Looking For Vig-Free Action On Sports?

[SixFigures]

Everyday I look at the gambling thread and the amount of sports guys we have in this forum and can't help but think why nobody has the anger as me when it comes to the vig in sports betting.

With bitcoin I think we have a huge advantage to eliminate this if we can a couple regulars that are up for some peer-to-peer wagering.

Here's an example of how a wager would be posted:
I want Heat -3.5. Risking .1 btc to win .1 btc.

If somebody comes back with "booked".

Then the wager is on. I'll document and post all of this in a google doc to track everything.

Interested members - PLEASE post or PM if this is something you would be up for and if you can make any suggestions.

FAQ

What Am I Proposing?
A way to bet on sports and/or entertainment vig-free.

How ?
Create a SELF MODERATED thread to would only allow verified members of the thread to post the wagers they want to make.

If there's an unverified member the post will simply be removed.

What's a verified member?
Somebody that has escrowed an amount of money to a wallet and verified they have btc to wager.

When do you escrow and when will you be paid out?
The best way this would work is once a week. For example, you would escrow the money you are willing to wager on Tuesday. Then have Tuesday-Monday to gamble. If you win, the moderator (me) will send you the payout. If you lost, then you don't really need to do anything.

What's in it for you?
I'm dying for vig-free action. So that's what's in it for me. I'll probably eventually ask to take a cut of the winnings once we get everything tweeked, but for now work off tips if winners are so inclined.

[brian123321]

i may take part in this every once in awhile.  However, i am not going to escrow.  You are just going to have to trust me.

[brian123321]

Also i do have a question.  When it comes to ML sports like NHL and MLB.  How is vig free calculated?  I should probably know this since i have been sports betting for years but i guess since i am never making a vig free bet i have never thought about it.

[SixFigures]

i may take part in this every once in awhile.  However, i am not going to escrow.  You are just going to have to trust me.

I respect this, but it would just never happen if you don't escrow. You're setting the wrong message.

I myself am willing to escrow and I'm the guy trying to run it.

Also i do have a question.  When it comes to ML sports like NHL and MLB.  How is vig free calculated?  I should probably know this since i have been sports betting for years but i guess since i am never making a vig free bet i have never thought about it.

Good question. We're so used to betting with house edge so we never come up with it.

Lets take a game tonight: Marlins @ Giants.

1. Go to pinnaclesports.com
2. Current line is: marlins +124 / giants -134
3. Enter these lines in the vig free calc @ 0vigcalc.150m.com/calc.htm
4. Get +/- 128

Make sense?

[SixFigures]

Lets see if we can get anything going here. Willing to bet up to .5 btc on these total.

NHL:
Rangers/Canadiens Over 5
Kings/Blackhawks Over 5
Canadiens ML

MLB:
Reds/Nats Over 6.5
Astros/Angels Over 7.5

Once again, vig-free .. escrow required.

[brian123321]

Might take the rangers.  Like i said im not escrowing you will have to trust me just like i will have to trust you.  Ill let you know if i decide to take this bet.  Can you post the vig free line please

[deadley]

if this thing work, it will great for us sports better.

[deadley]

I think you can ask escrow.ms. He always ready to help in this kind . and he is also very trusted n BTCtalk.

[SixFigures]

Might take the rangers.  Like i said im not escrowing you will have to trust me just like i will have to trust you.  Ill let you know if i decide to take this bet.  Can you post the vig free line please

Eh, sure. So yeah, just say:

"Risking X btc to win X btc on rangers"

Once you do that and i'll reply with "booked" and once that's done. Then it's complete and then it's on. Try doing that at least 30 minutes before the game.

[brian123321]

ya no problem ill be sure to post in here if i decide to do so.  can you post the vig free line?

[SixFigures]

ya no problem ill be sure to post in here if i decide to do so.  can you post the vig free line?

That one is odd .. It's actually 1:1 now.

So .1 btc to win .1.

Usually doesn't happen that way with ML, but public says it's going to be a close one

[brian123321]

Ill know in about 30 min if im going to take this bet or not.  Ill post in the thread. It will probably be for 0.1 BTC

[brian123321]

Looks like i wont be able to tell if i want to make this play until really close to game time.  So i dont know if you are trying to hold off from making a play at a sportsbook or not.  If you are i would say go ahead and book your play at a sportsbook because i am really not sure if i will end up making the play or not.

[brian123321]

Oh i would like to add.

If i do end up deciding to take the play before the game starts ill post in here.  However, if youre making plays at a sportsbook i will not hold you to the play unless you respond within 10 min or so saying youre going to take the bet.  I dont care if you respond after the game has started as long as its within 10 min or so.

[SixFigures]

Looks like i wont be able to tell if i want to make this play until really close to game time.  So i dont know if you are trying to hold off from making a play at a sportsbook or not.  If you are i would say go ahead and book your play at a sportsbook because i am really not sure if i will end up making the play or not.

Just say booked or not. Just trying to get the thread rolling with some action. Once people see btc moving it'll attract more attention.

I'll give ya up til 8:05 PM EST.

Ball is in your court!

[Micon]

I'll probably eventually ask to take a cut of the winnings once we get everything tweeked, but for now work off tips if winners are so inclined.

You had me until here.  (if there was a cost to either bettor, it would no longer be vig-free!)

there are already software solutions for escrow.  hell, i did it over a year about for BFL bets using the btc-address tool (possibly renamed now, possibly just referred to as multi-sig transactions now) .  
IMO No money needs to be paid to the escrow-er ever.   If we all just want vig-free action then we can do this with the blockchain.

multi-sig escrow would work extremely well to settle sporting event bets IMO.

[brian123321]

ill be back around 8pm est

[SixFigures]

I'll probably eventually ask to take a cut of the winnings once we get everything tweeked, but for now work off tips if winners are so inclined.

You had me until here.  (if there was a cost to either bettor, it would no longer be vig-free!)

there are already software solutions for escrow.  hell, i did it over a year about for BFL bets using the btc-address tool (possibly renamed now, possibly just referred to as multi-sig transactions now) .  
IMO No money needs to be paid to the escrow-er ever.   If we all just want vig-free action then we can do this with the blockchain.

multi-sig escrow would work extremely well to settle sporting event bets IMO.

Micon -

Do you have a thread or something that has all that information?

If you can kick some ideas around on how to make the idea more efficient AND possible for a "bitcoin noob" to figure it out. I'm down.

I kind of would like to know why it didn't work out? Sounds like a good idea!

EDIT: The original idea to take a cut of the winnings comes from the thought that I would be spending 40 hours a week documenting the wins/losses and balancing the weekly numbers. If you can eliminate that. And no reason for a middle man. Heck yes, lets do it!

[brian123321]

Booked NY Rangers for 0.1 BTC.  Is that good for you six?

[SixFigures]

Booked NY Rangers for 0.1 BTC.  Is that good for you six?

BOOM! First one. Could be the start of something legend .. wait for it .. dary!

Yes. it's good. good luck.