SportX is a peer-to-peer betting exchange that allows all users to both offer and take bets. This is different from traditional sportsbook where users can only take bets offered by the company running the site. This peer-to-peer model of betting leads to better odds and remove the ability of owners to exploit the users for profit.
This model of betting also means there are no betting limits as you can offer or fill any offer available without limit. As of January 20th, 2021 the largest single bet ever made on SportX won the bettor 44 Ether or $66,150 USD at current prices. Finally, one of the biggest advantages of a peer-to-peer exchange like SportX is the ability to enter your own odds and be the bookie.
First, bettors generate bet offers on a market either manually through the SportX.Bet UI or programmatically using the SportX API (called Makers). These offers, along with any available offered bets on the SportX AMM contract, are then visually displayed side-by-side on the SportX.Bet exchange front-end to bettors. Please note the SportX AMM doesn't actually submit bet offers to the front-end, they are pulled directly from the contract for display.
If another bettor sees an offer they like on SportX.Bet, they can submit an order to fill it (called a Taker). This bet order is then submitted by SportX.Bet to be recorded by the SportX Protocol. At the same time that this is happening, the respective crypto assets involved in the bet are atomically transferred from all counter-parties in the transaction (bettors and/or AMM) to the EscrowContract of the SportX Protocol, where they stay until settlement of the market.