Augur Blockchain-Powered Prediction Markets Predicts the 2019 Super Bowl Winner Successfully
Augur, a decentralized prediction marketplace that is powered by the Ethereum smart contract distributed ledger and makes it possible for people to bet on a vast array of events including sports, politics entertainment and others, rightly predicted the outcome of the Super Bowl finals between the Patriots and the Rams, according to reports on February 4, 2019.
Augur Predicts Correctly
Per sources close to the matter, long before the game between the Los Angeles Rams and the New England Patriots took place, a considerable chunk of Augur markets favored the Patriots to come out tops, and it has turned out to be the right prediction.
As shown in the image below, before the playoffs went live, 49 percent of the Augur crowd predicted that the New England Patriots had a 49 percent chance of winning the league while 46 percent of predictors favored the Los Angeles Rams and a few predicted that the New Orleans Saints would be the 2019 champions.
Interestingly, another prediction market on the Augur platform which focused on only the Rams and the Patriots predicted that the Patriots had a 54.9 chance of winning the 2019 Super Bowl.
Augur Steadily Gaining Traction
Reportedly, the Augur protocol allows users of the platform to purchase or sell shares of a potential outcome of a given event, and if the contest ends in favor of the participants, they will receive $1 for each of the winning shares they hold.
One key feature that is boosting Augur's popularity in the betting world is that unlike Vegas, the market maker does not dictate the odds of an event outcome; instead, Augur “relies on the wisdom of the crowd” to decide the probability of any outcome.
In other words, Augur doesn't depend on experts or analysts to predict the exact outcome of events, instead, it relies on proven scientific evidence that stipulates that the predictions of a large group of people (the crowd) will often be more accurate than that of experts in that particular field.
Augur May Overtake Vegas soon
Another excellent feature of the Augur marketplace is its very low fees.
While Nevada sportsbooks charge bettors exorbitant fees, which has reportedly amounted to a 7.3 percent profit (an average of $6.2 million annually) on Super Bowl bets since 1991, Augur on the other hand, charges users a meagre 1.97 percent for the highest volume Super Bowl bet which is a scant $3.1 million per year.
It's worth noting that some Augur users have made a fortune from the platform in recent times.
On January 25, 2019, Bitcoin Exchange Guide reported the story of an Augur user who made more than $100,000 (856 ETH) in profits.