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January 17, 2015, 03:28:55 AM |
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Hi All,
we will soon to be opening a gambling site where customers can bet against each other on whatever event or proposition they choose.
How it works
1) Customer Logs Into Site
2) Customer Creates Bet, chooses bet close time and chooses how many people he will allow to bet against him - Lets say 4 in this example
3) Customer chooses a steak, Lets say 1 BTC
4) To place bet Customer then has to pay 4 BTC into the bet address (Stake * People Allowed to Join) + 2% Site Fee
5) Each player that then wants to join this bet will have pay the stake to join. If only 2 players join Customer will only have to pay (Stake * People Actually Joined)
6) Wait for outcome of bet, If Customer wins he receives his BTC plus BTC of Players, If Customer loses players will get Customer Stake for that entity (player) so in this case 1 BTC + Their original stake.
In the above case Customer 1 Gambled 4 BTC, 4 Players Joined, 8 BTC in Pot, Customer 1 Loses, 4 Players each get 1 BTC plus Their original paid steak (2 BTC), Customer 1 walks away with nothing.
The site takes 2% fee of all bets payable by customer who creates the bet.
There is potentially extremely high winnings. Obviously if customer is creating a bet on an obvious win. No-one has to join that bet and customer will lose 2% Site Fee.
I am looking for peoples opinions on this site, Would people use it? what would you like to see added? What potential problems can you think of and ways we can extinguish that.
Thanks in advance.
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