Bet On the Future: A Decentralized Sports Betting Revolution Powered by Cardano

[GENERAL] Name and surname of main applicant

Tsion Solomon Mekonnen

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Individual

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

6

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

"We will create a decentralized sports betting platform on Cardano using smart contracts, ensuring transparent, fair, and secure betting with low fees, global access, and no intermediaries."

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

Yes

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

our project depends on reliable sports data oracles to provide real-time results, smart contract auditing for security, and regulatory compliance consultation to ensure legality in various jurisdictions.

[GENERAL] Will your project’s output/s be fully open source?

Yes

[GENERAL] Please provide here more information on the open source status of your project outputs

our project's outputs, including smart contracts and core platform code, will be fully open source. This ensures transparency, encourages community collaboration, and allows others to inspect, modify, and contribute to the platform’s development.

[METADATA] Horizons

DeFi

[SOLUTION] Please describe your proposed solution

Problem Perception

The sports betting industry faces major issues with trust, fairness, and transparency. Traditional platforms rely on centralized systems that can be manipulated or lack openness in how bets are processed and payouts are distributed. There are also high fees and delays in payments, and global accessibility is limited by regulations and intermediary control.

Proposed Solution

We will create a decentralized sports betting platform built on the Cardano blockchain, leveraging smart contracts to ensure fairness, transparency, and security. By using Cardano’s infrastructure, we’ll eliminate the need for intermediaries, reduce fees, and provide a seamless, trustless experience. Smart contracts will automatically handle bet placements, outcome verification, and payouts, ensuring every transaction is publicly auditable and immutable.

Why This Approach?

Cardano’s unique combination of security, scalability, and low transaction fees makes it an ideal blockchain for this solution. Our decentralized approach will eliminate the traditional concerns of fraud or manipulation, while Cardano’s low energy consumption and transaction costs ensure affordability for users. This model also allows for global access—anyone with an internet connection and ADA can participate.

Target Audience

Our project will engage:

• Crypto and blockchain enthusiasts looking for real-world applications of decentralized finance (DeFi).
• Sports fans who want a transparent and trustworthy betting platform.
• Developers and innovators within the Cardano ecosystem interested in contributing to and utilizing the platform’s open-source code.

  

Impact Demonstration

We will measure impact through:

• User adoption: Growth in active bettors and platform transactions.
• Transaction transparency: All bets and outcomes will be publicly verifiable on the blockchain.
• Community engagement: Contributions to the platform’s open-source code and partnerships within the DeFi ecosystem.

  

Uniqueness and Benefits

Our solution stands out because:

• Trustless transactions: Smart contracts handle everything from bet placement to payout.
• Transparency: All transactions are visible on the blockchain.
• Global and low-cost access: Anyone worldwide can join without high fees or restrictions.

  

This is important for Cardano as it showcases the platform’s capabilities in real-world DeFi use cases, attracts more users to ADA, and demonstrates Cardano’s potential in industries beyond finance, creating wider adoption and stronger community engagement.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

Positive Impact on the Cardano Community

Our project will create significant value for the Cardano community by establishing a decentralized sports betting platform that demonstrates the practical applications of Cardano's blockchain technology. The success of this initiative will enhance Cardano’s reputation as a versatile blockchain capable of supporting innovative decentralized applications (dApps) beyond traditional finance. 

Key Areas of Impact:

1. Increased Adoption of ADA: By allowing users to place bets using ADA, we’ll increase its utility, encouraging more people to adopt and hold ADA for bettin
2. Community Engagement: Our platform will foster a community of sports fans and crypto enthusiasts, creating a vibrant ecosystem where users can interact, share insights, and contribute to the platform’s developmen
3. Showcasing Cardano's Capabilities: By successfully launching a complex dApp like a betting platform, we’ll illustrate Cardano’s capabilities in handling real-world use cases, attracting developers and projects to the ecosyste

Measuring Impact

We will employ both quantitative and qualitative measures to assess our project’s impact:

• User Metrics: Tracking the number of active users, total bets placed, and ADA transacted on the platform will provide clear quantitative insights into user engagement and adoption.
• Community Feedback: Gathering user testimonials, feedback, and engagement on social media platforms will offer qualitative insights into user satisfaction and community sentiment.
• Open Source Contributions: Monitoring contributions to our codebase and engagement in community discussions will indicate community involvement and support.

Sharing Outputs and Opportunities

We will share our outputs and opportunities in the following ways:

• Regular Updates: Publishing regular updates on development progress, user metrics, and impact assessments through the Cardano community forums, social media, and our project website.
• Community Engagement Events: Hosting webinars, AMA sessions, and community discussions to keep the Cardano community informed and engaged with our project.
• Collaborations: Partnering with other projects within the Cardano ecosystem to promote mutual growth and enhance visibility.
• Open Source Platforms: Hosting our code on platforms like GitHub, allowing the community to inspect, contribute, and enhance the project collaboratively.

By focusing on these areas, we aim to create a sustainable, impactful platform that not only benefits users but also strengthens the overall Cardano community and its ecosystem.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

Capability to Deliver with Trust and Accountability

We possess a strong foundation in both blockchain development and project management, positioning us well to deliver the decentralized sports betting platform on Cardano with high levels of trust and accountability.

Existing Capabilities

• Technical Expertise: Our team includes experienced blockchain developers proficient in Cardano’s smart contract programming (Plutus) and general blockchain architectur

  

• Project Management Experience: Our team has successfully managed several tech projects, utilizing agile methodologies to ensure timely delivery and adaptabilit

• Community Engagement: We are actively involved in the Cardano community, contributing to discussions and collaborating with other developer

Feasibility Validation

To validate the feasibility of our approach, we will undertake the following steps:

• Market Research: Conduct in-depth research to analyze existing sports betting platforms, user preferences, and regulatory landscapes to ensure our solution addresses real user needs and complies with applicable law

• Prototype Development: Build a minimal viable product (MVP) to test core functionalities and gather user feedbac

• Pilot Testing: Engage a select group of users to test the platform under real-world conditions, allowing us to identify potential issues and assess usability before launching publicl

• Partnerships with Data Providers: Collaborate with reliable sports data providers to ensure we have access to accurate, real-time information essential for the platform’s succes

Trust and Fund Management

To manage funds responsibly and maintain trust with the community, we will implement the following measures:

• Transparent Budgeting: We will create a detailed budget outlining projected expenses for development, marketing, and operational cost

• Regular Financial Reporting: We will provide periodic financial reports detailing fund usage, project expenditures, and remaining budgets to ensure transparency and accountabilit

• Third-Party Audits: We will engage independent auditors to review our financial statements and smart contracts to ensure compliance with best practices and verify the integrity of our platfor

• Community Oversight: We will establish a feedback mechanism for community members to voice concerns or suggestions, promoting accountability and transparency in our decision-making processe

By leveraging our existing capabilities and implementing these measures, we believe we are well-suited to deliver a trusted and accountable decentralized sports betting platform on Cardano.

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

Project Research and Planning

Description: Conduct comprehensive market research to analyze existing sports betting platforms, user preferences, and regulatory requirements. Develop a detailed project plan, including technical specifications and resource allocation.

• Acceptance Criteria:
• Completion of a market research report.
• Submission of a detailed project plan outlining goals, timelines, and resource allocation.
• Presentation of findings to the community for feedback.

Estimated Timeline: 1 month

Prototype Development

Description: Build a minimal viable product (MVP) of the sports betting platform, focusing on core functionalities such as user registration, placing bets, and basic smart contract integration.

• Acceptance Criteria:
• Development of the MVP with essential features.
• Successful completion of internal testing to ensure functionality and security.
• Initial user testing with feedback collected for improvements.

Estimated Timeline: 2 months

 Project Close-out Report and Video

Description: Compile a comprehensive project close-out report detailing project outcomes, user metrics, financial reports, and lessons learned. Create a video showcasing the platform and its features.

• Acceptance Criteria:
• Submission of a detailed project close-out report.
• Release of a promotional video demonstrating platform functionality.
• Community feedback session to discuss project impact and future opportunities.

Estimated Timeline: 1 month

[RESOURCES] Who is in the project team and what are their roles?

Project Team and Roles

• Tsion Solomon  

  Role: Project Lead / Blockchain Developer  

  Responsibilities: Oversee project development, coordinate the team, manage timelines, and ensure that technical implementations align with the project vision.  

  

• Hayat , Meti , Kidus  

  Role: Smart Contract Developer  

  Responsibilities: Design and develop smart contracts for the betting platform, ensuring security, transparency, and efficiency in bet handling and payouts.  

  

• Hanan ,Melaku ,Eleni]  

  Role: Frontend Developer and Marketing and Community Manage

  Responsibilities: Develop the user interface of the platform, focusing on user experience and accessibility to ensure a smooth betting experience.  

  Role: Marketing and Community Manager  

  Responsibilities: Create marketing strategies for the platform launch, manage community engagement, and facilitate feedback sessions to gather user insights.  

 

• Selam ,Tsion, Meti  

  Role: Data Analyst  

  Responsibilities: Analyze user metrics, track engagement data, and compile reports to assess the platform's performance and impact.  

Additional Recruitment Needs

We plan to recruit additional team members with the following specific skills:

• UI/UX Designer: To enhance the platform’s user interface and ensure a seamless user experience.
• Regulatory Compliance Consultant: To navigate legal aspects of sports betting in various jurisdictions.
• Smart Contract Auditor: To ensure security and integrity of the smart contracts before the platform launch.

Engagement with Relevant Members

We have engaged with the relevant members through the Cardano developer community on Discord and have established direct communication with potential data providers and regulatory consultants. We have discussed project goals and received positive feedback regarding their willingness to support and collaborate on this initiative.

Transparency and Accountability

All team members are aware of their roles and responsibilities, and we have established open communication channels to ensure transparency throughout the project. We are committed to keeping stakeholders informed and involved at every stage of the development process.

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

Budget Breakdown for the Decentralized Sports Betting Platform

The total estimated budget for the decentralized sports betting platform on Cardano is 65,000 ADA. Below is a detailed description of the cost breakdown associated with the project.

• Project Research and Planning

This initial phase involves conducting comprehensive market research and developing a detailed project plan. We will allocate 5,000 ADA for market research to analyze existing sports betting platforms, user preferences, and regulatory requirements. Additionally, 3,000 ADA will be set aside for project planning, including documentation and resource allocation to ensure a clear direction for the project.

• Prototype Development

For the development of the minimal viable product (MVP), we will allocate 15,000 ADA for smart contract development. This will cover the coding and testing of secure, efficient smart contracts for bet handling and payouts. The frontend development, which focuses on creating an accessible and user-friendly interface, will require an investment of 12,000 ADA. 

• Pilot Testing and Iteration

In this phase, we will engage a select group of users for pilot testing. We will allocate 5,000 ADA for user testing to gather feedback and assess the platform's performance in real-world conditions. An additional 4,000 ADA will be reserved for feedback analysis, where we will analyze user insights and implement necessary improvements based on their experiences.

• Full Platform Launch

To successfully launch the platform, we will allocate 10,000 ADA for marketing and community engagement efforts, including promotional strategies to drive user adoption. We will also set aside 5,000 ADA for regulatory compliance consulting to navigate the legal landscape associated with sports betting, ensuring the platform meets all relevant requirements.

• Project Close-out Report and Video

In the final phase, we will compile a comprehensive project close-out report and create a promotional video. This will involve 3,000 ADA for video production, showcasing the platform’s features and functionality. Additionally, we will allocate 3,000 ADA for reporting and documentation, ensuring transparency regarding project outcomes and lessons learned.

Total Estimated Budget

The total estimated cost for the entire project, including all phases and activities, amounts to 65,000 ADA. This budget reflects a comprehensive approach to the development and launch of the decentralized sports betting platform, ensuring that all essential elements are covered.

Third-Party Products and Services

We plan to utilize third-party services, including:

• Marketing Tools: Budgeting 2,000 ADA for various marketing platforms to promote the platform effectively.
• Smart Contract Auditing: We will engage a reputable auditing service, estimating costs around 5,000 ADA to ensure the security and reliability of our smart contracts.

Funding Sources

If total costs exceed the requested funding, we will explore additional funding through community contributions and crowdfunding initiatives.

Fund Management and Accountability

To ensure effective fund management:

• We will conduct regular budget reviews, assessing expenditures and reallocating as necessary.
• Transparent reporting will be provided to the community, including financial updates at each project milestone.
• We will engage independent auditors to review financial statements, ensuring accountability and transparency throughout the project.

By adhering to this budget plan, we aim to ensure all aspects of the project are adequately funded and resources are used efficiently to achieve our objectives.

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

Value for Money in the Decentralized Sports Betting Platform Project

The total budget of 65,000 ADA for the decentralized sports betting platform is carefully structured to ensure that every expenditure provides significant value to the Cardano ecosystem. This project aims to innovate the sports betting industry by leveraging blockchain technology to enhance transparency, security, and user experience, ultimately benefiting the wider community.

Justification of Costs

Market Research and Planning: The allocation of 8,000 ADA for thorough market research and project planning reflects industry standard

Prototype Development: With 27,000 ADA allocated to developing smart contracts and the user interface, we are adhering to competitive rates for software development in the blockchain space.

Pilot Testing and Iteration: The budget of 9,000 ADA for pilot testing and feedback analysis underscores our commitment to quality assurance.

Full Platform Launch: The 15,000 ADA allocated for marketing and regulatory compliance ensures that we not only launch the platform effectively but also remain compliant with legal requirement

Project Close-out and Reporting: Allocating 6,000 ADA for project documentation and promotional activities will enable us to share our findings and successes with the Cardano community.

Overall Value to the Cardano Ecosystem

The proposed budget represents value for money for the Cardano ecosystem in several key ways:

• Innovation and Growth: By introducing a decentralized sports betting platform, we aim to attract new users and investors to the Cardano network, promoting growth and increasing the utility of the Cardano blockchain.
• Community Engagement: The project emphasizes community involvement through feedback sessions and user testing, ensuring that the platform aligns with user needs and fosters a sense of ownership among community members.
• Knowledge Sharing: The project will document lessons learned and best practices, providing valuable insights for future projects within the Cardano ecosystem. This can help other developers and teams avoid pitfalls and streamline their own processes.
• Sustainability and Security: By investing in secure smart contracts and thorough testing, we are prioritizing the long-term sustainability of the platform, ultimately benefiting users and the Cardano community.

In conclusion, while the costs may appear significant, they are strategically planned to ensure that the project delivers substantial value to the Cardano ecosystem. Our focus on quality, user experience, and regulatory compliance will position the platform as a leader in the decentralized betting space, benefiting all stakeholders involved.