IPL Betting via Bitcoin

[RocketSingh]

IPL has just kicked off and today is the third match day. So I thought of creating a thread for IPL betting as a forum pass-time. Please participate if you enjoy...

This is how I have planned the rules...

1. Players will always bet against a fact, i.e. which team wins.

2. Amount will be distributed among the winners according to their % of share.

3. 5% house edge will be deducted to run the service.

4. Minimum bet = 0.0001 BTC

5. Bet accepted till the opening ball of the match.


Below is an example with first match of KKR vs MI...

A bid against KKR for 1 BTC

B bid against KKR for 3 BTC

C bid against MI for 2 BTC

D bid against MI for 1 BTC

E bid against MI for 3 BTC

F bid against DRAW for 2 BTC


Therefore...

Total bid against KKR = 4 BTC by A & B, i.e. If KKR cant win, A & B will lose a total of 4 BTC

Total bid against MI = 6 BTC by C, D & E, i.e. If MI cant win, C, D & E will lose a total of 6 BTC

Total bid against DRAW = 2 BTC by F, i.e. If the match is not DRAWN, F will lose a total of 2 BTC

Total jackpot = 12 BTC - 5% of 12 BTC = 11.4 BTC

Match Result: KKR won the game

Therefore, 11.4 BTC will be distributed among A & B in 1:3, i.e. their bid ratio.


Bet result: A wins 2.85 BTC and B wins 8.55 BTC.

************************************So the game begins*****************************

June 1, 2014 - 1% house edge for this bet

IPL Final Match : KKR vs KXIP

Deposit address against KKR (You lose this amount if RR does not win) - 1KKRK8AJchhtP6eYR5TcH7Ur4nhDa1fkAu

Deposit address against KXIP (You lose this amount if KXIP does not win) - 1KXiPYjTEqrsSpY6ABfkyCtw74c34JYUC4

Deposit address against DRAW (You lose this amount if match is not drawn) - 1DRAWnfb154dksvyf1pFu2bs2wVmTuf1n1




Note 1: Please send funds from a single address as winning amount will be sent back to this address.

Note 2: Tx fee will be deducted from the jackpot before payment.

Note 3: escrow.ms is holding escrow for this bet.



p.s. Please understand I am running this purely on experimental basis. Please do not bet anything that you can not afford to lose.

[jaideep1000]

It would be better if you could get a senior forum member to handle the transactions and all of us would feel much safer.
Also escrow if possible.

[RocketSingh]

It would be better if you could get a senior forum member to handle the transactions and all of us would feel much safer.
Also escrow if possible.

Thank you for putting in your concern. I welcome any senior/trusted member to do the escrow. First he needs to create 3 different fresh addresses to accept deposits. Once the bet is established, I'll post here which address should get what amount. He just need to transfer that amount to those addresses. I would also like to know what % of the 5% house edge should I account for him.

[rohnearner]

Hmm sounds Interesting . is there is any minimum and maximum amount of btc a member can bet..! and lets say if someone bets 1btc on a team and no one else bets and he wins what he/she will get.?

[devansh1991]

I have some reservations about using this forum for betting. Kindly host a simple website and co-ordinate it from there.

[rohnearner]

I have some reservations about using this forum for betting. Kindly host a simple website and co-ordinate it from there.

Yeah that would be a good idea..! but if it gets any kind of success or exposure it might go viral :p and next thing  you know authorities are behind you trying to catch you and sealing all the btc. !

[Benson Samuel]

I have some reservations about using this forum for betting. Kindly host a simple website and co-ordinate it from there.

Yeah that would be a good idea..! but if it gets any kind of success or exposure it might go viral :p and next thing  you know authorities are behind you trying to catch you and sealing all the btc. !

It would be interesting to watch what happens if authorities in India, do get their hands on some Bitcoin.

Will they sell it? Destroy the Private Keys? Accept it for what it is and buy some nice tech with it?

Play some dice?

[kittucrypt]

I have some reservations about using this forum for betting. Kindly host a simple website and co-ordinate it from there.

Yeah that would be a good idea..! but if it gets any kind of success or exposure it might go viral :p and next thing  you know authorities are behind you trying to catch you and sealing all the btc. !

It would be interesting to watch what happens if authorities in India, do get their hands on some Bitcoin.

Will they sell it? Destroy the Private Keys? Accept it for what it is and buy some nice tech with it?

Play some dice?

They don't really have to do anything with the BTC(even if they have competent personnel to actually take your coins). All they have to do is catch the guy running the operation

[RocketSingh]

Hmm sounds Interesting . is there is any minimum and maximum amount of btc a member can bet..! and lets say if someone bets 1btc on a team and no one else bets and he wins what he/she will get.?

Thanx for raising the question, I forgot to cover this point.

Minimum Bid = 0.0001 BTC

There is no maximum, but please play reasonably.

Coming to the second question... If someone bets 1 BTC, no one else bid and he wins, then by rule, he'll just get back his amount after deduction of 5% house edge. But actually I may able to return the whole amount if the escrow agrees, because as we are not yet running a site, we dont have an operating cost.

[RocketSingh]

So, we are starting off... match result can be easily verified on Google after every match...

https://www.google.com/search?q=ipl+2014+schedule

[rohnearner]

So, we are starting off... match result can be easily verified on Google after every match...

https://www.google.com/search?q=ipl+2014+schedule

so do we have any bets placed yet..?

[bitkanu]

what about todays match between KKR and RR no bet is placed here by OP

[ReBoRn]

what about todays match between KKR and RR no bet is placed here by OP

Any one going to bet here or all going for play dice as Benson saying   

[Cloudbet]

Hi folks,

We're taking IPL bets at Cloudbet.com. Let us know if you have any questions!

Cheers,
Cloudbet

[ReBoRn]

Hi folks,

We're taking IPL bets at Cloudbet.com. Let us know if you have any questions!

Cheers,
Cloudbet

Are you taking live bets or just until start of match if you are taking live then amazing and I am going to join you

[deadley]

Hi folks,

We're taking IPL bets at Cloudbet.com. Let us know if you have any questions!

Cheers,
Cloudbet

Are you taking live bets or just until start of match if you are taking live then amazing and I am going to join you

they have live betting on IPL but odds not good, better odds in bet365.com

[twelvesigns]

do they accept bitcoin?

[ReBoRn]

Hi folks,

We're taking IPL bets at Cloudbet.com. Let us know if you have any questions!

Cheers,
Cloudbet

Are you taking live bets or just until start of match if you are taking live then amazing and I am going to join you

they have live betting on IPL but odds not good, better odds in bet365.com

BUt bet365 is not accepting bitcoin and I cannot deposit on this site any bitcoin site giving live bets

[rohnearner]

Hi folks,

We're taking IPL bets at Cloudbet.com. Let us know if you have any questions!

Cheers,
Cloudbet

Are you taking live bets or just until start of match if you are taking live then amazing and I am going to join you

they have live betting on IPL but odds not good, better odds in bet365.com

BUt bet365 is not accepting bitcoin and I cannot deposit on this site any bitcoin site giving live bets

There are few offering live bets on cricket where you can deposit using bitcoin like cloudbet but no one will offer as many betting options as bet365..!

[RocketSingh]

So, we are starting off... match result can be easily verified on Google after every match...

https://www.google.com/search?q=ipl+2014+schedule

so do we have any bets placed yet..?

No bet was placed on the previous matches as of yet. You may monitor the addresses mentioned in the opening post for any bets placed. I have updated the opening post with tomorrow's match.