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Author Topic: Bitcoin Horse Racing!! Place Your Bets!!!  (Read 1547 times)
Horse-Racing
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July 24, 2012, 02:47:21 AM
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Starting this Wednesday July 25, we will start taking BTC bets on horse racing events.

The races start at 3:00 PM Eastern Time and end at 6:30 PM EST.

7 races in total one every 30 to 35 mins.

Min Bet 1 BTC
Max Bet 10 BTC

The bets and payouts will be conducted here on the forum because we want 100% transparency. No website.

WATCH THE RACES HERE LIVE!

http://www.ustream.tv/channel/Camarero-Television

BETTING RULES AND PAYOUTS:

Winner(s) will get 90% of the total BTC collected on each race.

The 90% will be split amongst the winners according to their bet size, example:

Bob bets 1 BTC on horse #4 and John bets 9 BTC on horse #4 also. The other horses get 100 BTC between all of them. Horse number 4 wins. The prize is 100 BTC - 10% = 90 BTC payout.

90 BTC

81 BTC for John.

9 BTC for Bob.

Bets must be placed before the begining of each race no less  than 10 mins. If you place a bet 5 mins before the race, your bet will not be valid.

Your bet must be posted here on this thread using blockchain.info for transction confirmations.

more coming soon...
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Horse-Racing
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July 24, 2012, 02:47:59 AM
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RACE NUMBER 1:

http://hipodromo-camarero.info/programas/miercoles.pdf (TOP FIRST PAGE)
   
Horse 1 - 1Pw7WvrvUZbbxBwHSXQ4eTpgkQiP4rdPRG
   
   
Horse 2 - 1hUmDfPRV2biDTGBrqC9dsz2onGHgQssE
   
   
Horse 3 - 1Jij5dYj9stoy5Wo7BWY9G3duaPp7wpTZW

   
Horse 4 - 1ChfVypAGkpLR8XgWV3fxjKnuUjCbdPaGx
   
   
Horse 5 - 1PacpgxEto3ZYUUqnWt7wvbwYFBdks2zx5

RACE NUMBER 2:


   
Horse 1 - RACE 2 - 1M9JRZdQa9gdyv9qGzJYMWoprHFzxhDqEG

   
Horse 2 - RACE 2 - 1KqVRzdp357ESc8bsWvnxY8a6nWvi7SSso

   
Horse 3 - RACE 2 - 181yaSA6wGCqmkLmEwQscQ1ayYo3NKsNby

   
Horse 4 - RACE 2 - 15xVicveueku6XJbWYBLn44eArkMC4jGJj

   
Horse 5 - RACE 2 - 1Pc3m6uEAdDJtVFT2iTmJW5zji96QJx2aK
Horse-Racing
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July 24, 2012, 02:48:43 AM
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Stephen Gornick
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July 24, 2012, 06:34:11 AM
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The bets and payouts will be conducted here on the forum because we want 100% transparency. No website.

It is too bad that his type of betting category is so time-critical, as a blockchain-based betting approach would otherwise work so well (transparent, real-time visibility).

Horse-Racing
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July 24, 2012, 09:06:49 AM
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The bets and payouts will be conducted here on the forum because we want 100% transparency. No website.

It is too bad that his type of betting category is so time-critical, as a blockchain-based betting approach would otherwise work so well (transparent, real-time visibility).

I didnt quite understand your comment.. Thanks?!

PLACE YOUR BETS NOW!!
Horse-Racing
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July 25, 2012, 02:40:51 PM
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RACES LIVE TODAY!!!! You can start betting NOW!!!!
Dargo
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July 25, 2012, 10:20:15 PM
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People simply won't send BTC to newbies with only a few posts. It's a trust issue. Seems like we need a sticky or something explaining this.
Stephen Gornick
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July 25, 2012, 11:02:31 PM
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The bets and payouts will be conducted here on the forum because we want 100% transparency. No website.

It is too bad that his type of betting category is so time-critical, as a blockchain-based betting approach would otherwise work so well (transparent, real-time visibility).

I didnt quite understand your comment.. Thanks?!

PLACE YOUR BETS NOW!!

I see, you are using the blockchain, but are accepting all wagers, not just those that have at least one confirmation.

There's a problem with that, but I suppose there are ways to mitigate the problem.

You are accepting wagers on 0/unconfirmed where there is a requirement of a corresponding receipt added here in the forum (by pasting the transaction ID/hash, I presume).

Posting here in the forum helps to eliminate the question as to when the wager was actually placed.  As long as posts can be edited, this isn't foolproof.  The auctions board has a no-editing restriction, which is one approach to resolving this risk, I suppose.

The other problem I was suspecting with using the blockchain is that there is the risk of a double spend, such as the Finney attack.

This matters a lot because if lots of wagers are placed on the favorite, for instance, I might be tempted to wager on the longshot.  If those odds were false due to invalid wagers (that were canceled after the race from a double spend), then I got cheated.

This risk is mitigated though by having a relatively low maximum (10 BTC) and by requiring the verification in the forum.   But that isn't ideal as with pseudonymity, one party can place multiple bets under multiple identities, and double spend the losing wagers.

Presumably the payout wouldn't occur until after all wagers have confirmed (e.g.., three confirmations or more) so the biggest risk is that a bet was made solely due to odds being favorable at the time the bet was placed but those odds were false.  If the odds skew highly from those at the track though then you can probably know to be cautious with the betting for that race.

But this is really minutia compared to the risk, as Dargo points out, that you'll disappear with all the wagers.  Perhaps to get past that concern you'll send a certain amount to a trusted escrow, which would help ensure that at least that amount of payouts is guaranteed?

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