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Radix Arena is a parimutuel betting pool on horse racing, running on Stokenet, the Radix test network. Parimutuel means the bettors set the price between them: every stake on a race goes into one pool, the pool is divided among the winning bets after the operator takes its cut, and no bookmaker offers a fixed price beforehand. The site was announced in the Radix Developer Discussion channel on Telegram at 19:09 UTC on 19 September 2026 as running “on STOKENET before MAINNET”, a week after its code was published.

Its own page says the same thing about its odds: “Odds are pool-derived, not fixed by the house”, and “Radix Arena is not affiliated with any licensed bookmaker”. Stakes are placed in Stokenet XRD, which has no market value, so nothing at stake here is money.

How a race pays out

Each race is a pool on the RaceMarket component. A bettor picks one or more runners, submits a transaction that deposits Stokenet XRD, and receives a Radix Arena Bet Receipt, a non-fungible token recording the race and the runner backed. When the race is settled the receipt is presented back to the component to claim; a losing receipt is burned and pays nothing.

The payout covers the first three finishers rather than the winner alone, in a 3/2/1 split announced with the launch: the pool is divided into six shares, of which the runner that finishes first takes three, the second two and the third one. The front end derives each runner’s implied odds by dividing the whole pool by the amount already staked on that runner, which is why the number moves as other people bet and why the site will not quote it as a guarantee.

What the ledger holds, and what it does not

Read through the Radix Gateway at Stokenet epoch 6,663 (20 September 2026, 15:07 UTC), the component state is small enough to read whole. It names the stake asset (Stokenet XRD), the bet-receipt resource, a key-value store of races, a counter next_race_id standing at 193, and two vaults: a main_vault holding 4,465 test XRD and a platform_vault holding 580. The second is the operator’s cut, sitting apart from the money the pools owe. The receipt resource had minted 22 tokens and burned 6, leaving 16 outstanding bets.

The race itself is not on the ledger. The card, the pool state shown on the site and the finishing order all come from an off-chain service the front end calls at race-scrapper-production-4680.up.railway.app, and the site states that results are “sourced from Racing Post, cross-checked before settlement”. So the pool arithmetic and the custody of the stakes are on Radix and verifiable by anyone, while the fact a pool settles on – which horse won – arrives from a party the bettor has to trust. The two counters disagree accordingly: the component has opened 192 races since it was instantiated, and the off-chain service reported 230 races and a lifetime volume of 11,600 on the same day.

The code went up before the announcement did. The package was published on Stokenet on 12 September 2026 at 11:33 UTC and the component instantiated the same afternoon at 16:03 UTC, seven days before the launch post.

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