Great competition, but sorry I should have brought up some stuff earlier:
As escrow, I'm only in control of the gambling addresses, and not going to personally guarantee that every winner gets paid (as it's not parimutuel betting, there's book maker (?) risk) which I don't want to be on the hook for.
Also, just to clarify when ever you change the odds ... everyones previous bets have the old odds locked in? Because presumably when people make a bet, they get their odds locked in (otherwise it wouldn't make sense, as the winning partys odds always trend towards one). So you'll keep a history of that?
And also, there's considerable risk in offering fixed odds. If someone puts 10s of bitcoins on one of the addresses, is this something you're prepared for?
LOL, that is precisely why I wasn't sure what exactly the rules are.
Yeah, someone has to keep track of which bets come at which odds (not much of a problem unless odds change frequently).
I am assuming betterbets is taking the well.. book maker's risk?
Okay, if the cap per address is 0.75
BTC,
why is the max bet 0.05
BTC?
can't I still bet a lot using different addresses? isn't that a bit risky? If the bets end up being too risky, would this competition be cancelled (if it is that is negative EV)?
And finally, what are the things that could result in the competition being cancelled? Is the size of total bets one of them?