# Markets & bets

## How are markets structured?

Events, their outcomes, and odds are provided by independent Oracles

All events are structured in the following way: Sport -> League -> Event -> Game -> Market -> Outcome&#x20;

1. Sport, e.g. _Football, Esport_, etc.
2. League, e.g. _"Liga pro"_
3. Condition (Event): _"Union Santa fe - Sarmiento de Junin"_
4. Market: _Full-time result_
5. Outcome: _1_
6. Odds: 2.42

If you wager $100 on 2.42 odds for _Union Santa fe_ to win (Outcome 1), you will receive $242 if _Union Santa fe_ wins. \
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You will lose your initial stake ($100) if _Sarmiento de Junin_ wins (Outcome 2).

## How bets are represented on the chain?

Players make bets via gamblr.xyz on the outcomes of the events. Winning participants get funds from liquidity pools as a multiplier of their initial wager on the odds. Lost bets are deposited into the liquidity pools for future payments.

Oracles create events on the protocol and provide initial odds. Liquidity Providers transfer funds into liquidity pools and receive compensation for the facilitation of bets.&#x20;

**Canceled Bets:** If an event is canceled, Oracles will designate those conditions as canceled. The initial bets made by players will be refunded and can be redeemed from the liquidity pool on the gamblr.xyz app.&#x20;

Nobody can interfere with the betting process because everything is recorded on-chain and overseen by independent Oracles.
