Bitcoin Forum

Imagine you have a race ,could be a horse race or a car race or whatever. Like the Melbourne Cup in Australia.

Each horse,car,participant is given a bitcoin address to deposit too. To enter people supply a withdrawal address and pay the entry fee against their choice of participant. When the race is finished and a winner is known whoever bet on the winner gets the losers money divided by however many people chose the winner. Possibly you could have more than one winner.

The site would receive  a small cut from the losers pot to pay for itself. This would be fun to do at something like the world cup for soccer or even an olympic 100m final dont you think ? Especially if everyone could meet in a chat room and watch the race together  :D

did you want push you idear for china users?

I can help you ,maybe give you a ad on my bitcoin website www.hxtop.com?

Nice idea, bitcoin.me. How would you adjust the odds when/if they changed?

Im not a bookmaker and you need a license for that here  :P

I guess you could build a prediction market based on events. Just say 24 hours prior to a formula one race for example the entrants are displayed and people can "predict" a winner.

you don't, ... the wagers themselves do.  parimutuel betting: http://en.wikipedia.org/wiki/Parimutuel_betting

bitlotto and satoshi dice are two forms of blockchain-based online betting.  parimutuel could be another.

because the payments go through the peer-to-peer network and not through some website, it could be run from a country where it isn't illegal to offer.  the website simply shows the bets and the current odds.

one of the difficulties with betting for parimutuel is that everyone waits until the last minute to wager as the range for the odds becomes narrower.  using the blockchain would be a little frustrating as you don't know if the current block will be mined before the bet closing (e.g., before the start of the race).

this betting system would be suitable for just about any contest.

They have "sweepstakes" here every year for the Melbourne Cup. Normally it is illegal but they turn a blind eye to it for the Cup.

A similar blind eye is turned towards "two-up" on Anzac Day. This is a game where you flip 3 coins in the air and bet on how they land and Anzac day is a national holiday.
 

This could b solved by adding a time value to the pay out, like betsofbitcoin.com does it.

Hello Spekulatius,

Is there an updated link for betsofbitcoin.com?

I found the site: http://www.betsofbitco.in/

two sites come to mind here. betsofbitcoin and satoshidice. the former should find a way to make this real, the latter should give a hint on how to prevent running into legal issues.

imagine somebody on darknet made public some vanity addresses 1bet.... that turn out to return shares based on real world events. it could be such that you bet on hundreds of events and hundreds of possible outcomes without an official entity operating it. once i get a copy of the addresses and rules, i can play as long as somebody bothers keeping the script alive anywhere in the world.