Bitcoin Forum

I thought Gambling community here may be interested in our website:
http://betsofbitco.in/ (http://betsofbitco.in/)

Here is our main thread:
https://bitcointalk.org/index.php?topic=37069.0 (https://bitcointalk.org/index.php?topic=37069.0)

We now have a Twitter account where you can follow latest statements.

https://twitter.com/#!/betsofbitcoin (https://twitter.com/#!/betsofbitcoin)

Been paying attention to the Republican nomination process myself and submitted 9 statements that just came out of approval today.


Is there any chance of making the statements have % predictions on what the betters think like other popular sites?

Welcome on board Thndr. Right now we display how much is actually bet on both sides (i.e. 1 BTC Agree vs 4 BTC Disagree). We think that this is more informative than just saying %20 Agree. Don't you think so?

This is a great idea and all, but I don't think I can stand the wait time for these bets!

You can always submit your own statements and set the dates. If your bets attract people you can earn commission. Good luck!

Couldn't think of anything closer than feb for election stuff, and I don't really care much about sports. The only major sporting even I really even notice is the Superbowl and a week of local basketball in march.

If a statement gets no votes, do you get refunded anything?

Yeah and no. I guess I'm just used to one number showing the chance while browsing statements on another site.

If nobody challenges you, you get your bet back but not the submission fee. We refund the submission fee if we reject your statement.

http://betsofbitco.in/item?id=200

Bet on the Orange Bowl here!

I think you could offer parimutual wagering like they do in horse races. For example:

Pool to win Iowa Caucuses.  Pool closes in 1 day 3 hrs and 2 seconds.

56 Romney
33 Paul
11 Gingrich
5  Santorum
3  Bachmann
1  Field

Thus you don't have all these head to head match-ups.  You could also close the pool every week, and start a new one thus it would be much more interesting.  The details that it is going to close in 1 day is not detailed enough, and the idea of time weighting is rather lame too.  Yes, people can cancel their bet in the last minute but it really does not happen much.  Go to the horse races to see how they do it.  For example you could have had 3 Iowa caucus races that closed every Sunday for the last 3 weeks.  Otherwise site looks great.

Two questions.

First, did the bet about the Iowa Caucuses get changed when it became known days later that Santorum actually won and not Romney?

Second, it shouldn't be possible for one person to win more than they have bet. If I bet 1 BTC that something will happen, and only one person bets against me and they bet .1 BTC, and the thing doesn't happen, they win my entire 1 BTC even though I could only have won their .1 BTC. The way I think it should work is that the person betting .1 BTC should get a payoff of .2 BTC, and the person who bet 1 BTC should get .9 BTC back.

(All of this minus fees, of course.)

Disagree, that's the purpose of odds. If you're betting on an underdog you're getting ten-to-one odds. So although it's unlikely that you'll win, the payoff is more lucrative.

You need to bet both sides in proportion to what you think the outcome will be. Example: A die will come up number '6'. You bet 5 on 'NO' and 1 on 'YES'. If anyone feels lucky and bets against true 5:1 odds, you make money in the long run.

I see the usefulness of that, but it doesn't work with bets that have few people betting. I started the betting with 1 BTC on a bet I thought was roughly 50/50, I wouldn't have done so if I had known one person could bet .1 BTC and win ten times that much.

There are always odds on every bet.  Sounds like you've never been to Vegas or a horse track.

I love this site.  My only complaint is that there aren't enough users (some kind of timeline showing your bets would be nice too).  Hopefully the word will get out.

You should bet what you think the true odds are.  If you think it's close to 50/50 and you're the first to bet, you should put 0.5 or so on each side.  (Or at least keep an eye on it and buy the other side if nobody else does.)  The only reason it doesn't work on small bets is that nobody noticed; theoretically it should get bought up to 1:1 if it's 50/50 (at least, ignoring the time element).

I'm surprised we're not seeing more action on the Super Bowl bets...