Vigless will be a non-profit seeking venture, it will be an open source code protocol. It will enable sport bettors around to world to bet directly against one another without the need of an centralized intermediary. Although Vigless will not attempt to generate any sort of income, it will hopefully save those that use it millions in the aggregate by eliminating middlemen commissions and “vigs”. In sports betting terminology, the term vig references the commission embedded within the odds presented by the bookmakers, so that they are always ensured to make a profit no matter the outcome. Vigless will eliminate this practice by allowing true free markets in sport betting. Online bookmakers are known for providing terrible user experience, invasive KYC practices, painfully slow money withdrawals and have the undue ability to freeze and seize user winnings arbitrarily, a right that they often abuse to the favor to limit their downside loss. A slightly better trust model are Betting Exchange Markets such a Betfair Exchange, in which users bet or lay directly against one another and the odds are set by an (almost) free market. However, Betfair, a centralized entity plagued with the same aforementioned custodial issues, takes a commission of 5% on all winnings. Vigless will function similarly in terms of offerering fair odds but will take a 0% commission and will be non-custodial and trustless, will not demand any sort of identity verification and will not have to depend on the outcome of the bet to be determined by a centralized authority. In time, Vigless will make bookmakers obsolete and bankrupt.
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