The definition you looked up is accurate but it comes with the usual blockchain tweaks.
The players create their own bets, doesn't matter what it is about (sports, politics, markets, etc) and the outcome is decided through consensus by default (ideal for people who know each other).
Additionally, you can purchase a booth and get the rights to self-conclude (for the pros) and basically host your own bets on a frequent basis. Bets that are self-concluding aren't concluded through consensus.
The gains are distributed evenly across the winners.
If you look at an actual bet, note the clipboard icon left to the title. You can use the copied link to point your people to your bet (e.g. pasting it into a tweet, forum, chat, ect.).
And yes, the Everbet contracts are the "middle man", while the contracts are fully decentralized. Means, once running, it will be unstoppable.
There will be a contract fee (my assumption will be like 0.5% from the gains) and a referral system (0.25% for the gains of every referred player).
For everything a player stakes, he will mint EVREP reputation tokens. These are erc20 tokens and their utility is to a) proof credibility b) taking part in governance.
We also want to encourage that people host the actual dapp (it will be downloadable) and adjust the design, layouts and everything how they see fit (basically white-label).
It is made in a way that allows simply copy and pasting the files to a webserver.
There is no special setup required (pure client-side code, zero setup).
I don't understand the meaning behind social betting. Can you please eloborate it. Surfing through Google found it to be the betting against players. The gambling site will serve as the host or the middle man. This is quite interesting, at any cost both the players can't win. On conducting each game it'll get certain percentage as profit. This is better than the house edge form of revenue making.