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BTCBinary
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September 11, 2015, 03:48:14 PM |
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I like to do sports bet trading!
Are you also enabling sports trading in your site?
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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ctlaltdefeat
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September 11, 2015, 05:13:51 PM |
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I like to do sports bet trading!
Are you also enabling sports trading in your site?
They already have sports. |
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FairlaySupport
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September 18, 2015, 01:10:08 AM |
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We are increasing our Hot Wallet balance, so even larger cashouts will be processed instantly...
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panda9228
Newbie
 Offline
Activity: 38
Merit: 0
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September 21, 2015, 04:15:49 AM |
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We are increasing our Hot Wallet balance, so even larger cashouts will be processed instantly...
Hi, has your site provided any proof of balance? How large is "larger cashouts"? I see it is possible to bet 10, 20, even 100 btc on some sports. Are you really able to accommodate and payout withdrawals of 100+ btc? |
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FairlaySupport
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September 21, 2015, 01:57:58 PM |
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Cashouts up to 5 BTC are processed immediately right now and we are going to increase this limit step by step.
Regarding the proof of balance, there are some privacy concerns, but if there is really demand for it I will pass the request along. In the meantime I can assure you that we keep all customer funds secure.
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panda9228
Newbie
Offline
Activity: 38
Merit: 0
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September 21, 2015, 04:09:10 PM |
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Cashouts up to 5 BTC are processed immediately right now and we are going to increase this limit step by step.
Regarding the proof of balance, there are some privacy concerns, but if there is really demand for it I will pass the request along. In the meantime I can assure you that we keep all customer funds secure.
What concerns me is that you are offering such high limits while calling 5 BTC cashouts large. What if someone came to your site and placed a lot of NFL bets? If they had a good run they could easily win 1000+ BTC. Does your site have anywhere near that kind of reserves to sustain that type of variance? And if not why are you offering such high limits? |
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FairlaySupport
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September 21, 2015, 04:42:28 PM |
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Cashouts up to 5 BTC are processed immediately right now and we are going to increase this limit step by step.
Regarding the proof of balance, there are some privacy concerns, but if there is really demand for it I will pass the request along. In the meantime I can assure you that we keep all customer funds secure.
What concerns me is that you are offering such high limits while calling 5 BTC cashouts large. What if someone came to your site and placed a lot of NFL bets? If they had a good run they could easily win 1000+ BTC. Does your site have anywhere near that kind of reserves to sustain that type of variance? And if not why are you offering such high limits? It was supposed to mean "larger than before" and not necessarily "large". We can assure you that also higher payouts are no problem - we are just very careful with automated cashouts. In fact some of our customers already won more than 100 BTC. Keep in mind that you are always betting against another customer, who already deposited all funds you can possibly win. For our main market makers we also have a different rule regarding the reserving of funds. They can put as many open orders as they want. The funds will be deducted from their balance before a bet is matched. If the market maker does not have enough funds, we will NOT match the bet. I passed your request along for a proof of balance and still waiting for an answer. I will get back to you asap. |
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panda9228
Newbie
Offline
Activity: 38
Merit: 0
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September 21, 2015, 04:55:43 PM |
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For our main market makers we also have a different rule regarding the reserving of funds. They can put as many open orders as they want. The funds will be deducted from their balance before a bet is matched. If the market maker does not have enough funds, we will NOT match the bet.
Can you explain what the "main market makers" are? Are you saying that in order for them to put out 50 different offers of 20 btc, they would only need a minimum balance of 20 btc? So if someone matched one of those offers for 20 btc, all the remaining offers for that specific "market maker" would be pulled? Or would their offers still be displayed but a customer would be unable to complete a match with them? |
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fairlay (OP)
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September 22, 2015, 12:23:03 AM |
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For our main market makers we also have a different rule regarding the reserving of funds. They can put as many open orders as they want. The funds will be deducted from their balance before a bet is matched. If the market maker does not have enough funds, we will NOT match the bet.
Can you explain what the "main market makers" are? Are you saying that in order for them to put out 50 different offers of 20 btc, they would only need a minimum balance of 20 BTC? So if someone matched one of those offers for 20 btc, all the remaining offers for that specific "market maker" would be pulled? Or would their offers still be displayed but a customer would be unable to complete a match with them? Just to rephrase the answers before: We are very conservative with our security. That means for example that all deposits go directly into cold storage. Our server runs only a watch only wallet and can therefor credit the amount to the user. We only have a very small fraction of the user funds in a hot wallet. That is why withdrawals are only proceeded automatically up to 5BTC. As mentioned before: we as Fairlay never are exposed to a betting risk: all bets are per to per. Finally to answer your last question: Indeed the market maker only needs to have 20BTC deposited on our side to have a lot of open orders at 20BTC. If this 20BTC would be spend (matched in a bet) all other open orders would be "pulled" indeed. However - our market makers usually make sure that this never happens by depositing multiple times the limit of a single bet. |
www.fairlay.com - the Bitcoin prediction market - the future of reliable information
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panda9228
Newbie
Offline
Activity: 38
Merit: 0
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September 22, 2015, 01:43:30 AM |
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Thanks for the responses. I still don't understand the concept of the market makers. Or more specifically, how is your website earning money if you aren't holding positions or taking a commission on the sports predictions?
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fairlay (OP)
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September 22, 2015, 01:50:40 AM |
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We do take fee on all none sport predictions. Especially on those events where we have to resolve the event manually.
However - currently our main goal is to grow the userbase. On a regular bookie betting site for the single user it dosen't matter how many other users are active on this bookie. This is completely different for an exchange. An exchanges gets better for everyone on it if is grows (more liquidity, smaller spreads) So our strategy is to offer clearly the site with a)highest liquidity and b) highest odds.
If we get more users and more market makers on board we expect the spread to become even smaller. At this point we might introduce a very small fee. However - we will only do this if the odds are still clearly better than any bookie even if you deduct the fee from it.
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www.fairlay.com - the Bitcoin prediction market - the future of reliable information
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angelakay124
Full Member
Offline
Activity: 126
Merit: 100
Crypto-Games.net: DICE, BLACKJACK and SLOT
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September 22, 2015, 06:55:27 AM |
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Thanks for the responses. I still don't understand the concept of the market makers. Or more specifically, how is your website earning money if you aren't holding positions or taking a commission on the sports predictions?
Yes i also have the same doubt about fairplay. Why you are not taking any commision while depositing or in withdrawl? You guys are providing sportsbetting against users so what is the source of house income or site profit? I like the concept but found it little confusing. |
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FairlaySupport
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September 22, 2015, 03:36:43 PM |
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There is no reason to be worried. Our main goal right now is to grow our user base and available markets. Also, our site is still in beta - we would not feel comfortable to charge any fees for an unfinished site.
Many companies do not earn a penny in the first years - that doesn't mean they can't be successful. In fact, there are plenty of options to earn money in the future.
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FairlaySupport
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September 23, 2015, 03:20:13 PM |
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We were doing some major upgrades. Everything worked out fine and the server is online again.
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sbrzol
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September 24, 2015, 08:37:15 AM |
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When will you add handball?
Handball id is 18 , it would take 5-60 minutes to add a new sport from pinnacle to your site
<sport id="1" feedContents="0">Badminton</sport>
<sport id="3" feedContents="1">Baseball</sport>
<sport id="4" feedContents="1">Basketball</sport>
<sport id="6" feedContents="0">Boxing</sport>
<sport id="8" feedContents="0">Cricket</sport>
<sport id="9" feedContents="0">Curling</sport>
<sport id="10" feedContents="0">Darts</sport>
<sport id="11" feedContents="0">Darts (Legs)</sport>
<sport id="12" feedContents="0">E Sports</sport>
<sport id="14" feedContents="0">Floorball</sport>
<sport id="15" feedContents="1">Football</sport>
<sport id="16" feedContents="0">Futsal</sport>
<sport id="17" feedContents="0">Golf</sport>
<sport id="18" feedContents="0">Handball</sport>
<sport id="19" feedContents="0">Hockey</sport>
<sport id="20" feedContents="0">Horse Racing</sport>
<sport id="22" feedContents="0">Mixed Martial Arts</sport>
<sport id="23" feedContents="0">Other Sports</sport>
<sport id="24" feedContents="0">Politics</sport>
<sport id="26" feedContents="0">Rugby League</sport>
<sport id="27" feedContents="0">Rugby Union</sport>
<sport id="28" feedContents="0">Snooker</sport>
<sport id="29" feedContents="1">Soccer</sport>
<sport id="30" feedContents="0">Softball</sport>
<sport id="31" feedContents="0">Squash</sport>
<sport id="32" feedContents="0">Table Tennis</sport>
<sport id="33" feedContents="0">Tennis</sport>
<sport id="34" feedContents="0">Volleyball</sport>
<sport id="35" feedContents="0">Volleyball (Points)</sport>
<sport id="36" feedContents="0">Water Polo</sport>
<sport id="39" feedContents="1">Aussie Rules</sport>
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FairlaySupport
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September 24, 2015, 01:59:36 PM |
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Hey, we already added the Handball markets on our backend. They will hopefully be filled with orders in the next 2 days so that we can display them on fairlay.
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jdh1969
Newbie
Offline
Activity: 23
Merit: 0
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September 24, 2015, 04:26:21 PM |
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You guys graded two events of mine incorrectly....both occurred earlier today in the Russian VHL Hockey League.
I had Sokol Krasnoyarsk vs. Izhstal Izhevsk for a draw - it ended up being 2-2 at end of regulation, a winner but you guys graded it a loss
I also had Sokol Krasnoyarsk vs. Izhstal Izhevsk for Under 5 - it ended up being 2-2 at end of regulation, a winner but you guys graded as a push.
Please fix immediately - I also emailed support.
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jdh1969
Newbie
Offline
Activity: 23
Merit: 0
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September 24, 2015, 04:35:41 PM |
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I no more hit "send" on the last message and I see you graded another event wrong. I had Chelmet Chelyabinsk vs. Yuzhny Ural Orsk in Russian VHL as a draw, which it was 3-3 at end of regulation - a win, but you guys graded it as a loss. Please fix that one too, that's three misgraded events total today....
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FairlaySupport
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September 24, 2015, 04:43:53 PM |
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Wrong settlements happen very very rarely but if they happen, they will usually be corrected automatically within 24-72 hours.
Regarding the match: Our current result for this event is 2-3.
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jdh1969
Newbie
Offline
Activity: 23
Merit: 0
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September 24, 2015, 04:48:53 PM |
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Wrong settlements happen very very rarely but if they happen, they will usually be corrected automatically within 24-72 hours.
Regarding the match: Our current result for this event is 2-3.
You are dead wrong there -- the Sokol Krasnoyarsk vs. Izhstal Izhevsk was 2-2 at end of regulation, Izhstal won 3-2 in overtime. In the Chelmet Chelyabinsk vs. Yuzhny Ural Orsk match, it was 3-3 at the end of regulation, Cheylabinsk won 4-3 in a shootout. Please consult the VHL league homepage for confirmation.... http://www.vhlru.ru/en/calendar/311/day/Seems like all 3 should not have been missed, please correct. |
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