Reward Distribution

Once the event concludes and the final outcomes are determined, the BettingContract distributes the rewards to the winning bettors. This process is automated and transparent, leveraging the capabilities of smart contracts to ensure fair and timely payouts.

Here's an example of how the reward distribution can be implemented in the BettingContract:

function distributeRewards() external {
    require(hasEventEnded(), "Event has not ended yet");
    require(!rewardsDistributed, "Rewards already distributed");
    
    uint256 totalWinningAmount = 0;
    
    for (uint256 i = 0; i < bets.length; i++) {
        Bet storage bet = bets[i];
        if (isWinningBet(bet.itemId)) {
            totalWinningAmount += bet.amount;
        }
    }
    
    for (uint256 i = 0; i < bets.length; i++) {
        Bet storage bet = bets[i];
        if (isWinningBet(bet.itemId)) {
            uint256 rewardAmount = (bet.amount * totalBetAmount) / totalWinningAmount;
            token.transfer(bet.bettor, rewardAmount);
            bet.claimed = true;
        }
    }
    
    rewardsDistributed = true;
}

In this function, the contract first checks that the event has ended and that the rewards have not been distributed yet. It then calculates the total amount wagered on winning bets by iterating through the bets array and summing up the amounts of the winning bets.

Next, the contract iterates through the bets array again and identifies the winning bets. For each winning bet, it calculates the reward amount based on the bettor's stake and the total winning amount. The reward is then transferred to the bettor's address using the transfer function of the ERC-20 token contract, and the claimed flag is set to true to indicate that the reward has been claimed.

Finally, the rewardsDistributed flag is set to true to prevent multiple distributions of rewards.

The reward distribution process is triggered automatically by an external entity, such as a decentralized autonomous organization (DAO) or a trusted oracle, once the event has concluded and the final outcomes have been verified. This ensures that the rewards are distributed fairly and transparently, without the need for manual intervention.

By combining smart contract automation, off-chain data integration, and machine learning techniques, MAGABET's betting mechanism provides a secure, transparent, and dynamic platform for users to engage in political event betting. The use of decentralized technologies and community governance further enhances the platform's resilience and fairness, creating a trustless environment for participants to place bets and receive rewards based on the accuracy of their predictions.