Online Bracket Lets People Earn Cryptocurrency By Picking World Cup Teams
Cryptocup is an open online bracket that lets entrants earn Ethereum by predicting the outcome of soccer matches
Billed by FIFA as the biggest single-event sporting competition in the world, the World Cup always draws massive interest from spectators around the globe. For 2018, one company is taking a new approach to the age-old practice of sports betting. A website called Cryptocup is leveraging the cryptocurrency Ethereum to host a bracket challenge.
The system allows participants to pick and choose the teams they think will advance and ultimately win the tournament. Players are issued a crypto-token, which will gain or lose ‘points’ based on the outcome of the matches, and how close a player’s bracket is to the actual results. Players are ranked on a leaderboard, and those who do well have the chance to take home a large portion of prize money, depending on their performance and the performance of others. The winnings will be issued in Ethereum, with a final value that can fluctuate based on how the currency is trading.
Players also have the option of selling their token on a secondary market before the conclusion of the World Cup, allowing them and others to speculate not only on how well they are predicting outcomes of matches, but also how the fluctuating price of Ethereum could change and affect the value of the token before cashing out.
Cryptocup organizers say that 25% of the money collected will go towards paying the website’s overhead throughout the tournament, while the remainder will be split among the top 10% of the players. While sports betting has been around pretty much as long as sports, Cryptocup is trying to take a new approach by opening up the industry to digital currencies, and giving players an added layer of speculation and excitement.
Lead Image: World Cup soccer stock photo from Alizada Studios/Shutterstock