Proposal: Introducing a Jackpot Feature

Proposals (WIP)
1

Motivation

The objective of this proposal is to elevate the gaming experience and enhance the incentive mechanisms currently utilized in JustBet based on observations made since the mainnet launch. The aim is to attract a larger user base, foster increased engagement, and stimulate ecosystem growth by implementing a jackpot feature associated with a specific probability for every “place bet” transaction. Further information regarding the proposition can be found in the subsequent sections.

Proposed Actions

We propose the implementation of a jackpot feature in JustBet, offering players the opportunity to win substantial rewards through a random selection mechanism. This addition will bring excitement and unpredictability, captivating users and increasing their chances of winning significant prizes.

The jackpot amount will be sourced from various allocations comprising 10% of the allocated bribes (5% from the buyback allocation and 5% from the team allocation). With each “place bet” transaction, players will have the chance to hit the jackpot. The probability of winning the jackpot will be proportional to the bet size; for instance, a transaction with the maximum bet amount will have a 10 times greater probability of winning the jackpot compared to a transaction with the minimum bet amount. Multiple bets will be counted as 1 bet as it’s happening in the same transaction. Based on the data collected so far, the probability of winning the jackpot will be adjusted to ensure a jackpot hit occurs approximately every 1-2 weeks.

Randomization required for calculating the jackpot probability will be drawn from the VRF output specifically generated for that bet.

Expected Effects

The implementation of the proposed jackpot feature in JustBet is expected to have several effects:

Increased Player Engagement and Retention: The introduction of the jackpot feature will bring more excitement to JustBet. The chance to hit the jackpot will captivate users and incentivize them to place more bets.

Attraction of More Users: The opportunity to win significant prizes through the jackpot feature will likely attract new users to JustBet. The allure of the jackpot will serve as a powerful incentive for individuals to join the platform and explore its other features.

Increased Bet Volume: The presence of the jackpot feature is expected to drive an upsurge in betting activity on JustBet. Users will be motivated to place more bets to hit the jackpot, contributing to increased transaction volume and engagement on the platform. As a result, the increased volume will have a positive impact on the WLP and staking APRs, to the benefit of all of the stakeholders of JustBet.

Conclusion

In conclusion, the introduction of the jackpot feature in JustBet holds significant potential to elevate the gaming experience, attract new users, and increase player engagement and retention. By offering the opportunity to win rewards through a random selection mechanism, the jackpot feature will bring excitement and unpredictability to the platform. The probability of winning the jackpot will be proportional to the bet size, ensuring a fair and exciting gameplay experience.

With the implementation of the jackpot feature, JustBet expects to see increased player engagement, as users will be incentivized to place more bets to hit the jackpot. This, in turn, will increase betting activities and volume on the platform, benefitting the ecosystem and stakeholders. The allure of significant prizes will also strongly incentivize new users to join JustBet and explore its various features.

2 Likes
2

Sounds great! I assume there would be a “jackpot amount” value somewhere visible that we keep seeing go up until someone wins it? Will want to make sure people don’t confuse this with the lottery which is a somewhat similar mechanic of building up a pool and people randomly winning it. I support the proposal overall.

The treating of multiple bets in a tx as a single jackpot trigger is interesting. Any reason we want to incentivize people to break their betting up into multiple transactions? This could have that affect, which I think only really affects user gas payments and network traffic?

2 Likes
3

I also support this proposal.

Can we get confirmation there would be a clear visible way to track this? Obv, there would be a smart contract folks could track, but could see the value in clearly advertising this with a visible web site feature.

4

I like it. As @Grandma mentioned above, please share how there will be transparency/tracking into this.

As mentioned here:

Increased Player Engagement and Retention: The introduction of the jackpot feature will bring more excitement to JustBet. The chance to hit the jackpot will captivate users and incentivize them to place more bets.

I’m assuming this would be highly visible to achieve this increased engagement/retention.

Blockquote

1 Like
5

Hey @Theophilus @Grandma @Slice

There will be a visible section you can track the amount increasing after each bet performed.

1 Like
6

Hey @Theophilus

Each transaction will trigger the jackpot feature, and performing “multiple bets” is done in one transaction. We’re working on improving the 1-10 scaling mechanism to find the optimal way.

1 Like
7

Sounds good, incentivizing betting. But hopefully the design will be simple and easy to understand. Otherwise, it will make newcomers feel very complicated!

8

Hey @daxiong

It will not be complicated for sure. You will see the total jackpot reward, and the win screen if you’re lucky :slight_smile:

9

Neat. So slight incentive for someone to spread out their bets. For example to do a 10-count multiple bet, 10 separate times. Rather than a single tx for 100 bets?
User pays more in gas, but could be worth it.
How does this benefit JustBet or WINR? I thought we would prefer the streamline of more bets inside one tx. If it is actually better for the platform to minimize tx, then would be prefered to have every actual bet trigger the jackpot chance.

10

I hope that is not how it works. It doesn’t make much sense to me as it has only downsides. It needs more transactions, costs more gas, takes more time and creates less volume.
Why not take the total wager amount as basis for calculating jackpot probability? Is that not possible?
10$ Single Bet = 10$ “bet size”
10$ with Multiple Bet slider at 100 = 1000$ “bet size”

11

Hello @Theophilus @gin

The logic behind the scaling mechanism was to give low wager bets a chance to win the jackpot. After careful consideration, we have decided to go with the basic model which is wager * constant. The constant will be calculated based on the total volume. The probability of winning the jackpot will be adjusted to ensure a jackpot hit occurs approximately every 1-2 weeks.

The probability of winning the jackpot = wager * p, where p is a constant

12

Go for it. I vote “for” that proposal

1 Like
13

The simplification is likely a good idea, and is more consistent than the “per transaction” approach. I initially was thinking this will be less ideal for smaller players to have a chance, but it probably works out about the same and definitely helps avoid chain congestion and gamification of it. Cheers!

1 Like