A horse-race betting market went live on Radix yesterday evening with no bookmaker in it.
Radix Arena takes real UK and Irish cards, Listowel today, and runs each race as a parimutuel pool. That is the tote: every stake on a race goes into one vault, and the winners split it, less a platform fee, in proportion to what they put in. Nobody sets odds. The odds are just the shape of the pool.
A bet is an NFT receipt you hold, and claiming burns it. The market vault holds 4,535 XRD this afternoon, with the contract's race counter at 193.
The one thing the contract cannot settle is which horse won. That result comes off Racing Post and is submitted from outside, so the house is gone and the oracle is not.
It is running on Stokenet, Radix's test network, ahead of mainnet, so the XRD in those pools is test XRD.