How Purebet works
This article will serve as a brief overview of how Purebet works and how to use it. More information can be found in our docs or you can ask questions in our Discord server.
Purebet is a on-chain sports betting exchange and on-chain liquidity aggregator built on the Solana blockchain. Since the on-chain sports betting exchange is custom built from the ground up, we can create markets for upcoming sports events as well as custom prediction markets. For sporting events, we search around our integrated on-chain sports betting protocols (which can be based on any blockchain) to find what odds and liquidity they are offering on each outcome. We combine this liquidity and offer it within our orderbook. When you bet with Purebet, your bet is automatically placed at the best odds. If these odds are from an external protocol, we place the same bet at that protocol for you. There is no need for a Purebet user to bridge funds across chains or even claim winning bets. All winnings are paid to user wallets automatically once the market is settled.
Purebet requires no KYC or signups. Simply connect your funded Solana blockchain wallet to the website and you are good to go. Betting is done in USDC, and a small amount of SOL is needed for blockchain fees ($1 worth can complete thousands of blockchain transactions). Both USDC and SOL can be obtained from a cryptocurrency exchange or bought by card within Phantom wallet.
Select the event and market you wish to bet on and you will see a grid of odds and liquidity. The liquidity represents the amount you can stake and instantly get matched. Click a cell in the trading grid to open a bet slip. Here you can enter your stake and adjust the odds up (if you want to place a marker order — but this may not be matched by a counterparty before the event starts) or adjust the odds down (if you are betting big and need to move down the orderbook to instantly get filled). Clicking “place bet” will trigger your blockchain wallet to ask you to confirm the transaction. Once you confirm the transaction, it will be passed to our exchange matching engine on the Solana blockchain. If the liquidity is from another user’s order, your bet will be matched instantly. If it is from an aggregated protocol, it will be matched as soon as we confirm the bet has been placed at that protocol. If we have an error placing the bet, your bet will remain unmatched — you can either cancel it and try again or wait on another user matching it.
Once the event is over and the market is settled, any money you are due is automatically sent back to your wallet. There is no need to claim anything. This includes any rent exemption (a type of blockchain fee) that you paid.
Check out the docs for more details and ask any questions in the community Discord. If you need a small amount of SOL to get started betting at Purebet, ping me in Discord, just as a treat for reading this far.
Join our Discord: https://discord.com/invite/22tr2FYAh9.
Follow on Twitter: https://twitter.com/Purebet_io.
Our website: https://www.purebet.io.