange acts as an intermediary marketplace for your bets. Betswap offers users more flexibility than traditional sportsbooks, and the ability to set their own odds allowing bettors for the first time to play both sides of a bet: as a bettor or a bookie.

• Q: What are Ethereum Smart Contracts?

  A: Ethereum smart contracts are written in computer code and recorded on the Ethereum blockchain, and are essentially self-executing contracts with predetermined rules and conditions. They enable transaction and agreement automation without the use of intermediaries. Consider a smart contract to be a digital contract between two or more parties. These contracts specify the terms and circumstances that apply to a certain transaction or relationship. When the contract's requirements are met, the contract automatically executes itself, carrying out the agreed-upon acts. Most of the betting process at Betswap uses smart contracts. When you opt to sign in via web3, we never take possession of your funds, ever.

• Q: What is an advantage of using blockchain technology?

  A: There are various advantages to using blockchain technology in a betting site. To begin, blockchain enables transparency and immutability, which means that all transactions on the blockchain are available to all participants and cannot be edited or manipulated. Furthermore, blockchain-based betting sites can deliver transactions that are quicker and more efficient. Withdrawals can be implemented fast with automated smart contracts, eliminating the need for manual processing. Finally, the adoption of blockchain improves security. It becomes very resistant to hacking or data manipulation by storing data across a decentralized network of computers. This protects both user payments and personal information.