Business Idea: Chess betting app
There are 150,000,000 users signed up for chess.com. Magnus Carlsen, the world champion, has been developing a fantasy chess app. I think there is room for a DraftKings style app.
Types of bets:
1. Per tournament:
What the standings will be?
Who will be the biggest rating gainer/loser?
What will be the biggest upset?
2. Per player:
What their rating will be in a year?
How many wins/draws/losses?
3. Magnus
What will be his spread against the #2 player at end of year?
What will be his online rating at end of year?
Biggest rating loss game?
4. Offbeat bets
How many followers will Hikaru have on streaming platforms?
Will Magnus quit chess for poker this year?
Who will be the king of draws among the top 10 players?
Who will move up the ranks the most in the top 100?
5. Tokenize
Users will buy tokens which can be switched back to dollars.
Tokens can also be used to directly buy chess.com accounts for a discount.
Tokens can also be used to directly buy books / courses at discounts.
Tokens are mined the more you bet on the platform. 1 token per $100 worth of bets.
6. Vig
5% vig per bet.
2% transaction fee going from tokens to dollars. No transaction fee going to tokens
7. Regulations
Unsure. But probably similar to Wagr, which was just bought by Yahoo for $100mm or so.
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