Using Bitcoin To Facilitate Sports Betting

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Chris Stewart is the CEO and cofounder of Suredbits, a bitcoin-settled derivatives platform.

Discreet log contracts (DLCs) are a way to do peer-to-peer betting directly on Bitcoin. You can make these contracts contingent on an oracle’s attestation about a real-world event. This real-world event could be the winner of a presidential election, the BTC/USD price on a cryptocurrency exchange or the outcome of a sporting event.

A simple example is betting on the outcome of the Super Bowl. The Super Bowl this year was between the Cincinnati Bengals and the Los Angeles Rams. With discreet log contracts, Alice and Bob can bet on the Super Bowl by making a bitcoin transaction between them. The funds locked in the bitcoin transaction become unlocked when an oracle attests to the outcome of the Super Bowl.

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