'Game of Skill': US Markets Tech Provider Launches Bitcoin Betting Game

[tyz]

A new "game of skill" centered around bitcoin's price changes is going live. Launched by Chicago-based Level Trading Field, Bitcoin Market Predictor now allows users to place bets on the future price movements of bitcoin, adding to a growing list of mechanisms U.S. investors can use to speculate on bitcoin's price – whether it's going up or down. While most of the mechanisms to short bitcoin, at least in the US, are aimed at institutional investors, Bitcoin Market Predictor is notably targeted towards retail investors. Each game costs only $50 to play.

So, how does it work? The game is structured so that groups of 10 are segmented into a game, with users placing bets about the price of bitcoin at the top of the hour. The top three most accurate predictions share the pot, which for each game (after Level Trading Field's 10 percent fee) leaves $450 to split.
The closest guess gets 50 percent of the pot ($225), the runner-up gets 30 percent ($135), and the second runner-up receives 20 percent ($90).

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[Hydrogen]

I used to do draftkings and fanduel, both are fantasy sports games. They should probably be classified as games of skill.

For whatever reason both were banned in some US states and I still have money stuck on their servers I can't access/withdraw since it was banned in my state & my accounts were frozen.

I like that people are trying new and innovative things but be careful with "games of skill" and check if its legal in your state/area. Could save someone pain and misery over the long run.

[Xenoph0bia]

A new "game of skill" centered around bitcoin's price changes is going live. Launched by Chicago-based Level Trading Field, Bitcoin Market Predictor now allows users to place bets on the future price movements of bitcoin, adding to a growing list of mechanisms U.S. investors can use to speculate on bitcoin's price – whether it's going up or down. While most of the mechanisms to short bitcoin, at least in the US, are aimed at institutional investors, Bitcoin Market Predictor is notably targeted towards retail investors. Each game costs only $50 to play.

So, how does it work? The game is structured so that groups of 10 are segmented into a game, with users placing bets about the price of bitcoin at the top of the hour. The top three most accurate predictions share the pot, which for each game (after Level Trading Field's 10 percent fee) leaves $450 to split.
The closest guess gets 50 percent of the pot ($225), the runner-up gets 30 percent ($135), and the second runner-up receives 20 percent ($90).

$50 for each game, I think its little high. People should be careful before hitting the site and also should wait for the reviews from the people who has tested the site.

[piloder]

Looks like they are running with lottery model and 10% fee on win is really high amount. Its better to bet on bitcoin price with binary option where we can easily double up our bet with just one win.

[LuanX3]

A new "game of skill" centered around bitcoin's price changes is going live. Launched by Chicago-based Level Trading Field, Bitcoin Market Predictor now allows users to place bets on the future price movements of bitcoin, adding to a growing list of mechanisms U.S. investors can use to speculate on bitcoin's price – whether it's going up or down. While most of the mechanisms to short bitcoin, at least in the US, are aimed at institutional investors, Bitcoin Market Predictor is notably targeted towards retail investors. Each game costs only $50 to play.

So, how does it work? The game is structured so that groups of 10 are segmented into a game, with users placing bets about the price of bitcoin at the top of the hour. The top three most accurate predictions share the pot, which for each game (after Level Trading Field's 10 percent fee) leaves $450 to split.
The closest guess gets 50 percent of the pot ($225), the runner-up gets 30 percent ($135), and the second runner-up receives 20 percent ($90).

10% is a lot to be a house edge! I don't think I'd be willing to bet here. I know the chances of winning is computed differently here as you are playing for the pot. But really that is totally a lot of money the operators are taking per bet. This will likely be an issue for every gambling even thinking of joining this gambling site.

[buwaytress]

I'd be extremely surprised if people flock to them after knowing they lose 10% of the pot just for commissions. I've seen plenty of 5% cuts but none this big. Pretty absurd for what is essentially an escrow service. Take out transaction fees and you probably end up playing for about 88% of the pot.

If only there was a way for people to conduct the same concept of PvP "games of skill" with crypto, using smart contracts and trustless escrow systems to get close to 100% (minus tx fees) of the pot... Hmm...

[michkima]

I'd be extremely surprised if people flock to them after knowing they lose 10% of the pot just for commissions. I've seen plenty of 5% cuts but none this big. Pretty absurd for what is essentially an escrow service. Take out transaction fees and you probably end up playing for about 88% of the pot.

If only there was a way for people to conduct the same concept of PvP "games of skill" with crypto, using smart contracts and trustless escrow systems to get close to 100% (minus tx fees) of the pot... Hmm...

I agree. The chances of one winning is a lot lower in this game and the multiplier is not that big. The rule in gambling with regard returns and the risk, it should be proportionate. That means that the higher your risk the higher should be the returns. But if that is not the case then this means that playing here is just a waste of time.

[Mike Mayor]

This is a grouped version of that secondtrade site really isn't it ? There you pick up or down and the amount of time to get there on the timeline. Everything is fair because of this and they make profit off fees. What you talking about sounds more or less the same but a group buy instead of singlar but still competing against one another as to "who is most correct" It also sounds a little expensive and short lived. You can bet many times playing at sites like secondtrade so how will this idea compete with them ? Remember they already established.