Bitcoin Forum

IPL has just kicked off and today is the third match day. So I thought of creating a thread for IPL betting as a forum pass-time. Please participate if you enjoy...

This is how I have planned the rules...

1. Players will always bet against a fact, i.e. which team wins.

2. Amount will be distributed among the winners according to their % of share.

3. 5% house edge will be deducted to run the service.

4. Minimum bet = 0.0001 BTC

5. Bet accepted till the opening ball of the match.


Below is an example with first match of KKR vs MI...

A bid against KKR for 1 BTC

B bid against KKR for 3 BTC

C bid against MI for 2 BTC

D bid against MI for 1 BTC

E bid against MI for 3 BTC

F bid against DRAW for 2 BTC


Therefore...

Total bid against KKR = 4 BTC by A & B, i.e. If KKR cant win, A & B will lose a total of 4 BTC

Total bid against MI = 6 BTC by C, D & E, i.e. If MI cant win, C, D & E will lose a total of 6 BTC

Total bid against DRAW = 2 BTC by F, i.e. If the match is not DRAWN, F will lose a total of 2 BTC

Total jackpot = 12 BTC - 5% of 12 BTC = 11.4 BTC

Match Result: KKR won the game

Therefore, 11.4 BTC will be distributed among A & B in 1:3, i.e. their bid ratio.


Bet result: A wins 2.85 BTC and B wins 8.55 BTC.

************************************So the game begins*****************************

June 1, 2014 - 1% house edge for this bet

IPL Final Match : KKR vs KXIP

Deposit address against KKR (You lose this amount if RR does not win) - 1KKRK8AJchhtP6eYR5TcH7Ur4nhDa1fkAu (https://blockchain.info/address/1KKRK8AJchhtP6eYR5TcH7Ur4nhDa1fkAu)

Deposit address against KXIP (You lose this amount if KXIP does not win) - 1KXiPYjTEqrsSpY6ABfkyCtw74c34JYUC4 (https://blockchain.info/address/1KXiPYjTEqrsSpY6ABfkyCtw74c34JYUC4)

Deposit address against DRAW (You lose this amount if match is not drawn) - 1DRAWnfb154dksvyf1pFu2bs2wVmTuf1n1 (https://blockchain.info/address/1DRAWnfb154dksvyf1pFu2bs2wVmTuf1n1)




Note 1: Please send funds from a single address as winning amount will be sent back to this address.

Note 2: Tx fee will be deducted from the jackpot before payment.

Note 3: escrow.ms (https://bitcointalk.org/index.php?action=profile;u=76380) is holding escrow for this bet.



p.s. Please understand I am running this purely on experimental basis. Please do not bet anything that you can not afford to lose.

It would be better if you could get a senior forum member to handle the transactions and all of us would feel much safer.
Also escrow if possible.

Thank you for putting in your concern. I welcome any senior/trusted member to do the escrow. First he needs to create 3 different fresh addresses to accept deposits. Once the bet is established, I'll post here which address should get what amount. He just need to transfer that amount to those addresses. I would also like to know what % of the 5% house edge should I account for him.

Hmm sounds Interesting . is there is any minimum and maximum amount of btc a member can bet..! and lets say if someone bets 1btc on a team and no one else bets and he wins what he/she will get.?

I have some reservations about using this forum for betting. Kindly host a simple website and co-ordinate it from there.

Yeah that would be a good idea..! but if it gets any kind of success or exposure it might go viral :p and next thing  you know authorities are behind you trying to catch you and sealing all the btc. !

It would be interesting to watch what happens if authorities in India, do get their hands on some Bitcoin.

Will they sell it? Destroy the Private Keys? Accept it for what it is and buy some nice tech with it?

Play some dice?

They don't really have to do anything with the BTC(even if they have competent personnel to actually take your coins). All they have to do is catch the guy running the operation

Thanx for raising the question, I forgot to cover this point.

Minimum Bid = 0.0001 BTC

There is no maximum, but please play reasonably.

Coming to the second question... If someone bets 1 BTC, no one else bid and he wins, then by rule, he'll just get back his amount after deduction of 5% house edge. But actually I may able to return the whole amount if the escrow agrees, because as we are not yet running a site, we dont have an operating cost.

So, we are starting off... match result can be easily verified on Google after every match...

https://www.google.com/search?q=ipl+2014+schedule

so do we have any bets placed yet..?

what about todays match between KKR and RR no bet is placed here by OP :(

Any one going to bet here or all going for play dice as Benson saying   :D

Hi folks,

We're taking IPL bets at Cloudbet.com. Let us know if you have any questions!

Cheers,
Cloudbet

Are you taking live bets or just until start of match if you are taking live then amazing and I am going to join you

they have live betting on IPL but odds not good, better odds in bet365.com

do they accept bitcoin?

BUt bet365 is not accepting bitcoin and I cannot deposit on this site any bitcoin site giving live bets

There are few offering live bets on cricket where you can deposit using bitcoin like cloudbet but no one will offer as many betting options as bet365..!

No bet was placed on the previous matches as of yet. You may monitor the addresses mentioned in the opening post for any bets placed. I have updated the opening post with tomorrow's match.

bro, No one will bet coz you are just a newbie, gain some trust before then people will start bettng.

I understand as a newbie it is difficult to be trusted. But, everyone has to start somewhere. Moreover, I asked for an escrow too...

https://bitcointalk.org/index.php?topic=576688.msg6294170#msg6294170


But have not received any +ve response as of yet...

https://bitcointalk.org/index.php?topic=574969.msg6307422#msg6307422


I still welcome any trusted & respected forum member to hold escrow for this. He needs to declare what % of the 5% house edge he wants ? Any abnormally high escrow fee will ultimately geoparadise the game itself. But, if we dont get an escrow I have no other way than requesting participants to trust me...

Let's hope people start participating in small amount.

You can place bet on May 18 matches between CSK vs RCB ... match result can be easily verified on Google after every match...

https://www.google.com/search?q=ipl+2014+schedule

escrow.ms can help

Address: 1CSK3w7ibnZQ4No5gwZuSCc5MDQu2knbh8
Address: 1RCBQwWTE97HLjbboyoEsa5VQcVyNvpgP
Address: 1DRAWnfb154dksvyf1pFu2bs2wVmTuf1n1


Generated 3 address from vanitygen for escrow :)

cool  ;)

Can you Generate one for me I like this but have never try and have no knowledge of this  :(

It's easy, Download Vanitygen (https://github.com/downloads/samr7/vanitygen/vanitygen-0.22-win.zip) and make a .bat file in the same folder and run it.

Vanitygen.exe -o found.txt 1test  
Vanitygen64.exe -o found.txt 1test (For 64 bit OS)

(Replace test with the text you need)
You will get privatekey which you can import in any wallet client.

Updated the opening post with these addresse... so u can safely bet now ;)

Thanks for this all information its very helpful now I will try and send you feedback about this  :)

Today, there is another match between SRH & KKR. If escrow.ms can create 3 other addresses, I'll also update those in the OP.

Address: 1SRHzRHCjgF4v3h9WpowtF1ziuAXyqhHC
Address: 1KKRK8AJchhtP6eYR5TcH7Ur4nhDa1fkAu
Address: 1DRAW84VzkkDWeAKkYXWDT6Aw15AhpTyDL

Opening post updated...

its good let see anyone gonna bet or not. till now you are not succeed.

Why are you giving 3 options I think in 20/20 2 options are enough for punters

So that, if someone want to bet for match draw ...they can. :)

Very nice +1 :)

match rate should be like which is favourite team ???

another problem is he taking all bets or we have to bet each other and he will take 5% house edge.

Sorry... did not get your point. U can can bet for your fav team's win. If they lose, u'll lose your coins and if they win, u'll win opponent's coins.

Sorry... what do u mean by 'all bets' ? You are simply betting on the match result. And I have cut down the house edge to 1% ...please check the match date in the OP.

lets take example I want to bet for CSK today match and no one else bet except me now tell me if CSK win who will give me profit. or if CSK lost who will get that money who I bet.

As the volume is thin at the moment, I understand this situation may arise. In this case u'll be give back your money as there is no counter bet. Though Tx fee will be deducted and probably escrow fee too.

I happily welcome any other question for clarification of the process :)

lol, then why I will bet if I know there is no volume or my bet will not cover and i will loose txn fee too.

How do u know that none will bet against yours ? Anonymously, I can bet against u too... cant I ? Moreover, in this system, u can safely say how much u want to bet for which team and see if someone is posting against u and then go for sending your coins :)

@escrow.ms Tomorrow there are matches between RR & MI and DD & KXIP. Can u please provide me 4 different addresses ? Drawn addresses can be re-used. If creating new addresses is a trouble, you may provide 4 generic addresses too.

1RRRWaYjLi8YGVGikY6ZB12gN1oj4wfY4 (Rajasthan Royals)
1MiiwH9gpEwqpoA6Wj5ZKwfVpEqLUcbpNWv (Mumbai Indians)

1DDfrrsotdS8nE2rMGVcz5HrVb28BVVHrP (Delhi Daredevils)
1KXiPYjTEqrsSpY6ABfkyCtw74c34JYUC4 (Kings XI Punjab)

Thanks... OP updated :)

Looks like the Mumbai Indian address has got some problem ...it does not exist

https://blockchain.info/address/1MiiwH9gpEwqpoA6Wj5ZKwfVpEqLUcbpNWv - Checksum does not validate

You can use this one..  1MumnwCCf7pcYnSv6yXYw73EU2ZF7pbtsD

Ps: That was copy paste error.
https://blockchain.info/address/1MiiwH9gpEwqpoA6Wj5ZKwfVpEqLUcbpNW

You and OP are working hard but still result is zero no one betting here on this thread I think peoples not interesting to bet here

Thanks, today we have...

1. SRH vs. RCB
2. KKR vs. CSK

Interestingly, yesterday I met a man for some reason who betted heavily on RR through some agent, but when I asked him about Bitcoin betting, he said "What is bitcoin ?", though he is a big trader on share market. :-\

its not shocking news to me because so many trader's who do know about bitcoins . i have lots of forex traders  friends they trade in USD/EUR couple of year ago i told to my friend  why you don't try trading with bitcoin but his reply same like your's friend !

Updated the OP for IPL final. Last chance to bet on IPL or see you next year ;)

Sad to see that this did not make some waves.

I assume that a website, offline connections and business development will be important for this to succeed.

With a year on your hands, I assume this will be done right, the next time around :)

As I can see there is only one bet on 1KXiPYjTEqrsSpY6ABfkyCtw74c34JYUC4, I would request ecrow.ms to return the amount to the sending address...

https://blockchain.info/tx/1c67af569bfe4d87128cf5c588951a51ed94a0a6dd356cffcc4c7124cfd01025

In my opinion, the only way to do this right is by offering odds instead of a pool. At the time of placing bet, i did not know what will be my gain if my bet was correct. No ROI, nothing. I doubt that this will take off in its current format.

exactly
that will help a lot

Hi folks,

My name is Peter and I am the Cloudbet Community Manager.

With the start of the new IPL Season fast approaching, I’m pleased to announce that we have launched our range of markets for Bitcoin/Bitcoin Cash Betting at Cloudbet, including Lambi and Fancy.

https://pbs.twimg.com/media/DaLmOfcV4AIcd3n.jpg:large

View our markets: https://cbet.ly/2Hqgihb or sign up here: https://cbet.ly/2JuVlSC for a 100% Deposit Bonus up to 5 BTC/BCH!

Win more with the best odds and highest bitcoin limits online - never miss a moment of the action with Cloudbet.

If you have any questions at all, please do drop me a line.

Thanks
Peter @ Cloudbet

India do not have any specific laws on online gambling, so gamble on your own risk.