Skip to main content

Calculating Premium

The calculatePremium method calculates the premium for an insurance bet based on the provided parameters. This involves fetching configuration values, validating inputs, and making a blockchain call to compute the premium. The method considers various factors such as bet type, bet amount, and slippage percentage to determine the correct premium.

For an "Express" bet, pass betType as "Combo", while for an "Ordinar" bet, pass betType as "Single". These distinctions allow the method to accurately calculate the premium based on the specific bet type and the corresponding rules.

Usage​

import kohin from "./kohinInstance";

const calculatePremiumParams = {
  betId: 219,
  betType: "Combo",
  odds: 2.578721433438,
  betAmount: 100,
  numLegs: 2,
};

const premiumResponse = await kohin.calculatePremium(calculatePremiumParams);

if (premiumResponse.success) {
  console.log("Calculated Premium:", premiumResponse.calculatedPremium);
  console.log("Amount:", premiumResponse.amount);
  console.log("Odds:", premiumResponse.odds);
} else {
  console.error("Error calculating premium:", premiumResponse.error);
}

Parameters​

The CalculatePremiumParams interface defines the input parameters for the method:

export interface CalculatePremiumParams {
  betId: number; // Unique identifier for the bet
  betType: BetTypes; // Type of the bet: "Combo" or "Single"
  odds: number; // The odds associated with the bet
  betAmount: number; // Amount of money placed on the bet
  numLegs: number; // Number of legs (events) in the bet
}

Return Value​

The CalculatePremiumResponse interface defines the structure of the returned object:

export interface CalculatePremiumResponse {
  success: boolean; // Indicates if the operation was successful
  error?: string; // Error message if the operation failed
  calculatedPremium?: bigint; // Calculated premium value
  amount?: bigint; // Amount used in the calculation
  odds?: bigint; // Odds used in the calculation
}

Error Handling​

The following code demonstrates how to handle errors while calling calculatePremium:

import { formatUnits } from "viem";

try {
  const res = await kohin.calculatePremium(calculatePremiumParams);

  if (res.success) {
    if (res.calculatedPremium !== undefined) {
      const formattedPremium = formatUnits(BigInt(res.calculatedPremium), 6); // Convert to readable format
      toastify(
        `Premium Calculated Successfully: ${formattedPremium} USDT`,
        "autoSuccess"
      );
    }
  } else {
    if (res.error) {
      // Handle known errors returned by the API
      toastify(`Error: ${res.error}`, "autoError");
    }
  }
} catch (err) {
  // Handle unexpected errors during API call
  toastify(
    "Unexpected error calculating premium. Please try again.",
    "autoError"
  );
  console.error(err); // Log error for debugging
}

Example Response​

Success Response:

{
  "success": "true",
  "calculatedPremium": "53976024n",
  "amount": "100000000n",
  "odds": "3973337751312n"
}

Error Response:

{
  "success": false,
  "error": "Invalid betting parameters provided."
}