Betting on real life match/event/anything X? You fall to classic "Oracle problem", which uusally happen when you attempt to combine P2P system and real life event.
This is a very appealing idea. We did some research regarding building something long these lines but there are a few technical challenges as far as making it completely decentralized and that is the "Oracle problem" as stated by @ETFbitcoin. Its a very difficult problem but not impossible to solve. If there is enough traction for this concept, count on us for our full support in any capacity.
I looked on google about this "Oracle problem", I am not much into programming or algorithm but what I understand is - this is something to do with decentralized platform. I was thinking about a centralized system with a database in the backend and a frontend like regular bookmakers.
I do kind of like the idea; but I would change at least one thing: Instead of getting the fee on the winnings; it may be better to charge that fee on the base bet, win or loose.
We can set a commission structure however we want that should not be a concern.
Apart from that; have you tought about what sports/cattegories/things would people be able to create bets? I suppose it'd be the platforms' responsibility to check the final result of a certain match/competition and that may restric some "local" bets of sorts
Uses can have any sorts of bet in mind. As long as there are interest for others (at-least one) to accept the odd he offered, the platform should work. They will settle the bet, there will be no need for admin team unless they come to a disagreement of the outcome of the result.
For example one can offer:
SRH will win against DC and SRH will score over 185 runs, odd: 2.95
The user will also define the highest bet he will accept.
Now one or more user can accept this bet with any amount they want as long as the total risk amount for the odd creator does not exists.
If the odd creator lose then he will just hit a key that will say
lost.
The users who accepted the odd will also have a button where they will hit
wonIf both hit does not conflict then it's a correct outcome and both party does not have a disagreement means the system will release the fund to the winners. In the case of not hitting any button, maybe the system will wait for x amount of hours before responding to at least one hit. The winning guy will always hit his buttons, at least I will do if I win something.
Of course it's appealing - that's why it would be
illegal.
What is illegal, P2P betting? I doubt.
Problem with this is how are you going to find liquidity and interest for people to place bets, and to trust your website.
Aren't we trusting all those bookies one way or other? It's a part of any business and reputation does not build up overnight. There will be ups and downs of course.
Plus, you will need to have some kind of license for betting, or someone could just not allow people to register and bet.
You would probably need to have Curacao or some similar license.
This is something I find ironic. We are all into bitcoin, crypto but we talk about licensing by centralized body :-D
Anyway, my goal is to have a business which will build up with the reputation we have in bitcointalk. If the business lose trust or end up having bad reputation in the community then there are no other way to stay in. Isn't it possible? It sounds out of the box though but I think this should be a standard business practice if we are doing it with crypto especially Bitcoin. In bitcoin community we trust.
The project you mentioned, for example, gives you a list of upcoming events from which you can choose which one to bet on but you can't create your own event.
Users will actually create their own listing. Please read above example.
We are talking about Royse777 plan here and not other casinos. I don't know what he's thinking but I don't even see this platform getting a license if it ever comes to fruition to be honest. It's also supposed to be a P2P so it wouldn't make sense to ban anyone based on their location. Maybe he could just asked for donation from winners instead of commission so the less likelihood of dealing with authorities in the future.
Perfect guess!
It will be a P2P so will be open for everyone. Maybe we will have a reputation system. A well reputed user in the platform will always have an edge in everything I guess.
The idea of donation is good too so that only happy customers are contributing in the expense of the site. However, a fee can be introduced in anytime too depending on the acceptance of the idea in the business if only donation does not cover the expense.