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Author Topic: Wagerwithastranger new betting concept unlike any other  (Read 40 times)
Wagerwithastranger
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January 25, 2018, 01:34:03 PM
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Hi there we are currently in the early stages of building website and app just want to get some feedback on this concept from all you crypto lovers out there Smiley
Basically wagerwithastranger  is a blockchain based app utilising the smart contracts protocol.
How we work is you buy our token with btc or ETH from either our own website or a dedicated exchange
This enables you to place a wager with a stranger what this entails is pick an event available on our app or website decide how much you want to bet and on what event available at the time this will then match you with another person to initiate the bet with.
So for example Dortmund and real Madrid are due to kick off so John bets 10 tokens on Dortmund to score first another we will call Frank for example will see there's 1 open bet where John has bet 10 tokens for Dortmund to score first but Frank thinks Real Madrid will score first so Frank matches the bet and also puts in 10 tokens now the smart contract enforces this bet so if Dortmund score first John gets all the wager and if real Madrid score first Frank gets all the wager if there is no score then both parties are returned there wagers.
Another function is the between friends feature where say you and a friend have a wager with each other verbally which creates no agreement so is solely based on trust.
This is where it gets interesting by using the smart contract method you can both put your wagers onto the site or app and generate what you are both betting on the smart contract will execute by using a 3rd party to verify the outcome of the wager once verified the correct party will be paid out.
Thus allowing to 100% get paid if your wager comes true.
As I said before just getting feedback on this concept from you guys and any thoughts or comments you may have.
Look forward to hearing your thoughts on this project.
Details of website,app develepment,whitepaper,roadmap and The Team to follow in the very near future.

Many Thanks

Wagerwithastranger
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February 26, 2018, 06:51:40 PM
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Read your post with interest as a theme of your concept is something I have been working on for a few months.

I am a novice in the crypto world but am a winning professional gambler.
As such I am unable to place bets directly with bookmakers either online or offline.
Over the years I have had friends and family open accounts in their names and bet for me for a share of the winnings. This requires a lot of trust and I have exhausted the supply of friends and family who ultimately also get their accounts banned/restricted.

Using strangers for such arrangements using Fiat currency is not an option as there are trust implications on both sides.

However, I feel that smart contracts using a reasonably stable cryptocurrency  Grin with low fees (ETH) could be the answer to the trust problems.

Here is an example of what I am trying to achieve via a p2p smart contract.
B = Bettor (The person giving information of which bet to place at price and Bookie)
P = Placer (The person placing bet on behalf of the Bettor)

In a nutshell B is happy to give P 15% of all winning bets and return any losing stakes.
B instructs P to place bet at 3/1 for a stake of £200
Funds in the smart contract would be as follows;
Bettor - £200 – amount that Placer can potentially lose
Placer - £510 – amount of winnings that will go to Bettor if bet wins.
There are 4 outcomes to the result of the bet for each party. The distribution of the funds in the smart contract are shown below.

Placer Outcomes for £200 at 3/1

1. Bet Loses - £200 Stake returned from Smart Contract
2. Bet Wins - Smart Contract sends £510 to Bettor, Placer will have £600 profit in their betting account equal to a £90 profit (15% of winning bet)
3. Non-Runner - £200 Stake returned from Betting account. All funds in Smart Contract returned to each party £510 to Placer, £200 to Bettor
4. Dead Heat - Smart Contract sends £370 to Bettor (£170 winnings and the £200 Bettor Funds) and £340 to Placer (Placer will have £200 winnings in their betting account, but they have sent £170 of this to the Bettor leaving the Placer with £30 overall profit)

Bettor Outcomes for £200 at 3/1

1. Bet Loses – Bettor Loses £200
2. Bet Wins - Wins £510 plus his funds from smart contract of £200
3. Non-Runner - £200 Stake returned
4. Dead Heat - Wins £170 plus his funds from smart contract of £200


PM me if you would like to discuss further.
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