Fairlay is one of the largest bitcoin-only prediction markets and betting exchange.Most of the action can be found in cryptocurrency market-related events, with a smattering of bets placed in the sportsbetting exchange – which offer some of the best odds in the market, often beating even betfair. They’ve also set up a “news” and “fun” section, and while nothing stops you from setting up a bet and giving odds, Fairlay has not yet accumulated the critical mass of users to make it likely your bet will be taken.
Fairlay differs from a traditional bitcoin sportsbook in a couple of ways:
- All bets are created by users like you and me.
- There’s a larger variety of themes. You can bet on politics, current events, bitcoin prices, social media, TV, and more.
- The odds fluctuate based on how people vote (like parimutuel betting). Sportsbooks typically use a fixed betting format.
Registration requires jotting down a username, password and email, which must be verified prior to first login. Post login, a user need simply click on the “welcome” message in the upper right hand corner in order to launch the profile dashboard, which includes the deposit address to which bitcoin should be sent. Users are notified via email when deposits are received. To make a withdrawal, simply navigate to the “My Cashouts” section of the profile dashboard, input your bitcoin address, and then “request a cashout”. All very simply, self-explanatory and fast.
Range of bets
Range of sports, leagues and events: Smallish range of sports but they do have more news and entertainment markets for betting on things like elections and awards than anyone else.
Range of bet types per event: Small, normally just moneyline/match winner. On the biggest leagues you might find points spread and total points markets.
Support is available via email, and will generally respond to any query within 24 hours.
Fairlay takes no fees on the sports betting category and deposits and withdrawals are free. They deduct a 2% turnover fee from winning bets, but this is never allowed to exceed the amount won.
There is a web based product that is responsibly designed – but the design is not terribly user friendly, and navigation is a bit cumbersome. Still, placing bets and checking your account can be done reasonably easily from handheld devices.
Fairlay is an innovative product, offering prediction markets and a betfair-style betting exchange (albeit with a tiny, tiny, miniscule sliver of a fragment of the liquidity) to the US market. Users can set up their own odds, which means you only need take action on your terms. Odds are very good, often at betfair levels. Will be quite interesting to see if Fairplay is able to increase their liquidity to the point where it becomes a serious alternative to standard bookmakers.