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Author Topic: Sports Bets added to BitYacht  (Read 968 times)
BCEmporium
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February 25, 2011, 09:33:06 PM
 #1

I like to present you the new service of my site: Sports Bets.

By now I'll start with soccer (sorry for the Americans here, it's a game with 11 players that dance like sissies and dive as soon as they get on that square in front of the goal; you probably already heard about it).  Grin

For the test I'll run a betting on the West Ham United x Liverpool for UK's Premiere League next Sunday. As the site develops and checks out for bugs I'll make it close the bets 1 hour before event, but this one I decided to close bets Saturday at midnight to give me some buffer time to double check the system on real situations.

The site also has no "odds", because you'll not be "playing the house", you're playing with other players, not with me. I provide the platform.

Here's a graphical example on how payouts work (more details on site's help):



Feel free to comment where you think I should trim it.

You need to register to bet, as guest you can see the events, and payouts when betting closes, but not bet on them.

The URL: http://www.bityacht.com/index.php?p=bets

PS: The system is beta, PLEASE don't go postal betting hundreds or thousands of BTC
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iya
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March 08, 2011, 01:22:57 PM
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So the odds of a certain event are supposedly: money on this event / total pot?
It should be fair, as long as at least two individuals with deep pockets play market maker and even out the positions.
If you reduce the minimum bet to 0.01, this will work better. Also you should extend the deadline whenever a new position is taken, so nobody can change the odds in his favor, just before the deadline ends.
I think a lot of people could be interested in such a zero-sum marketplace for sports betting, to the extend of getting new people into Bitcoin, no?
BCEmporium
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March 08, 2011, 01:29:14 PM
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Odds require a body of experts to start them out and makes you to play "against the house", because then I would need to say you win 8/1 or 6/1 by betting this, without knowing how many people will be betting and what will be the prize pool.

The whole concept here goes around play against players not the house, like lotto, you don't know how many will be betting to share the prize pool. A very simple concept indeed.
iya
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March 08, 2011, 02:26:19 PM
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Yes, but to be fair sports betting should reflect the (subjective) probabilities.

For example look at the one person betting on Draw in the above example. No matter what he risks, he'll either lose or win the whole pot. This cannot be called fair.

I tried to explain that it should be possible to make it fair with the current setup, but only under certain conditions.
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March 08, 2011, 02:51:29 PM
 #5

Iya,

Those sports bets works like lotto, the others you're possibly more used to see on the web display odds, let's you bet on real time and so on... those are bets against the house, the house starts them by specialists then goes taking its cut along the betting.

There will also be no need to such event to have even bets because they're real events with real odds - put Real Madrid x Some team nobody ever heard about and it's clearly that the majority will go for RM. Ultimately the odds will be set by the betting pattern.
Say, to this distribution:
Team A - 100 bets
Draw - 10 Bets
Team B - 5 Bets

Odds then are: 1.15:1 Team A, 11.5:1 Draw, 23:1 Team B
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