Betting on Open ending events? Should casinos continue offering them?

[peter0425]

I think the Trump vs Biden outcome wasn't really open ended as everyone thought, there has never been such thing in recent US politics where the sitting president refuses to simply acknowledge that he lost!

Sorry Mate but I dont think that is "SIMPLE" conceding to a election that you believe cheated you,I am not for trump nor to Biden but i think this is a Principle that is Hindering Trump to admit the result and also there are many people that will testify about the said cheating.

If he conceded, this would have been a pretty easy result. However, there are events as you said which are open-ended, I don't think they should be stopped totally, but before placing any bet, the user shall be informed that this bet might lead to a conflict in result at a later stage to which he agrees to wait patiently till outcome becomes clear. It depends on the user if they want to place a bet or not on such events.

I think before having this kind of event better that all the bettors and the public must be informed well in regards to all the details.
And besides This kind of event is Not familiar to many so i doubt that there are many participants .

[matchi2011]

this is the same as here https://www.betfair.com/exchange/politics/event/28009878/multi-market?marketIds=1.128151441 on that betting site it says the game is still in play . i discovered that on the thread here https://bitcointalk.org/index.php?topic=5288303.msg55704322#msg55704322 .

if your a gambler that dont do a research theres a chance that you can bet on it because you didnt know that the game is already over but if your aware of the matches before you bet you can avoid and its better to avoid to not experience a problem further on . this is the first time i saw that delayed results happen to some gambling sites but i dont think it happens on other games too

Not a good business virtue, if this kind of results take place especially with known sports gambling site, gamblers who played and came out being victims of this kind of act will surely disappointed.

The chance that they'll be moving to other sites is very possible, as the feeling of being trick or being manipulated by the site for their favor will annoyed them.

[fortunecrypto]

, I don't think they should be stopped totally, but before placing any bet, the user shall be informed that this bet might lead to a conflict in result at a later stage to which he agrees to wait patiently till outcome becomes clear. It depends on the user if they want to place a bet or not on such events.

I agree on this The gambler should know beforehand what he is getting into if he is informed of the consequences of scenario that could happen, he will be ready to accept the results, they should know gamblers,  they should not take away something that they patronize because of some bad scenario, the gamblers will just look for other gambling sites which has this kind of feature.

[Kakmakr]

It looks like the majority of the replies here are leaning towards an opinion that it is the gamblers choice, if they want to bet on offers like this or not. Yes, it is the gamblers choice, but can they live with the consequences of such a decision, when they are on the losing side of the decision that was made on the outcome?

Can casinos take the knocks, when those people on the losing side ...decides to leave as a result of those "losing" decisions?

I brought this subject up, because there was a lot of negativity in the betting scene as a result of the "Trump vs Biden" bets that were placed and the consequences of the decisions that was made by the different casinos.  

[Ziskinberg]

, I don't think they should be stopped totally, but before placing any bet, the user shall be informed that this bet might lead to a conflict in result at a later stage to which he agrees to wait patiently till outcome becomes clear. It depends on the user if they want to place a bet or not on such events.

I agree on this The gambler should know beforehand what he is getting into if he is informed of the consequences of scenario that could happen, he will be ready to accept the results, they should know gamblers,  they should not take away something that they patronize because of some bad scenario, the gamblers will just look for other gambling sites which has this kind of feature.

I'm pretty sure a just gambling site would have that in their terms, and as a gambler, since this is not an ordinary bet, we should also exert an effort to educate ourselves  of the nature of the bet, so we will not complain afterwards, I think most gamblers knows what they are doing.

[k@suy]

, I don't think they should be stopped totally, but before placing any bet, the user shall be informed that this bet might lead to a conflict in result at a later stage to which he agrees to wait patiently till outcome becomes clear. It depends on the user if they want to place a bet or not on such events.

I agree on this The gambler should know beforehand what he is getting into if he is informed of the consequences of scenario that could happen, he will be ready to accept the results, they should know gamblers,  they should not take away something that they patronize because of some bad scenario, the gamblers will just look for other gambling sites which has this kind of feature.

I'm pretty sure a just gambling site would have that in their terms, and as a gambler, since this is not an ordinary bet, we should also exert an effort to educate ourselves  of the nature of the bet, so we will not complain afterwards, I think most gamblers knows what they are doing.

As far as i know political betting were been already an old betting existed. And i guess casinos would make it as one of their open ending events as long as there are people who put their bets on this and it is already a good reason for them to continue this political betting. Of course i know that every bettors have already an idea of this betting nature before they would put any amount of bets. And beside as far as i know Biden was already a new elected president of the US.

[Cnut237]

I was wondering if after the "Trump vs Biden" US election fiasco... if casinos should still be offering bets on events like that?

I can't see a problem. The determination of what constitutes a result should be set out clearly beforehand. If this is unclear, then it's the casino at fault.
If the casino is clear but the gamblers haven't read the definitions, then it's the gamblers' fault.

We don't have to look any further than this forum for an example of how it should be done: clear, concise, agreed and understood in advance.

[plvbob0070]

That's why I am not really a fan of betting on this kind of event. But since some bettors decided to vote on this kind of event, they should know or accept if there's a delay in the outcomes. But as for the presidential election between Trump and Biden, does it really have to be delayed when Biden was obviously leading and the winner. Trump just can't accept that he lost the election. Also, if this kind of event is really popular among bettors, casinos will keep on offering this kind of bet event.

Betting in an open ending events for me was a much risk taking than betting in the sports. I am not a fan of betting in an open ending events too because i am not so patiently waiting for the result of the betting game. I'd rather to bet in a sports game where it only takes an hour to announce the winner. I guess i am not that good of waiting in like for how many days just watching or reading about the pulse of possible winner.

Me myself, can't find the excitement in waiting for quite a long time just to see and know the results in open ending events. The longer you wait, the longer it gets boring for me, unlike in actual sports betting where there's still excitement before knowing the winner because you're watching the sports that give you a thrill. I feel like waiting for the result that takes a few days or even a month will just get you anxious.

[Casdinyard]

I was wondering if after the "Trump vs Biden" US election fiasco... if casinos should still be offering bets on events like that?

Whether to continue offering bets in any event or not, depends on the gamblers and the casinos or gambling site in the first place. For sure this is not the first time, and that is enough I think to explain that those who bet are aware of the delays. Anything could be means of gambling tool as long as there's a bet. So we really cannot prohibit such kind of "game" because there's no valid reason to do so, and we do have freedom in this industry. As long as there are people who are betting on events of such, this will continue because gambling companies would make use of this opportunity. And when it comes to convenience and inconvenience, that is for the gambling casino and player to work with.

[Reid]

Is there any instance where a gambler complained about delaying the announcement of a bet result? I made a quick search and couldn't find any.

I think they are already complaining, lots of complaining particularly on those who bet for Biden to win, but bookies have their rules to follow and that is to wait for the formal announcement of the winner, and bettors can't do about it but to just wait for it, it's frustrating but they sign up for that rules.

Does formality mean waiting for the inauguration of Biden?
Sorry, I don't bet on this kind of event but I would glad to know what happens afterward.

I doubt the gambling sites will stop this kind of open-end events.
As long as there is money coming in, they will continue doing so.
Is this the same as predicting which team will get the championship as early as the seasons?

[Viscore]

Is this the same as predicting which team will get the championship as early as the seasons?

Probably not the same because they are not playing yet, this one is different as votes are already country, it's just that one side cannot concede, making his complain just to prolong the process, but people believe that Biden wins and betting odds is based on people's perception.

you are right, they make money regardless of the odds as betting odds are open for both sides.

[death69]

It depends on the casino whether it wabts to continue to offer or not. In my opinion, house will not close gambling on event because there are a huge number of gamblers who want to try their luck on events, especially events which they concern about. US election is the biggest event in 2020 with lots of audiences around the world. Due to this reason, demand on betting force casino to open betting on this unique event.

No matter how the outcome is, casino will have to pay the money to gambler. There might be delay. But it is not a big deal at all

[swogerino]

I was wondering if after the "Trump vs Biden" US election fiasco... if casinos should still be offering bets on events like that?

The potential for disaster in events like this is always there and when something like this happens... a lot of gamblers get agitated and irritated with the decisions that are made on the outcome of their bets.

Most Sport events and eSport games have a clear winner and loser (individual or team) or it is cancelled... but the outcome are seldom delayed for months. This is causing unnecessary conflict between the gambler and the casino, so I am of the opinion that it should be avoided. 

What do you think?

I think the gamblers who gamble on such events are well aware that these kind of bets take longer to declare the outcome.Casinos should continue to offer these bets as they are intended to a specific audience which knows every thing regarding this kind of bet so there is no real conflict between the casino and these type of gamblers.

[TopT3ns]

Probably not the same because they are not playing yet, this one is different as votes are already country, it's just that one side cannot concede, making his complain just to prolong the process, but people believe that Biden wins and betting odds is based on people's perception.

you are right, they make money regardless of the odds as betting odds are open for both sides.

I think that Biden can get a victory depending on the votes of the people who prefer Biden while Trump is currently losing because he has been hit by many cases, indeed both of them have had problems but it can be seen from the size and size of the problem.

[Kelvinid]

Probably not. As long as gambling and betting still permit, this kind of activity will keep rolling til next election/s or any huge events.
People love and this also serves as their support to the one that he loves to be on the position. I think there is no problem that makes this to stop.

Some countries, some gamblers are also practicing this one, could be a local event or national event. This could still be played for the coming years and for the next set of gamblers.

[KTChampions]

If the casinos are taking a lot of bets from these type of events I don't see why they should stop, in the end they're making more profit by offering these type of bets. It's the same for sports when you bet on a team to win their league it takes months but I doubt it'll get refunded since they usually put big margins on outrights. I hate waiting on bets given that the outcome is already in your favor but that depends on the sportsbook as others are paying out early.

I also hate a long wait, but in this case it is very useful - the situation and the odds change over time and very often you can bet against your first bet and be guaranteed to be in the black. And if capital allows you, then you can participate in many such events and earn money.

[magneto]

I was wondering if after the "Trump vs Biden" US election fiasco... if casinos should still be offering bets on events like that?

The potential for disaster in events like this is always there and when something like this happens... a lot of gamblers get agitated and irritated with the decisions that are made on the outcome of their bets.

Most Sport events and eSport games have a clear winner and loser (individual or team) or it is cancelled... but the outcome are seldom delayed for months. This is causing unnecessary conflict between the gambler and the casino, so I am of the opinion that it should be avoided. 

What do you think?

I think it is completely fine.

As long as contracts specify exactly what the settlement conditions are, there should be no issues with market forces determining a price on each candidate's victory. If Trump supporters decide that the election should not be over until electoral colleges cast their votes, and that there is a market for that bet, then sure. Supply and demand will determine odds.

My only concern is that it sets a precedent for bookkeepers in the future to arbitrarily determine the winner, since settlement conditions on these bets (after Biden's projected victory, that is) are often vague and the ultimate rights of interpretation are generally reserved to the bookie. There is a clear conflict of interest there and I don't think that is particularly safe, even though it may be understandable that the fervour of Trump supporters disputing the results has led to this decision in the first place.

[Twinkledoe]

Probably not. As long as gambling and betting still permit, this kind of activity will keep rolling til next election/s or any huge events.
People love and this also serves as their support to the one that he loves to be on the position. I think there is no problem that makes this to stop.

Some countries, some gamblers are also practicing this one, could be a local event or national event. This could still be played for the coming years and for the next set of gamblers.

I don't think also that these casinos will stop offering this kind of event. They are earning money from here so why they need to stop? But for those bettors who don't want to wait, they won't bet in this event anymore. But from the casino side, they are not losing from this event because the funds are with them.

[carlfebz2]

Probably not. As long as gambling and betting still permit, this kind of activity will keep rolling til next election/s or any huge events.
People love and this also serves as their support to the one that he loves to be on the position. I think there is no problem that makes this to stop.

Some countries, some gamblers are also practicing this one, could be a local event or national event. This could still be played for the coming years and for the next set of gamblers.

This will continue and its not really that relevant for bookies on closing up  their doors with these kind of bets to think that they are making money with it.Why the heck they would close it out?

Just because of the recent issues and conflicts with that recent presidency run? Situations like this could happen but it wont really be an enough reason for them to close or exclude these
kind of events on next time.

The money do rolls out on here and into other events as well.As long they would able to see that  they can benefit it out then theres no sense that they will just simply
stop it for some ethical purposes.

[traderethereum]

I don't think also that these casinos will stop offering this kind of event. They are earning money from here so why they need to stop? But for those bettors who don't want to wait, they won't bet in this event anymore. But from the casino side, they are not losing from this event because the funds are with them.

Maybe if the casinos can see the other ways to make more money, they will not stop offering other events to their members and invite more people to join in those events.
Besides that, the casino will ask their members to help them promote the events, so many people will try to place their bets on that casino.
But not all people want to wait for a long time for that bet, and I think they will like to bet in the short time events, so they can see what the results are.
If the purposes are about making money, the casino will figure out if that thing will help them earn more money from the gamblers.