PrediMarket.net - Temporary shut down announcement

[PrediMarket]

Hello everyone,

We have been online for a few months now, always trying to bring something new to the betting industry.

As some of you may know, we have been using a peculiar pricing system which has proven to be very hard to calibrate over the past months.
We have tried many different settings but it is intrinsically difficult to find the correct balance between competitive odds and risk management precisely because of our pricing system.

As a consequence, we announce that we will shut down the website for a temporary period. You are kindly asked to not deposit or place more bets past this Friday. All bets placed from Saturday will be refunded.
You are invited to withdraw your belongings before the end of the week as the website should go offline during Sunday.

E-mails containing this message will be delivered to each of our customer.

We will use this break to rework our system and hopefully bring some new features as well.

Thanks for betting with us and we hope to be back soon.

Best regards,
The PrediMarket Team

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A new version of PrediMarket has just been released!

What's new?

• You now have access to lay betting, making PrediMarket effectively a betting exchange. Your betting counterpart is always PrediMarket, ready to back or lay any outcome at any time, thus ensuring the liquidity of bets!
• Betting limits have been substantially increased!
• Increased range of soccer competitions

Tell us what you think!

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PrediMarket, a genuinely innovative Bitcoin Sportsbook for both desktop and mobile.

Why is PrediMarket innovative?

PrediMarket is a Sportsbook Betting Exchange offering a continuous range of fixed-odds.
The back/lay odds you get for an outcome depend on the total wages already placed by other gamblers on that outcome and the amount you want to bet, like other sportsbooks, but the odds balancing is done in real time here!
Thus, you can ask for the odds you like best by adjusting your wage!

Is it like parimutuel then?

NO, IT'S NOT! Parimutuel only gives you variable odds, hence your are not guaranteed to win a fixed amount if you bet correctly.
On the contrary, potential winnings with PrediMarket are guaranteed like regular fixed-odds betting exchange.

Additional features:

• Instant, 1 confirmation deposit (3 confirmations for large deposits)
• Instant withdrawals at all times: the deposited bitcoins remain yours until you place them in a bet
• Minimum deposit: 0.0002 BTC
• Fixed margin as low as 2% on odds and fixed winnings commission of 2% for back and lay bets meaning very high odds

PrediMarket will be in beta stage until further notice. This means:

• Fixtures are limited to football (soccer) games for now
• LIVE betting is disabled for now

In case you have any questions, feel free to post them below or file a request to our Helpdesk.
The last thing we want is customers getting stuck on any aspect of PrediMarket!

Join us now!

[barbara44]

OP, I'm quite not knowledgeable about how "fixed-odds on-demand" works. Does it mean that when there are many of the same bets, the wages decreases? Please do enlighten me.
I like how you can actually sell your bet. This basically qualifies as trading as you have invested in a bet and risked either if the bet's value will go up or down.

[ctlaltdefeat]

Is this an exchange? You use terminology that isn't clear at all.

"Why is PrediMarket innovative?": "odds you get for an outcome depend on the total wages already placed by other gamblers on that outcome and the amount you want to bet" is literally how every single bookmaker works at the end of the day, this isn't innovative at all.

Just use standard Betfair-style terminology, no sports better uses "shares" when trading bets.

[PrediMarket]

Does it mean that when there are many of the same bets, the wages decreases? Please do enlighten me.

Consider a game with 2 outcomes which are equally likely to happen. Both (decimal) odds for that outcome are set to 3.0 at the beginning (before any bet is placed).
I picked the following wages just for the sake of simplicity, you can bet any amount you wish.
First player puts 1 BTC on the first outcome at odds 3.0 (he gets 3.0 BTC if he wins).
-> This bet makes the odds for the first outcome decrease and the odds for the other outcome increase: they are now respectively 2.9 and 3.1
Second player comes in and puts 1 BTC on the first outcome at odds 2.9.
-> This bet makes the odds for the first outcome decrease again at 2.8 while the other goes up.
And so on and so forth...
Of course, if the first player bets 2 BTC at the beginning, he will get odds around 2.95 (half way between 3.0 and 2.9).
If some money is placed on the second outcome then the second odds will start going down while the first one will go up: this is the same mechanism.

It works exactly the law of demand in economics: the more people put money on an outcome, the more the odds for that outcome will decrease.

I like how you can actually sell your bet. This basically qualifies as trading as you have invested in a bet and risked either if the bet's value will go up or down.

You are right, this is exactly like trading  . When you make a bet, you make a contract with PrediMarket to pay you, for example 2 BTC, if your prediction is correct, in exchange of engaging 1 BTC. The value of this contract is 1 BTC, in other words, the amount you chose to bet. Then, if other players bet more money afterwards, the value of your bet (contract) will fluctuate:
the more people put money on the outcome you chose, the more the value of your contract will increase. The opposite happens if people tend to favor the other outcome.
This is because the bet has an intrinsic value that you can sell it at any time.

OP, I'm quite not knowledgeable about how "fixed-odds on-demand" works.

Well, this is just an expression to try to convey the idea that PrediMarket offers fixed-odds (fixed amount paid for a wage) but depending on the amount you want to bet (your demand), you will get different odds as explained above.

[PrediMarket]

Is this an exchange? You use terminology that isn't clear at all.

No it is not an exchange. An exchange is a market place gathering "bidders" and "sellers" or "backers" and "layers" in terms of betting exchange. This kind of mechanism is generally bad because of the lack of liquidity: a bet can only be concluded if a backer and a layer agree on a certain odds which prevents many people to actually make their bet because they fail to come to an agreement with the other party.

At PrediMarket, you bet against the gambling house, hence there is no liquidity problems. Depending on the amount you wish to bet, PrediMarket will offer you different odds.
For example:
- if you want to bet 1 BTC, you get a decimal odds of 3.0
- if you want to bet 0.5 BTC, you get a decimal odds of 3.5
- if you want to bet 0.1 BTC, you get a decimal odds of 4.0
...

"Why is PrediMarket innovative?": "odds you get for an outcome depend on the total wages already placed by other gamblers on that outcome and the amount you want to bet" is literally how every single bookmaker works at the end of the day, this isn't innovative at all.

You are right in the sense that this is how every single bookmaker works macroscopically (in the long-run if you prefer). But none of them does that live while you are completing your betslip. At a regular bookmaker, you are offered a unique odds (say 3.0) for a specific outcome no matter how much you bet. The odds might change only for future gamblers.
PrediMarket offers you much more flexibility: that is why it is truly innovative.

[ctlaltdefeat]

Is this an exchange? You use terminology that isn't clear at all.

No it is not an exchange. An exchange is a market place gathering "bidders" and "sellers" or "backers" and "layers" in terms of betting exchange. This kind of mechanism is generally bad because of the lack of liquidity: a bet can only be concluded if a backer and a layer agree on a certain odds which prevents many people to actually make their bet because they fail to come to an agreement with the other party.

At PrediMarket, you bet against the gambling house, hence there is no liquidity problems. Depending on the amount you wish to bet, PrediMarket will offer you different odds.
For example:
- if you want to bet 1 BTC, you get a decimal odds of 3.0
- if you want to bet 0.5 BTC, you get a decimal odds of 3.5
- if you want to bet 0.1 BTC, you get a decimal odds of 4.0
...

"Why is PrediMarket innovative?": "odds you get for an outcome depend on the total wages already placed by other gamblers on that outcome and the amount you want to bet" is literally how every single bookmaker works at the end of the day, this isn't innovative at all.

You are right in the sense that this is how every single bookmaker works macroscopically (in the long-run if you prefer). But none of them does that live while you are completing your betslip. At a regular bookmaker, you are offered a unique odds (say 3.0) for a specific outcome no matter how much you bet. The odds might change only for future gamblers.
PrediMarket offers you much more flexibility: that is why it is truly innovative.

I understand, it is quite unique in that respect indeed. I'll try depositing some and see how it goes.

[aakashsangwan]

What you are telling is the bet for prematch or we can bet on LIVE match in Inplay also the same odd will favour, because what you are telling is that you will fix the prematch odd for all matches , and after that who ever bets will change the odds,

What you are giving details is just like trading bets. But it is too complicated and the outcome will be facing too many problems.

Best of luck for your new project

[PrediMarket]

What you are telling is the bet for prematch or we can bet on LIVE match in Inplay

Currently, LIVE bets are not supported. We will make them available as soon as possible.

because what you are telling is that you will fix the prematch odd for all matches , and after that who ever bets will change the odds,

What you are giving details is just like trading bets. But it is too complicated and the outcome will be facing too many problems.

Yes, you are right: every new bet changes the odds. And you are also right when you say it is like trading. But if I used trading terminology, I think people would have been even more confused because strictly speaking, we are a sportsbook dealing odds and not a broker dealing prices.
I know it sounds complicated but if you play a bit with the betslip to ask odds for various amounts (no need to make a deposit), it will help you understand.

Best of luck for your new project

Thanks a lot! 

[PrediMarket]

Web site is currently under maintenance. Expected Time Back: 08:00 UTC (2016-04-14)

[PrediMarket]

Web site is currently under maintenance. Expected Time Back: 15:00 UTC (2016-04-14)

[debuni]

Web site is currently under maintenance. Expected Time Back: 08:00 UTC (2016-04-14)

Web site is currently under maintenance. Expected Time Back: 15:00 UTC (2016-04-14)

PM me when it's online.
I have 0.7BTC inside with a lot of open bets...

[PrediMarket]

Web site is back online.

[debuni]

Web site is back online.

Cmon,

Temporarily Down for Maintenance

Just put some beta sign or whatever.
Or hire testers before open it for public operations.

[joksim299]

Web site is back online.

Cmon,

Temporarily Down for Maintenance

Just put some beta sign or whatever.
Or hire testers before open it for public operations.

Its online for me with all functions.
Try clearing your cache.

[Patatas]

Its online for me with all functions.
Try clearing your cache.

How can clearing cache will run the page from the server which is offline ? Lol.The above dude didn't bother to open the website.It was posted yesterday and after a few hours website is online again.

@op Nice concept you have there,I could not understand the buy and sell section of the tutorial.Plus,only soccer is covered what about other games ? Please make an interactive tutorial as very less information is provided in the text box.I'm assuming you can trade your coins there?

[Barcode_]

Don't understand the concept of selling my bets anytime, what happen if my bets are already losing?

[joksim299]

Its online for me with all functions.
Try clearing your cache.

How can clearing cache will run the page from the server which is offline ? Lol.The above dude didn't bother to open the website.It was posted yesterday and after a few hours website is online again.

@op Nice concept you have there,I could not understand the buy and sell section of the tutorial.Plus,only soccer is covered what about other games ? Please make an interactive tutorial as very less information is provided in the text box.I'm assuming you can trade your coins there?

It can help if site is online and visitor getting old maintenance message.

[PrediMarket]

All markets have been restored now.

We apologize for the discontinuation of service: things should go smoother from now on. Updates will still occur on a regular basis but they should be transparent for the end-user.
In particular, please let us know if you are logged out unexpectedly i.e. being forced to re-enter your credentials even after checking the "remember me" box.

@joksim299
As far as I know, the cache of your browser is not related to you seeing the maintenance page or not.

@Patatas
The tutorial is minimalist indeed, we will try to improve it.
On the top of my head, I can think of two ways to make it more "interactive":
- either a guided tour showing how to place a bet and selling it if need be
- or a video demonstrating the above procedure

Which one do you think would be best?

Soccer is indeed the only sport opened for now. We deliberately restricted the scope at the beginning in order to be able to test all functions of our system more easily.
Other sports should follow reasonably soon.

@Patatas, @Barcode_
To answer your questions about the concept, it almost works like any other fixed-odds sportsbooks you know.

There is only one key difference.

A regular bookmaker gives you a particular odds for an outcome and that odds will be the same no matter how much you want to bet.

At PrediMarket, in order to get the odds for that outcome, you must first tell the system how much you want to bet. It uses this value to compute the odds you will get for that outcome. By changing the amount you want to bet, you make the odds change until you get an odds you are satisfied with.
Computation of odds are requested with the little calculator button next to the wage input field.

The reason you can sell your bet (until the game begins) is because the system considers your bet as a contract.
This contract is worth something: in the beginning, it is worth the amount you bet but afterwards it will vary if other players place additional bets on the considered market.
Currently, the value of the bet displayed in your bet history is discounted with a commission which varies from market to market. We plan to make this clearer in the user interface asap.

Practically, there are 2 cases when you should consider selling a bet:
- either when you "speculate": your bet value has increased above the amount you placed initially thus, if you sell it, you make a sure profit no matter what happens in the game
- or you changed your mind about a bet: for instance, a major player of the favorite team suddenly got injured and will not play which turns the table and make your bet less likely to be right

[ctlaltdefeat]

Deposited, bet some, withdrew some.
Works good overall.
A graph of odds/stake amount would be my immediate suggestion.

[PrediMarket]

@ctlaltdefeat

Thanks for the review!

I take note of your suggestion: I reckon it would give the user a better idea of how the odds will evolve with the amount put at stake.