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TTBit
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September 23, 2010, 02:32:30 AM
 #1

I am excited to announce the launching of BitcoinSportsBook.com. It is a combination of my ideas and coins, and nelisky’s code and patience.

It is not a traditional sportsbook where there is fixed price betting, instead it is pari-mutual where everyone gets the same odds on an event (i.e. horse racing).

The site will explain a lot, but I plan on answering questions in this thread. Thank you nelisky!

Please ask questions about the site before using if not perfectly clear.

Disclaimer about the site:
BitcoinSportsBook.com is an experimental site for the bitcoin community. The purpose is to educate and demonstrate a use for bitcoins.

Play BITCOINSPORTSBOOK.COM AT YOUR OWN RISK! Sadly, it is beyond the ability of the creators of the site to guarantee anything. There is no staff, no customer service, and no insurance of any bitcoin balance.

Having said all that, we obviously do our best effort to keep things under control, backup often and keep logs of everything that goes on. We consider the approach we've taken very safe, and will do our very best to fix any issue that may arise. Still, no guarantees folks.

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TTBit
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September 24, 2010, 11:43:44 PM
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Accounts and wagers are slowly trickling into BitcoinSportsBook.com, - thank you! I wanted to point out some major improvements to the site.

1)    All market maker accounts are now ‘margined’. Whats more, all accounts are currently market maker accounts! By ‘margined’, only your max possible loss is factored into your balance.  Example: you bet 20 coins on Team A and 10 coins on Team B. Your max loss is 20 coins. BSB allows you to float those 10 coins on other games.
2)    Once the game goes off and a final line is established, you are again credited with your worst case-scenario. So, if you have 20 on Team A and 10 on Team B, and the payout from Team A is 28 coins, and Payout for Team B is 35 coins, your worst-case is now 28 coins and that is credited instead of your 20 coin balance.

Why would you bet both sides?

This can allow the average guy to make a market. If you take a baseball game where the probability of team A to win is 60% and team B is 40%, you can wager 60% on A and 40% on B, and any deviation from that will result in net long term profits. It does not matter if joe six pack wants to bet on the favorite or underdog, you are protected.  Any sportsbook on the web will post spreads and lines, and one can get expected probability from these numbers. I’ll make a post if this needs to be expanded on.

Fees:
Currently, I’ve been setting the fees at 0.10% or 0.05% (1 coin per 1000 bet or 1 per 2000), but also have some free games, like Sunday and Monday night football. Nelisky has procured a hosting site that is payable in bitcoins (!), so we have a goal we are trying to meet.

That said, I will cap all fees at 25 bitcoins total from now through the end of October, which will be 25,000 – 50,000 coins wagered. This will come out of my personal account, not the site. You’ll need to PM me for a credit, and I’ll be happy to oblige.

Notice Sunday & Monday night football currently have a fee rate of 0.00. I’m going to put a surprise 100-200 coin straight-up bet before each game, if anyone wants some free edge. Disclosure: I am allowed to bet as the sportsbook as well, but will bet in proportion. I'll post my bet after the games start.

Thank you for visiting and supporting the site!

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September 26, 2010, 06:53:45 PM
 #3

True to my word, I put up 100 coins on the "New York Jets to win" tonight. While there is no pure arbitrage profit here, wagering the dolphins over the jets in a 6:5 ratio will result in a good bet, as the Dolphins should win about 6 out of 11 matchups.  So, putting 6 coins on the dolphins and 5 on jets (or 3 on dolphins, 2.5 on jets, etc etc)

I will not make any more wagers on this particular entry.

Couple more accounts have popped up. Thank you!

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September 26, 2010, 07:58:15 PM
 #4

True to my word, I put up 100 coins on the "New York Jets to win" tonight. While there is no pure arbitrage profit here, wagering the dolphins over the jets in a 6:5 ratio will result in a good bet, as the Dolphins should win about 6 out of 11 matchups.  So, putting 6 coins on the dolphins and 5 on jets (or 3 on dolphins, 2.5 on jets, etc etc)

I will not make any more wagers on this particular entry.

Couple more accounts have popped up. Thank you!

It make the Jets a worse bet though, correct?

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
TTBit
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September 26, 2010, 08:11:30 PM
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True to my word, I put up 100 coins on the "New York Jets to win" tonight. While there is no pure arbitrage profit here, wagering the dolphins over the jets in a 6:5 ratio will result in a good bet, as the Dolphins should win about 6 out of 11 matchups.  So, putting 6 coins on the dolphins and 5 on jets (or 3 on dolphins, 2.5 on jets, etc etc)

I will not make any more wagers on this particular entry.

Couple more accounts have popped up. Thank you!

It make the Jets a worse bet though, correct?

My 100 coin jets bet right now is really crappy. As more people bet on miami, my bet will become better.

Not quite sure what angle you're coming from, but the people who already have money on Miami now have a great bet, as the dolphins are a clear favorite in the game. If they were wagering at a typical book, they would have to put up 60 units to win 50 units (which is 1.8333 returned for each unit wagered, or -120 for american odds). Currently, people with money on the dolphins at bitcoinsportsbook are getting 2.0436 units returned instead of 1.8333 at another book.  So, bitcoinsportsbook is trying to attract miami investors right now.

As it turns out, the best strategy is to just bet the ratio that other books are offering, which is now about 6:5 in favor of miami. You could just bet on miami, but you open the door to someone else betting on miami, in which case you have a bad bet.

Hope I'm making sense... Huh

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September 27, 2010, 12:44:56 AM
 #6

I think I understand. You are potentially giving expected value to the other side by moving the line away from 'correct'. Only potentially because people could fix the line by betting the appropriate amount. Do I get it?

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
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September 27, 2010, 01:35:55 AM
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I think I understand. You are potentially giving expected value to the other side by moving the line away from 'correct'. Only potentially because people could fix the line by betting the appropriate amount. Do I get it?

exactly.

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September 27, 2010, 10:44:05 PM
 #8

I have added ssl to bitcoinsportsbook.com and you'll all get redirected to https when you visit the site. Let me know of any problems!
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November 24, 2010, 05:12:12 PM
 #9

If anyone wants to explain bitcoins to their family and friends over the thanksgiving holiday, please consider bitcoinsportsbook.com. The site will take wagers down to 0.01 btc.  I have cut fees to zero (from .001 per 1 btc) all weekend.

Please excuse the bump, but I believe the site is a good way to show how bitcoins work. I then suggest you withdraw some of your coins and show how the transaction shows up at the explorer http://blockexplorer.com/

Happy thanksgiving

good judgment comes from experience, and experience comes from bad judgment
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November 24, 2010, 05:50:25 PM
 #10

1iDonOTwAntYouRBITcoInsSAvEthem
good thing that isn't a valid address Smiley otherwise people might just try to donate to it. Smiley

Join #bitcoin-market on freenode for real-time market updates.
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bencoder
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November 30, 2010, 09:13:17 PM
 #11

I just asked about a betting exchange in the irc today, didn't notice this thread before. I was thinking of starting to work on one for football(soccer, that is).

Any chance of being able to change the odds display? I can't understand American/US style odds very easily at all. Decimal makes the most sense to me, but lots of people swear by fractional - you should probably try and support all of them if possible.

How are you settling your bets by the way? That would seem to be the most difficult part to me, seeing as most of the live scores & results feeds available charge massive amounts. Been looking out for some decent free feeds for football results that are updated in a timely manner and not finding anything yet.
TTBit
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December 01, 2010, 05:16:34 PM
 #12

I just asked about a betting exchange in the irc today, didn't notice this thread before. I was thinking of starting to work on one for football(soccer, that is).

Any chance of being able to change the odds display? I can't understand American/US style odds very easily at all. Decimal makes the most sense to me, but lots of people swear by fractional - you should probably try and support all of them if possible.

How are you settling your bets by the way? That would seem to be the most difficult part to me, seeing as most of the live scores & results feeds available charge massive amounts. Been looking out for some decent free feeds for football results that are updated in a timely manner and not finding anything yet.

We quote the decimal line along with the american odds in brackets. i.e decimal: 4.5454 / 1.2804 and american: +355/-357 for tomorrow nights game.  I'm unfamiliar with fractional, if a game is 5/2, are you credited with 50 for 20 bet? Is there rounding involved, possible I get 50.29 for 20 bet?

All settling is done by hand right now. Nelisky did the programming and has tinkered with auto settling, but it hasn't been necessary. When we expand, it would be included.

Currently we book based on a pari-mutal basis. With this, market makers can put in their own odds and gain edge from gamblers.

good judgment comes from experience, and experience comes from bad judgment
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December 05, 2010, 05:32:54 PM
 #13

Is there any way to recover a lost password? Can't login to my account...
nelisky
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December 05, 2010, 05:36:47 PM
 #14

Is there any way to recover a lost password? Can't login to my account...

PM me all you know about your account (so I can establish you are you) BCIN, BCOUT, login, current balance, last transfer (in or out), last bets, anything that can help me make sure it is your account.
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December 19, 2010, 02:02:48 AM
 #15

My account is angus, BCIN 1JiUeYrHu1QcDM26wZ4BFtmLqDV4sNwx4H

I don't think the 0.836 bitcoins shown here in blockexplorer ever actually showed up in my account.
http://blockexplorer.com/address/1JiUeYrHu1QcDM26wZ4BFtmLqDV4sNwx4H

I'm guessing the reason is that it's because they weren't transferred but were put in directly from generation using one of those pooled mining things.
theymos
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December 19, 2010, 02:55:03 AM
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I'm guessing the reason is that it's because they weren't transferred but were put in directly from generation using one of those pooled mining things.

Don't generate directly to site balances. The current version of bitcoind is incapable of detecting these transactions. There's nothing sites can do to fix it.

1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
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December 19, 2010, 03:07:26 AM
 #17

Ok, I won't do that then. Thanks.

Theoretically they could manually fix it and give the bitcoins back, but I guess for this small amount it's not really worth it.
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December 19, 2010, 07:04:53 AM
 #18

Theoretically they could manually fix it and give the bitcoins back, but I guess for this small amount it's not really worth it.

If I owned BSB, I wouldn't mind. Your claim doesn't take long to verify.

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nelisky
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December 21, 2010, 03:14:48 PM
 #19

Ok, someone please explain what this generation to BSB is all about? So there was a generated something on a mining pool and the receiving address was the one on BSB? Why would this not work, aren't the profits of pool mining distributed using simple transactions?
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December 21, 2010, 03:23:07 PM
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aren't the profits of pool mining distributed using simple transactions?
These profits have been generated directly to the recipient's bitcoin address. The coins have never been owned by anyone else before, so there is no "simple transaction".
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December 22, 2010, 01:58:35 AM
 #21

I'm a little confused on a couple parts of the site. Your first post says that everything'll be explained by the site, but I don't see a help page there. Maybe I'm just missing it. And maybe part of it is I'm just unfamiliar with traditional sports betting as well.

When do bets close? For instance, I just placed a bet on the MtGox price by the end of the year. Should I have waited closer to the end of the year before doing that? Is the potential payoff the same whether I bet now or at 11:58 pm on 12/31? I suddenly feel like I made a terrible mistake. Can I un-place my bet and wait until the time gets closer?

Is the current "line" the number my bet gets multiplied by if the thing I bet on "wins"? And this is set purely by "the market" of what bets have been placed thus far, and not by some external force guessing? That is, if the fee is 0.0%, then all the money bet gets split proportionally amongst the "winners" according to how much they each bet?

The "MtGox USD Price" section heading says "(see rules)". Where are the rules?

Thanks.
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December 22, 2010, 03:06:59 AM
 #22

I'm a little confused on a couple parts of the site. Your first post says that everything'll be explained by the site, but I don't see a help page there. Maybe I'm just missing it. And maybe part of it is I'm just unfamiliar with traditional sports betting as well.

When do bets close? For instance, I just placed a bet on the MtGox price by the end of the year. Should I have waited closer to the end of the year before doing that? Is the potential payoff the same whether I bet now or at 11:58 pm on 12/31? I suddenly feel like I made a terrible mistake. Can I un-place my bet and wait until the time gets closer?

Is the current "line" the number my bet gets multiplied by if the thing I bet on "wins"? And this is set purely by "the market" of what bets have been placed thus far, and not by some external force guessing? That is, if the fee is 0.0%, then all the money bet gets split proportionally amongst the "winners" according to how much they each bet?

The "MtGox USD Price" section heading says "(see rules)". Where are the rules?

Thanks.

Thank you for visiting the site. I need to create the help page - this is my fault.

Wagering closes at the DATE/TIME indicated on the bet. All wagers are pari-mutual, meaning you wager with other participants on the site. If you are familiar with horse race betting, it is the same. The timing of your bet in this case is similar to placing a bet at a horse racing track with 30 minutes until close - there are few wagers at the moment. Once the time becomes closer, more wagers are attracted. Everyone will get the same line upon close. I'm not sure of your exact wager, but if you bet on mtgox over 0.30 for 10 coins, you can freely bet up to 10 coins on the under 0.30 right now in margin (most you can lose is only 10 coins total). Once the wager closes on 12/31, you'll only need to maintain a worst-case scenario and can freely withdraw the balance of the coins.

We have a market maker who will price out each contract and put 1000+ coins or so on each side when the wager is close to going off.

You understand how the line works. If there are 100 coins on wager A and 200 coins on wager B, then those 300 coins will be split proportionately among the winning bets.

Rules for MtGox USD Price for Jan 2011 close eastern time: A settlement will be given for price action for trades that take place on january 31st, 2011. All trades that day (eastern time) will be price weighted. So, 1000 coins trade at 0.25 and 100 coins trade at 0.26, the settlement would be (1000*.25 + 100*.26)/1100 = 0.250909.

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December 25, 2010, 01:16:17 AM
 #23

Could you please post the NCAA bowl games if possible. I was kind of disappointed that when I started using BitcoinSportsBook they stopped taking bets on NCAA football games.

Feeling generous? Please Help Fund Non-Profit Botanical Research By Donating Bitcoins to 16mcyzsriNoPtfA4QrpTphxiW2KTmxQKfd
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December 25, 2010, 04:04:49 PM
 #24

Could you please post the NCAA bowl games if possible. I was kind of disappointed that when I started using BitcoinSportsBook they stopped taking bets on NCAA football games.

Certainly! Good luck.

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December 30, 2010, 09:54:35 AM
 #25

Will you add to the line soccer or NHL matches?

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January 03, 2011, 03:36:42 AM
 #26

Are the bets on the price of bitcoins supposed to be closed?  And if so what are the chances of opening some more up?

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TTBit
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January 03, 2011, 04:35:43 AM
 #27

Are the bets on the price of bitcoins supposed to be closed?  And if so what are the chances of opening some more up?

Thank you for the interest. The January 31st settlement wagers are closed.

There will be February 28th 2011 wagers opening soon.

good luck

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February 07, 2011, 12:42:01 PM
 #28

I just deposited some Bitcoins into my account on this site, but I can't figure out how to add them to a certain bet! I haven't been able to find a "Add Your Bet Here" button or something similar anywhere! I feel all depressed now that a techie like me can't even find a simple thing like a "betting entry" spot on a site...  Cheesy  If someone could please tell me how to bet, that would be greatly appreciated. Thanks again!!   Grin

At the time of your post, there are no open wagers to bet on. The MtGox wagers close at the end of each month, the end of March wagers will open in a couple weeks.

We offer national televised games as well, currently NCAA basketball and NBA.

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February 09, 2011, 09:18:47 PM
 #29


At the time of your post, there are no open wagers to bet on. The MtGox wagers close at the end of each month, the end of March wagers will open in a couple weeks.

We offer national televised games as well, currently NCAA basketball and NBA.

Then why does it say that the difficulty bet and the Mt. Gox bet are under "Active Games"? I'm a bit confused...     Undecided


Semantics, semantics... the game is "active" until it is settled, but that doesn't mean you can still bet on it. Like a soccer game is active until the game ends, but you can only bet up to the game start. Any hints on better wording for the 3 states?

1) game open, bets open
2) game open, bets closed
3) game settled

Thanks!
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