Bitcoin Forum

hey guys we're looking for A user that can provide trusted escrow services for sports betting products that we plan on running on bitcoin talk
 
we'll be offering daily and future betting markets with maximum betting markets of between 5 to 10BTC

this is how we wish to utilize escrow services

1) gamblers will send money to A trusted Escrow BTC wallet
2a) if a bet wins the bet stake is send back to the deposit wallet with the remanding winning BTC to be sent from wsb cold wallets 
2b) if a bet losses the escrow will send the bet stake to a nominated wsb btc wallet

the escrow will also be responsible for 1) refunding bet stakes to client btc deposit wallets after we have closed betting markets and 2)  refunding bet stakes to client btc deposit wallets if the stake goes over the maximum bet limit 

thanks guys please pm with any questions or with your interest in providing these services


 

If the escrow doesn't hold the amount to be won, what guarantee does a player have that you'll pay out his winnings?

ok we are looking at stakes of 10/1 15/1 to 20/1 with a maximum bet pool of 10BTC how many escrows on here would you trust with 200BTCs 

I'll step in -

Ok, obviously I'm not too trusted, but I can do it with multi-sig? Are you expecting that for all transactions? Or the escrow gets full control of the BTC?

ideally we are looking for a legendary member and they will have full control of the BTC all betting pools will be between 5Btc to 10Btc


Our first offering will be a futures market we will only accept a maximum of 10Btc @ 30/1

Golden State to WIN nba championship
Australia to WIN CWC
Liverpool FC to WIN CL
Nadal to WIN the French Open

Wouldn't it be easier to just open a sportsbetting site? Seems like if you have a large amount of bitcoin to pay these bets, assuming players win, you should be able to get a site coded.

im a domestic sports bet trader for a sportsbook atm so it leaves my options very limited, i'm launching a website and a betting product very soon it's a live betting platform and battle arena for robots like robot wars in 2005

Honestly though this is complicated, what odds will you offer? will your odds will be different from the popular sportsbook?
I'm afraid people abuse it using arbitrage betting, and speaking of the amount, since it's a decent amount, the escrow fee you have to pay will be higher as well.

I recommend using either a highly trusted member, or a multi-sig wallet with lesser trusted members.

ideally escrow fees should be 1 percent, bet stakes and max betting markets will be limited to 5 to 10btc, as we are providing sportsbet multis/accumulators arbitrage betting shouldn't be an issue and by using the bitcointalk.org platform and having bitcoin wallet addresses public this simplifies the betting process      

thanks Parodium do you have anyone in mind

If you don't mind,Id like to get my old escrow thread active again from now on.

https://bitcointalk.org/index.php?topic=1015890.msg11005290#msg11005290

thanks shdvb we will be using bL4nkcode for our first couple of bets then ill reassess from there

There are only a few members I think can be trusted with these amounts, e.g. Lauda, MinerJones and DarkStar_

If you're going to go the multi-sig route, I'll throw my hat into the ring also.

Edit: make sure anybody you deal with can prove they have held at least 10 BTC in escrow in the past.

Okay no worries.