Year established: 2018
Mobile compatible: Yes
Overall rating: C-
Recommended: For professional players (Betting Exchange)
BookiePro is a decentralized sports betting exchange, the first of its kind in the world. It is the public beta version of BookiePro where bettors use play tokens called BitFun. Launched in time for World Cup 2018, the app allows betting on soccer matches and some other sports events. Additional sports and tournaments will be added regularly, over time. BookiePro has been built for the Peerplays blockchain.
Peerplays is the first decentralized global betting platform, disrupting the global gaming industry with a new paradigm of fairness, transparency, speed, and security. Using the Peerplays blockchain, BookiePro publicly broadcasts every transaction in real-time to ensure full transparency for end users. This leaves zero room for bad actors to take part in any funny business in BookiePro. No more disputing wins and losses – it’s all right there, on the blockchain.
Sign-up for BookiePro
Signing up for BookiePro is easy and requires no personal information. After you have downloaded the desktop app, follow the instructions below:
- Open BookiePro from your desktop;
- Create an Account Name;
- A random 52-character password will be generated. Save your account name and password. They cannot be recovered if you forget or lose them;
- Follow the prompts to complete the account setup;
- Sign in and start betting.
Placing a Bet on BookiePro
BookiePro is a betting exchange, which allows you to place a bet by either Backing (as bettors normally do – betting for something to happen) or Laying (like a sportsbook would do – betting on something NOT to happen).
BookiePro has no ‘house.’ This means that the bets you place will be matched by other users who want to take the opposite side of your bet. Once matched, they cannot be edited or cancelled. Only unmatched bets can be edited or cancelled. To get started:
- Choose a sport from the menu on the left;
- Select the appropriate League (NFL, EPL, etc);
- Select the game or match you wish to place a bet on (e.g. England v Germany);
- Select the market you wish to bet on (e.g. Moneyline);
- Place the bet.
A betting market can be seen as a question and a list of possible answers to that question. For example, in a Moneyline betting market, the question is, “Which team is going to win this game?” The list of answers (or “selection”) to that question would, for example, be, 1) England, or 2) Germany. By making a bet, the bettor is effectively choosing an answer to the question.
Odds on BookiePro are in decimal odds. For example, if England has odds of 2.5 to win and you stake 10 mBTF on them to win, your potential payout is calculated as follows:
Stake x Odds = Potential Payout
10 mBTF x 2.5 = 25.00 mBTF
Your profit in this example is your payout (25 mBTF) less the stake (10 mBTF), for a total of 15 mBTF.
Offering New Odds
Placing bets at odds that suit *you* is at the core of the BookiePro experience! If you are not happy with the odds being offered at any time – back your own judgment and submit your own.
Stake, Liability, and Exposure
Stake is the monetary amount placed on a back bet. If the outcome does NOT win, you lose this amount.
The individual who lays a bet is responsible for paying out the potential winnings of the back bet, and the monetary risk is referred to as Liability. For example, laying a 10 mBTF bet at 2.10 odds, your liability – the amount you stand to lose – is 11 mBTF.
Exposure is the total amount you stand to lose, over all of your placed back and lay bets, at any given time.
Bets are normally settled within approximately 15 minutes of the event finishing though often much sooner. Exceptions can occur if there are delays in reporting final results by the third party data feeds that BookiePro uses.
Next is a list of popular questions with answers to them:
What is BookiePro?
BookiePro is a betting exchange where people from all over the world can bet with “play” tokens on a wide range of sports events.
What currencies can I bet with on BookiePro?
BookiePro uses only the “play” token BitFun (BTF). BitFun holds no actual value and should not be considered a currency of any kind.
How is BookiePro different from a regular sportsbook?
When you bet with a sportsbook, your wager is matched by the “house” (the sportsbook operator). If you win this bet, this sportsbook operator pays you directly. BookiePro is a betting exchange – so there is no house. Instead, the platform matches your bet with those of other users who want to take the opposite side of your bet.
How does the BookiePro betting exchange work?
A betting exchange is similar to a stock exchange. A stock exchange matches orders between anyone who wants to buy and sell a particular stock. A betting exchange matches the orders between anyone who wants to back (bet ‘for’) or lay (bet ‘against’) a particular result in a sports event.
How do I find someone to bet with on BookiePro?
BookiePro automatically matches bets between you and other users from around the world. All you have to do is choose a sport and event to bet on, and decide how much you want to bet and at what price. BookiePro takes care of the rest – matching your bet at the best available price, holding all funds in escrow, and then releasing the funds to the winner when the sports event is finished.
How is BookiePro different from other betting exchanges?
Traditional betting exchanges operate the software which matches your bets on a centralized server. On BookiePro, the software that matches your bets operates on a public blockchain. This makes BookiePro transparent and accessible from every country on Earth.
Who owns BookiePro?
No single person, company, or central authority owns or operates BookiePro. The BookiePro app is an application that interfaces with the Peerplays blockchain. As the Racing Post puts it: “…because of the way blockchains work, Peerplays is largely automated and self-sustaining. No one owns it, no single person or organisation is responsible for it…”
What is a blockchain?
A blockchain is a digital database managed by a decentralized collective of digital stakeholders. Blockchains use advanced cryptographic techniques to securely record your transactions on a public network. BookiePro runs on a Peerplays blockchain, which is custom-built to support online gambling.
How does BookiePro’s decentralized approach benefit bettors, compared to a traditional centralized sportsbook?
Decentralized sports betting provides the following benefits for bettors:
- provably fair (traditional sportsbooks don’t publish their back-end code and business logic)
- real-time transparency of bet placement (traditional sportsbooks never publish their database)
- no slow payment
- no possibility of funds being stolen by an unethical operator
How does a betting exchange benefit bettors, compared to a traditional sportsbook?
Betting exchanges offer the following benefits for bettors:
- never have your bets refused
- never have your account limited
- never have your account shut down
- multiple market makers (not just the sportsbook ‘house’) = huge price competition = better prices than any single sportsbook
- ability to BACK and LAY (not just BACK as per a sportsbook)
- ability to trade back and forth in markets
How do I sign up for a BookiePro account?
Opening an account with BookiePro is quick and simple. First, download and install the app. Then, click the SIGN UP button on the BookiePro app front page and follow the on-screen instructions.
Will I need to provide any ID, proof of address, or other personal documentation when signing up for a BookiePro account?
No. BookiePro does not require any personal information for account creation.
What personal information does BookiePro hold about me?
BookiePro does not store or hold any personal information about you whatsoever, not even your name.
What currencies can I bet with on BookiePro?
The play token BitFun has been created specifically for BookiePro and is the only crypto asset that can be used in the app. Do not attempt to move any real fiat or cryptocurrencies to your BookiePro account – it will not work and you risk losing those funds.
Can I create a new market?
No. New markets cannot be created by users of BookiePro. Markets are created by the Witnesses who run the Peerplays blockchain that BookiePro is built on.
What is a selection?
A selection is simply one particular “answer” within a betting market. For example, “England” is a selection in the Moneyline betting market. “Germany” is the other selection.
Back and lay
To ‘back’ a selection is to bet on that particular result happening. For example, backing England in a match is betting on England to win that game.To ‘lay’ a selection is to bet on a particular result NOT happening. Put another way, it is betting AGAINST a particular result. So, laying England is placing a bet on them NOT to win.
What is a ‘matched’ or ‘unmatched’ bet?
Once a bet is taken by someone on the opposing side, it is matched and cannot be cancelled or changed. The bet is active and must wait until the event is finished and the results are determined. Unmatched bets have not been taken by someone on the opposing side. Unmatched bets sit on the orderbook and are visible to all other users. Unmatched bets that have been submitted by different users but have the same price or odds are aggregated and shown as a single total sum on the orderbook. Unmatched bets can be cancelled or edited until they are matched.
How do I cancel a bet?
Matched bets cannot be canceled. You may cancel an unmatched bet at any time by either: (i) Navigating to “My Bets” using the icon on the top bar. From there you can choose to view all unmatched bets and cancel by clicking “Cancel”
(ii) Navigating to the betting market where you placed the bet, clicking on “Placed Bets” in the betslip on the right, where you will be able to view and cancel any unmatched bets you have in that market.
Is there a minimum/maximum bet amount?
The minimum backer’s stake is 1 mBTF. The minimum layer’s liability is 0.01 mBTF. There is no maximum bet amount.
What is in-play betting?
In-play betting, also known as live betting is when you bet during the actual event/match/game. BookiePro offers in-play betting on many different events. All bets placed before a match goes live will be cancelled when the market goes in-play.
I believe my bet has been settled incorrectly. What can I do?
A settled bet (i.e. where funds have been paid out as winning bets) is final and irreversible. Funds cannot be reclaimed from accounts once they have been settled (paid out) by BookiePro.
What happens if the sporting event is abandoned or does not start?
In the rare case an event has no definitive end or conclusive result, the bet is canceled and rendered moot. Any wagered funds will be returned to all parties.
I don’t see the sport/event that I am interested in on BookiePro, why not?
Sporting events appear on BookiePro a certain number of days before they begin – typically a lead time of between two to six days is used. In other cases, such as the Group Stage of big tournaments like the World Cup, events show several weeks in advance. If the sport you’re looking for is not covered on BookiePro, don’t fret. The app is constantly updating and expanding its offerings and the sport or league you are interested in may be included in the future.
Is there a charge or a fee for me to bet with BookiePro?
Yes. There are two charges made to users of BookiePro – Commission and Transaction Fees.
How does commission work?
BookiePro charges a Commission on any net winnings in a particular market. So if, for example, you have net winnings of 10 BitFun in the Moneyline market on the England @ Germany game, Commission will be charged on that 10 BitFun. BookiePro.fun’s Commission rate is 1%. We talk about “net winnings” because users can have multiple bets (back and lay) in a single market – it is the net profit across all those bets that is liable to have Commission paid on it. If a user makes a net loss in a market (or zero profit, neither plus nor minus) then no Commission is due. Commission fees are calculated and deducted from net winnings after the event is finished.
Will I be charged commission if my bet loses?
No, not if that was your only bet in this market. Commission is only paid by users who have net winnings in a particular market. If you had a second bet in that market that won more than your first bet, then you would pay Commission, on your net winnings (net winnings = winnings – losses).
How does the transaction fee work?
BookiePro also charges a tiny Transaction Fee for every new bet you place. This Transaction Fee is set at 0.01 mBTF. It is only charged when you make the following actions:
- place a bet;
- edit a bet;
- change your password.
The Transaction Fee is charged when you are making a new bet and is shown in your betslip as an additional fee on top of your bet stake. Transaction Fees are paid regardless of whether you are net winner in a market (unlike Commission).
Why have fees for a play money product?
BookiePro uses “play” tokens (‘BitFun’) which means Commission and Transaction Fees have no real-world value, but they have been included in the app so that this functionality can be properly tested in a live deployment.
How do I recover my BookiePro password?
There is no way to recover your BookiePro password. If you lose your password, you will not be able to log in to your account and you will lose access to all funds in that account forever. When creating your account, every user is prompted to save a file containing the password to their hard drive. Users should also save their password in a secure place offline. Never share your password with anyone.
Can I change my password?
Yes. Go to My Account, which is accessible on the far right of the Menu bar. From there, click on CHANGE PASSWORD and follow the instructions. Your new password must contain 52 characters. Characters can be letters (both upper and lowercase) and numbers.
Can I open more than one BookiePro account?
No. Having multiple BookiePro accounts is not allowed while Competitions are running.
Can I open a BookiePro account from anywhere in the world?
BookiePro places no geographical restrictions on the location of its users. However, it is the bettor’s responsibility to adhere to local laws at all times, as laid out in the BookiePro EULA.
Who is the team behind BookiePro?
The development of BookiePro has been supported by the Peerplays Blockchain Standards Association (PBSA), a non-profit organization based in Canada and dedicated to promoting transparent and fair gaming standards for the Peerplays blockchain.
*Keep in mind to double check information. Be prepared for changes to restricted countries, bonuses, currencies, deposit and payment options, languages, contact info.
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