BitBet

[WARlrus]

Hi all,

As a little experiment I've spent a few days knocking together a BitCoin bookmakers website - http://www.bitbet.org

Essentially, once you've deposited some BTC you can place bets on certain events (sporting or otherwise) and hopefully win back much more!

The website is still under development, but I'm in need of a few testers to have a play around and report on any bugs they find. I'm keeping track of all deposits - so your money is pretty much safe!

There are a couple of events posted at the moment, both relating to the Italian Grand Prix this weekend. I'm aiming to debug the website and reset all accounts next week, so any bets you place over the weekend will not win/lose you any BTC.

So if you've got a spare few minutes, please consider registering and having a go! I'd love any feedback to info@bitbet.org

Thanks,

WARlrus

[FreeMoney]

I made an account. I'm not sure what I'd like to bet on, but I don't know anything about the grand prix.

The wording "up to 30 minutes" is probably not best. I know that 30 minutes is not the actual maximum, but I don't know if you require 1,2, or 3 blocks and think it will take only 30 on average. Since I don't know how many blocks, I don't know when to report a problem. I sent 2BTC 4 blocks ago.

edit: it showed up either on the 4th or 5th confirmation.

[WARlrus]

Thanks for trying it out - I'll be adding more events next week once it's all been tried out properly!

At the moment 5 confirmations are required, but that will be lowered at some point.

I'll re-word that part as well!

[spndr7]

Thanks for starting a betting service .No one was convinced about my idea .Please take a look at the thread -> http://bitcointalk.org/index.php?topic=138.0

[mpkomara]

Can you give an example of an event?  I deposited some coin today, and I'd like to see some premiership betting markets.  it will be a good comparison to run BitBet alongside a very liquid, successful betting market.

[spndr7]

Example of an event may be outcome of an sports event .

To Bitbet admin :There is no option of placing new bets on bitbet.org or it is because I have zero balance  ?

[WARlrus]

Thanks for the comments, I've not had chance to work on the site much over the last couple of days unfortunately, hence there have been no open bets.

I'm happy to take suggestions on events you'd like to see. Would you like some bitcoin themed ones or more sporting events? Can someone suggest events from other countries (besides UK) that you might want to bet on?

At the moment the system works off fixed odds (that I calculate myself), however I am working on an algorithm that will adapt itself to market conditions.

I didn't encounter any problems with the system over the weekend, so I'm now happy to go ahead and 'play for real'!! If you enjoy using the site, please donate a couple of BC to me at 14vF6KoUnYHiuHQPC2KZ18j4WVmaRbRm7w - money truly does make me work harder on projects such as this!!

[spndr7]

Can users open new bets whose result may verified later by the administrator ?

[WARlrus]

 

Can users open new bets whose result may verified later by the administrator ?

I had considered something like this, but it will inevitably lead to me having to provide odds on things I know nothing about!

If I manage to come up with a workable algorithm that will auto-generate odds to some extent, then I may well introduce a feature like this.

For the time being, I'm happy to take suggestions via email, PM or a reply here.

[kiba]

Well, I am working on a prediction market. I should have some code by the end of the day.

[spndr7]

what is your plan for prediction code ?

[wobber]

Anyone has trouble accessing bitbet.org?

[johnieeliang]

yea its down for me too

[TiagoTiago]

Regarding the odds calculation thing, isn't there an algorithm that is based on how much has been bet for and against?


Btw, instead of the betting service holding the money while the bet result isn't in yet, what if some escrow did it?