The startup has developed a peer-to-peer sports betting platform that utilizes financial instruments to create a free market for determining odds. This platform enhances profit-making opportunities and provides risk management tools for users, addressing the lack of transparency and flexibility in traditional sports betting.
Funding
$5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional sportsbooks often have opaque pricing models, offering one-sided odds that reduce potential profits for bettors. Users are often limited by the sportsbook's risk management, facing restrictions or account closures for successful betting strategies.
Solution
STX provides a sports betting exchange that operates as a peer-to-peer marketplace, allowing users to directly set and negotiate odds with each other. Inspired by financial markets, the platform uses binary options contracts where users can buy or sell contracts based on the predicted outcome of sporting events. This approach aims to provide fair odds discovery, reduce operator hold, and give users more control over their betting experience. The platform's smart-balance wallet and exchange interface offer risk management tools, enabling users to implement various order placement strategies and analytics to manage their portfolios. By creating a free market for sports betting, STX allows users to trade live sporting events and construct their portfolios with increased transparency.
Target Audience
The primary target audience consists of sports bettors seeking a transparent, fair, and real-time marketplace to bet on sporting events, especially those who are limited by traditional sportsbooks.
Features
- Peer-to-peer sports betting exchange where users determine odds
- Binary option contracts that resolve to either YES or NO based on event outcomes
- Real-time market data and order placement during live sporting events
- Smart-balance wallet for managing risk and tracking performance
- Portfolio construction and management tools accessible on-the-go
- Loyalty program that rewards increased trading volume with new perks
- Mobile application available for both iOS and web platforms