SX Bet Review – Games, Promos & Bonus Codes

SX bet is an online sportsbook that leverages smart contract technology to offer competitive and fair odds for a large variety of sports betting markets. With super-fast withdrawals and focusing on ensuring players’ privacy, SX BET has climbed the charts as one of the best Bitcoin betting platforms in the space.

This SX Bet review dives deep into the offerings and bonuses on this sports betting platform. We cover everything from odds to bonuses to the safety of the platform to see if it is an excellent platform for crypto punters.

SX Bet Pros and Cons — At a Glance

Here is the list of positives and negatives at a glance before we start the complete review:

Do we Recommend SX Bet?

SX Bet is exclusively a sportsbetting platform that acts as nothing more than a place where players can bet against each other. It is decentralized and fair. And since the payouts are controlled by smart contracts, there is no chance of manipulation. So, from a purely sportsbetting standpoint, SX Bet is great.

However, those looking for a website that offers both bitcoin betting and sportsbetting will find SX Bet lacking. There are no welcome bonuses or promotions available. However, we don’t hold that against it since it is a decentralized platform. Despite that, just for being a decentralized sportsbetting platform, SX Bet gets our approval.

What is SX Bet?

SX Bet is an online sports betting platform. This online sportsbook covers a  large suite of games ranging from traditional games such as soccer, basketball, and Football to unconventional contact supports like MMA. Following a peer-to-peer model, SX Bet has players betting against each other rather than the platform itself. SX Bet is operated on the SX Network, which, according to the official whitepaper, is the largest blockchain prediction market in the world.

Here, the players wager against each other. For instance, a player can only wager $1000 against another player on Ac Milan in its match against Tottenham Hotspur if the other player has the liquidity to go through. In other words, SX Bet acts like a wagering exchange, allowing players to bet against each other.

SX Bet employs only crypto withdrawals and deposits and thus ensures that the payouts after winning the bets are instant — allowing players to settle the bets quickly. That factor makes SX Bet a faster sports book exchange than online sportsbooks that rely on fiat and whose payouts take up to five days to clear.

Players can bet on matches that are about to happen and also on matches that are going on right now. In-play betting is more dynamic, allowing players to bet on the minute details of the game and watch closely as the game unfolds. This approach consists of riskier bets and bigger rewards. SX Bet has a slew of promotional offers for new and old players.

How Does SX Bet Work?

SX Bet is a peer-to-peer sportsbook. That is, contrary to a traditional sportsbook where the players bet against the exchange, SX Bet allows players to bet against each other.

Here, once a player enters a bet, his bet must be matched by another player at the odds that are requested.

As an example, if a player wants to bet in a FIFA world cup match on Paris Saint Germain against FC Bayern Munich, he has to:

1. Place his bet on a certain amount of goals and set odds, say 1.54.
2. And find a player that is betting against the specified number of goals with the same odds.

Once such a player is found, the wager amount is filled. SX Bet does not put any money forward but acts as a platform for players to wager against each other.

With no centralized approach to odds, SX Bet is a great option for players who are on the lookout for a decentralized sportsbook. Furthermore, the platform is backed by smart contracts — leaving no chance for SX Bet to cheat and alter the odds against any player.

Another factor to keep in mind is that because a smart contract enables the platform, wagered money is automatically transferred to the winners, leaving no room for the losing player to back off.

At the time of writing, DAI, a stablecoin pegged to the USD, is the preferred mode of payment because it allows players to assess the stakes and payouts easily.

What can you Bet on at SX BET?

SX Bet used to be, and still is, specific to sports betting, which means that players looking for Bitcoin casinos do not have much to access on this platform.

Sports Betting

Most of the offerings to bet on at SX Bet are sports, including:

1. Football
2. Basketball
3. Soccer
4. Hockey
5. Golf
6. Baseball
7. MMA
8. Cricket

Each sport has a variety of matches to choose from. However, at the time of writing, Football offers the most robust collection of leagues, such as Coppa Italia, Champions League, Europa League, La Liga, UEFA Conference League, and World Cup 2022. On the other hand, Golf has only one championship to offer — Match 7.

SX bet has taken steps to make sure that all types of punters can bet on their favorite sports. For instance, players from India can also bet on Cricket here. However, at the time of writing, only two championships are active — International Test and the Big Bash League.

Note – Championships reflect the ones that are going on. In essence, SX Bet covers most tournaments for all the sports games listed on the platform.

SX Bet Crypto Betting

The cryptocurrency market is especially volatile this year, especially since Bitcoin recently hit its two-year lows. That said, the current volatility makes it the perfect time to gamify the space and bet on its price. Other than Bitcoin, SX bet also offers to bet on Ethereum.

Pro-tip for betting here — watch the market sentiment before betting, and go against it. For instance, at the time of writing, the odds of Bitcoin going below $16.5k is 4.29. The odds for Bitcoin going above this mark is only 1.21. (Lower odds equate to higher rewards).

Check out our guide to find the best Ethereum casinos available in the market.

SX Bet Parlays

For those looking for complex bets, SX Bet offers Bet Parlays. Here, players can make two or more bets and tie them together into one bet. It is a complicated form of betting since losing one bet within the parlay leads to losing the whole bet. Only experts should try this one. We also noted that SX Bet hadn’t taken a simple approach toward explaining what SX Bet parlay actually is. The official rulebook we found isn’t beginner-friendly — yet another reason for beginners to stay away.

SX Bet Politics Betting

Recently, SX Bet has added another section: Politics. Here, you can bet on the results of international politics. However, this platform likely only bets on political matches involving cryptocurrency. For instance, the latest political bet is Herschel Walker vs. Raphael Warnock in the US midterm elections. Seeing as how the US midterms had a bearish impact on the Bitcoin price (even before the FTX insolvency), it is likely that this new form of betting will be used to keep a close eye on the effects of regulations on the crypto market.

SX Bet Tournaments

Bettors can also find various tournaments on SX Bet, with the best bettor taking cash prices. It is free to join and to bet; players must interact with the SX Bet exchange. The current tournament has a $5,000 cash prize for Soccer Cup 2022. While this amount is nowhere close to what the best FIFA World Cup crypto betting sites offer, it is great for a platform focusing specifically on sportsbetting.

What is SX Token?

As we mentioned before, SX Bet is built on the SX Network,  the world’s largest predict market ecosystem. It consists of three core platforms: SX Bet, SX Protocol, and the SX Blockchain.

Powering these core modules is the SX token, the native token of the SX Network. An ERC-20 token, the SX token is a utility crypto that operates on Polygon and Ethereum blockchain. During our research, we found that the SX token has the following utilities.

Staking

The primary utility of the SX token is governance which can only be accessed by staking or locking up the tokens. Giving up liquidity allows token holders to earn staking rewards. Staking is a novel approach by the SX networks to deter those who only hold the tokens from participating in the network’s governance.

Check out our staking guide to learn about staking cryptocurrencies and earning passive income.

Transaction Fees

Within the SX Network, the SX Tokens are used as transaction fees. In a way, it is similar to ETH used in the Ethereum blockchain. Following the same logic, the official whitepaper states that if the usage of the SX network grows, so will the price of the SX token.

That said, the performance of the SX token has been following a downward path since its opening in 2022. It started at $0.67 in January and has corrected by more than 75% and is hovering at accumulating $0.15 since the beginning of November of this year.

Governance

Staking SX Tokens allows people to access the governance user interface, which gives stakers control over all the parameters of the SX network blockchain, including the SX prediction market protocol. However, since multiple stakers are involved, there is no centralized unit controlling the odds of the games available on SX Bet.

Bet Mining

For those looking to earn additional rewards from gambling on the SX Bet platform, Bet mining is a great option. Here, winning bets will generate SX tokens. These can then be distributed among players who — for the lack of a better word — mine the SX tokens.

Reducing the Fees

Those who win the bets on the SX Bet platform must pay a fee in the form of a wagering commission. However, staking SX tokens on the platform will allow players to reduce their wagering commissions. It is similar to how the trading fee is reduced on Binance when a user holds Binance tokens.

The more SX tokens an investor stakes, the higher level they will obtain. And the higher the level they go, the more fee discount they will earn. Like in the image above, if a player starts at 0, they will be counted as a Newbie with no fee discount. The effective fee would be 4%.

However, at the top of the leaderboard, they will become a dragon with at least 5 million staked SX tokens. As a result, they will get a 88% discount.

Secondary Function of the SX Token

Other than the above standard functions, SX token also has secondary utilities that include:

1. An EIP1559-style burning mechanism that burns SX in every blockchain traction. Nearly half a million SX tokens have been burned through this mechanism till now, with an average of 2k tokens burning every day.
2. SX token is also used as collateral to be locked with the SX DeFi Network for providing liquidity, lending pools, and launching crypto-collateralized stablecoins.

Should you Buy the SX Token?

Whether one should buy SX tokens on not depends on what type of cryptocurrency people are looking to invest in. SX is the native token of the SX network. And as we already mentioned, it is a utility cryptocurrency with many uses like governance, staking, and fee reduction.

For investors who are enticed by these utilities, SX tokens may be a good buy. That said, the SX token is not one of the most valuable tokens out there since there are better cryptocurrencies in the market with much better DeFi utilities, like DeFi Coin or Dash 2 Trade.

And then there is the matter of price. SX token has not performed on the upside since the beginning of this year. While it did witness an upswing in the middle of November, its value quickly retraced. Also, despite the number of positives about this token on the whitepaper, there isn’t enough information on CoinMarketCap.

That’s not to say that this token doesn’t have any potential. The staking utility has a double benefit. One, it offers players discounts, and second, it allows them to earn APY from the SX network. According to the official whitepaper, the staking yield is 1.71% monthly and 20.80% monthly.

These positives make the SX Token a worthy crypto to invest in. While it is not the best altcoin in the market, it is one we must keep an eye on — especially since it has only recently arrived on CoinMarketCap.

Another factor to consider when deciding to buy SX Token is the platform it is available for purchase right now. None of the major exchanges like LBank or OKX have listed OKX, so we recommend waiting before more listing news about this crypto arrives. It will give this token more legitimacy and pump its value, making the SX ecosystem more powerful.

Which Cryptocurrencies Are Supported on SX Bet?

Other than its native token, SX Bet operates on DAI, the stablecoin launched on the Maker protocol in 2017. Having a stablecoin to bet on is a good move by the makers since DAI’s value is almost always pegged closely to the USD.

But that’s not to say that investors won’t be able to use other cryptocurrencies on the platform. SX Bet offers instant exchange for the holders of other cryptocurrencies. Players can deposit Bitcoin, Ripple, ETH, BNB, or any other asset, and SX Bet converts into DAI.

This allows holds of nearly any altcoin to participate in the sportsbook — a rare and important feat for an online betting platform.

How to Buy SX Token and Bet on SX Bet

Here is the beginner’s guide on how to buy SX Tokens and bet on the platform.

Step 1: Create an Account on the AscendEX platform

SX Token has been listed on a handful of cryptocurrency exchanges, including Bitfinex, XT.com, IDEX, etc. However, AscendEX (Bitmax) is the platform with the most (at the time of writing, 38.06%) trading volume for SX Tokens. It is a great, low-cap platform that offers multiple inclusive facilities to buy crypto, including support for fiat payments.

Step 2: Deposit funds and buy SX Token

After account creation, the user must log in and use a debit/credit card to make the first deposit. Conventional wire transfers are also available here, and so are crypto transfers through the wallet. However, it is important to note that SX Token is traded against Tether (USDT). Therefore, investors must fund their accounts with USDT before buying the SX token.

Afterward, search for SX Token by clicking on the markets button and buy it.

Step 3: Open An Account on SX Bet

In order to start betting on sports, players will need to open an account on SX Bet. It is a simple process involving going to the official website and clicking the sign-up button to get started.

All a user has to do is enter the email and click on the “Create Wallet Address” button. The remaining steps involve providing the KYC details to finish the process.

Step 4: Deposit SX Tokens to Start Playing

Once the account has been created, users must log in and deposit SX tokens. Depositing the SX Token is easy — all it requires is for the user to go to their dashboard, click on the deposit button, locate the wallet address and transfer the token from that address to their SX Bet portfolio.

Step 5: Start Betting on the Games on Choice

Once the account is filled with the requisite asset — SX Token — players can start betting on the platform. They must wisely enter the wagering position, looking at the market fundamentals and their own knowledge of the sport before investing.

After the game/tournament ends, SX Bet will transfer the winnings to the players’ SX bet account.

Is SX Bet a Legit Sportsbetting Platform?

SX Bet’s unique approach to sportsbetting — involving a peer-to-peer marketplace — is different from other online betting platforms. This P2P aggregator allows players to bet among each other without the need to worry about a centralized body controlling the odds.

Another major positive about SX Bet is that it is smart-contract enabled; it leaves no room for ambiguity — winnings are automatically distributed to the winners without any hassle. Furthermore, it also prevents interference with other elements.

We found in our review that SX Bet integrates these decentralized elements meticulously, making it a legit sportsbetting platform.

Is SX Bet the Best Casino of 2024?

SX Bet is a great sportsbook that allows players to participate in multiple games within a P2P setting. Since the platform itself is not wagering, players don’t need to worry about manipulation.

But it is not a crypto casino —  players looking for casino games should look elsewhere. Punters who want to diversify their gaming experience must look for a platform that offers both sports betting and crypto gambling.

US-based users will find BC.Game is the best option in that regard. It has a robust sportsbook and a large selection of bitcoin slots, roulette, baccarat, and blackjack games, to name a few. Furthermore, it also offers welcome bonuses — up to 780% of the first four deposits — an aspect missing from SX Bet.

Users from other parts of the world can go to Lucky Block. It is also a crypto casino and a Bitcoin betting platform, offering multiple sports and esports games to bet on. It also provides a 15% cashback on net losses as a welcome bonus, which is more inviting to new players. When it comes to sportsbetting, Lucky Block offers a a wider variety of games for players to bet on.

Another big factor in favor of Lucky Block is the no-KYC requirement, which appeals greatly to security-conscious players.

Conclusion

SX Bet is a great sportsbetting platform for those looking for a decentralized sportsbook. It allows players to bet against each other without worrying about external manipulation. The marketplace is transparent, and the native utility token is a valuable cryptocurrency.

Known as the SX Token, this crypto asset allows players to earn additional rewards, stake on the SX Network, and earn discounts. As a new cryptocurrency in the ecosystem, SX Token has immense growth potential once listed on major cryptocurrency exchanges.

But it is much better for gamers to look for platforms that offer both sportsbetting and casino games; BC.Game and Lucky Block fulfill both requirements. The former is available in the UK, and the latter has no-KYC requirements. Visit the sites bc.fun and luckyblock.com to learn more and create an account.

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