Topic: Looking For Vig-Free Action On Sports? - page 6. (Read 4013 times)
I received payment from six figures
While bet fair has 5% commission, we are offering 2% for the time being.
Let us know what you think!
Let us know what you think!
I guess technically this is "thread capping", but oh well, can you update your thread with more information on this. Seems like most people are familiar, but I don't understand it totally.
Why not go all the way and have a Betfair type concept for Bitcoin - peer to peer betting?
Especially on the Football (soccer) Betfair is near 1% or less over-round (ie £101 - to win £100) you do have to factor in 5% commission but some money do have to go to the operators to provide the service.
I have thought about this for some time now
Especially on the Football (soccer) Betfair is near 1% or less over-round (ie £101 - to win £100) you do have to factor in 5% commission but some money do have to go to the operators to provide the service.
I have thought about this for some time now
I personally am not familiar with betfair. So I'm unable to make a comment. I'll look into it.
We launched the basic version of our betting exchange a few weeks ago. We are taking member input into account as we continue to add features and sports/leagues. Those familiar with betfair will be right at home.
Exchanges are cool because you can't beat the odds and you there are no limits imposed by the house. Obviously these exchanges benefit from liquidity, which is what we are working on now!
While bet fair has 5% commission, we are offering 2% for the time being.
Let us know what you think!
Also you are talking about being the escrow person. What happens if your harddrive crashes and you forgot to back up that wallet? Or what happens if somehow someone gets into the escrow wallet and takes all the funds? Do you really want to put your self in that position? You are responsible for everyones funds. Are you going to pay everyone back out of your pocket? If not then people will always have the thought in the back of their head that you stole the funds. Its just not worth trying to set up an escrow for multiple people. I think the trustworthy system would work a lot better. Dont make bets against new accounts or accounts with bad trust ratings. If you do make them send half the bet amount first. There are lots of ways to make this work.
Just take a look at twoplustwo's money trading section. There is a mod but for the most part its run by the people in the thread. People do their own due diligence when researching a trading partner and know the risks when they do it. Some people get burned every once in a while but usually when this happens its because they didnt take the time to research who they were trading with.
Just take a look at twoplustwo's money trading section. There is a mod but for the most part its run by the people in the thread. People do their own due diligence when researching a trading partner and know the risks when they do it. Some people get burned every once in a while but usually when this happens its because they didnt take the time to research who they were trading with.
2p2 does have their problems. And that's what I'm trying to avoid. Debating the frequency on which it occurs or the $ amount lost in a certain period of time is mute. I'm trying to create a process where it's 100%.
As for me dealing with the possible problems that may occur -- Yes, I guess I would take accountability. Obviously, would like to finetune and make the process as stable and secure as possible.
I would really like to look into what Micon was talking about. Really wish somebody would share a link with more detail.
Also you are talking about being the escrow person. What happens if your harddrive crashes and you forgot to back up that wallet? Or what happens if somehow someone gets into the escrow wallet and takes all the funds? Do you really want to put your self in that position? You are responsible for everyones funds. Are you going to pay everyone back out of your pocket? If not then people will always have the thought in the back of their head that you stole the funds. Its just not worth trying to set up an escrow for multiple people. I think the trustworthy system would work a lot better. Dont make bets against new accounts or accounts with bad trust ratings. If you do make them send half the bet amount first. There are lots of ways to make this work.
Just take a look at twoplustwo's money trading section. There is a mod but for the most part its run by the people in the thread. People do their own due diligence when researching a trading partner and know the risks when they do it. Some people get burned every once in a while but usually when this happens its because they didnt take the time to research who they were trading with.
Just take a look at twoplustwo's money trading section. There is a mod but for the most part its run by the people in the thread. People do their own due diligence when researching a trading partner and know the risks when they do it. Some people get burned every once in a while but usually when this happens its because they didnt take the time to research who they were trading with.
I personally was hoping we could just use this thread and a trust system. post everything in this thread so there is a record of it. i really wish this site did not allow editing of posts but we would have have to work around that.
Trust system will never work.
Gamblers are shady -- bottom line. All you need is one person to mess it up.
BTC provides a quick and easy way to escrow money. So if one person can't escrow money once a week. Then that's just lazy.
Obviously us gamblers also like to get our winnings right away, but the model that I proposed would just take way to much time for me in order to ever to do that every day. Micon had some input. Would like to see if he can post more detail about what he was talking about and maybe we can bring that to life.
PS - Shipped yo funds, obv.
trust system can work. When you have escrow how do you account for the transaction fee? In a few min when i fire up my wallet comp ill add some trust to your account and document it in the thread. Yes i agree some gamblers are shady but that is not all of them.
I personally was hoping we could just use this thread and a trust system. post everything in this thread so there is a record of it. i really wish this site did not allow editing of posts but we would have have to work around that.
Trust system will never work.
Gamblers are shady -- bottom line. All you need is one person to mess it up.
BTC provides a quick and easy way to escrow money. So if one person can't escrow money once a week. Then that's just lazy.
Obviously us gamblers also like to get our winnings right away, but the model that I proposed would just take way to much time for me in order to ever to do that every day. Micon had some input. Would like to see if he can post more detail about what he was talking about and maybe we can bring that to life.
PS - Shipped yo funds, obv.
Why not go all the way and have a Betfair type concept for Bitcoin - peer to peer betting?
Especially on the Football (soccer) Betfair is near 1% or less over-round (ie £101 - to win £100) you do have to factor in 5% commission but some money do have to go to the operators to provide the service.
I have thought about this for some time now
Especially on the Football (soccer) Betfair is near 1% or less over-round (ie £101 - to win £100) you do have to factor in 5% commission but some money do have to go to the operators to provide the service.
I have thought about this for some time now
I personally am not familiar with betfair. So I'm unable to make a comment. I'll look into it.
I personally was hoping we could just use this thread and a trust system. post everything in this thread so there is a record of it. i really wish this site did not allow editing of posts but we would have have to work around that.
Anyways we could post positive feed back and leave positive feed back on the user (the trust icon thing). After a while there will be a nice little group of trust worthy people making plays. Every once in a while you will run into someone just trying to get free bets but you can take the risk yourself. If someone has a new account or very low post count you might decide not to make a bet with them or make a very small wagers with them to start out with.
Eventually, if there are enough people interested, we will get a nice little community in here of active users who are trustworthy and wont have to worry about making bets with new accounts.
Anyways we could post positive feed back and leave positive feed back on the user (the trust icon thing). After a while there will be a nice little group of trust worthy people making plays. Every once in a while you will run into someone just trying to get free bets but you can take the risk yourself. If someone has a new account or very low post count you might decide not to make a bet with them or make a very small wagers with them to start out with.
Eventually, if there are enough people interested, we will get a nice little community in here of active users who are trustworthy and wont have to worry about making bets with new accounts.
Everyday I look at the gambling thread and the amount of sports guys we have in this forum and can't help but think why nobody has the anger as me when it comes to the vig in sports betting.
With bitcoin I think we have a huge advantage to eliminate this if we can a couple regulars that are up for some peer-to-peer wagering.
Here's an example of how a wager would be posted:
I want Heat -3.5. Risking .1 btc to win .1 btc.
If somebody comes back with "booked".
Then the wager is on. I'll document and post all of this in a google doc to track everything.
Interested members - PLEASE post or PM if this is something you would be up for and if you can make any suggestions.
FAQ
What Am I Proposing?
A way to bet on sports and/or entertainment vig-free.
How ?
Create a SELF MODERATED thread to would only allow verified members of the thread to post the wagers they want to make.
If there's an unverified member the post will simply be removed.
What's a verified member?
Somebody that has escrowed an amount of money to a wallet and verified they have btc to wager.
When do you escrow and when will you be paid out?
The best way this would work is once a week. For example, you would escrow the money you are willing to wager on Tuesday. Then have Tuesday-Monday to gamble. If you win, the moderator (me) will send you the payout. If you lost, then you don't really need to do anything.
What's in it for you?
I'm dying for vig-free action. So that's what's in it for me. I'll probably eventually ask to take a cut of the winnings once we get everything tweeked, but for now work off tips if winners are so inclined.
With bitcoin I think we have a huge advantage to eliminate this if we can a couple regulars that are up for some peer-to-peer wagering.
Here's an example of how a wager would be posted:
I want Heat -3.5. Risking .1 btc to win .1 btc.
If somebody comes back with "booked".
Then the wager is on. I'll document and post all of this in a google doc to track everything.
Interested members - PLEASE post or PM if this is something you would be up for and if you can make any suggestions.
FAQ
What Am I Proposing?
A way to bet on sports and/or entertainment vig-free.
How ?
Create a SELF MODERATED thread to would only allow verified members of the thread to post the wagers they want to make.
If there's an unverified member the post will simply be removed.
What's a verified member?
Somebody that has escrowed an amount of money to a wallet and verified they have btc to wager.
When do you escrow and when will you be paid out?
The best way this would work is once a week. For example, you would escrow the money you are willing to wager on Tuesday. Then have Tuesday-Monday to gamble. If you win, the moderator (me) will send you the payout. If you lost, then you don't really need to do anything.
What's in it for you?
I'm dying for vig-free action. So that's what's in it for me. I'll probably eventually ask to take a cut of the winnings once we get everything tweeked, but for now work off tips if winners are so inclined.
Why not go all the way and have a Betfair type concept for Bitcoin - peer to peer betting?
Especially on the Football (soccer) Betfair is near 1% or less over-round (ie £101 - to win £100) you do have to factor in 5% commission but some money do have to go to the operators to provide the service.
I have thought about this for some time now
Sent six figures a PM with the address to send winnings to. I will update thread when i receive funds and we can begin marking users as trustworthy.
Don't worry about it until 5 EST tomorrow. That's probably when I'll send mine. But yeah, PM me you btc address you want me to send it to.
Alright im heading out to watch the basketball game. I wont be back home until after the game is over. I am also probably going to stop by the track on my way home and go for a jog. I will send the BTC tonight if i lose right when i get home from that and ill still be on and off here during the game but wont be at my computer with my wallet. If you win send me the address you want me to send the BTC to, either in here or via PM. Whenever you receive it please post in here that i paid. I will do the same for you. If i win ill send you the address when i get back home this evening. If you are already asleep at that time you can just send it in the morning when you wake up.
Booked NY Rangers for 0.1 BTC. Is that good for you six?
BOOM! First one. Could be the start of something legend .. wait for it .. dary!
Yes. it's good. good luck.
Booked NY Rangers for 0.1 BTC. Is that good for you six?
I'll probably eventually ask to take a cut of the winnings once we get everything tweeked, but for now work off tips if winners are so inclined.
You had me until here. (if there was a cost to either bettor, it would no longer be vig-free!)
there are already software solutions for escrow. hell, i did it over a year about for BFL bets using the btc-address tool (possibly renamed now, possibly just referred to as multi-sig transactions now) .
IMO No money needs to be paid to the escrow-er ever. If we all just want vig-free action then we can do this with the blockchain.
multi-sig escrow would work extremely well to settle sporting event bets IMO.
Micon -
Do you have a thread or something that has all that information?
If you can kick some ideas around on how to make the idea more efficient AND possible for a "bitcoin noob" to figure it out. I'm down.
I kind of would like to know why it didn't work out? Sounds like a good idea!
EDIT: The original idea to take a cut of the winnings comes from the thought that I would be spending 40 hours a week documenting the wins/losses and balancing the weekly numbers. If you can eliminate that. And no reason for a middle man. Heck yes, lets do it!
ill be back around 8pm est
I'll probably eventually ask to take a cut of the winnings once we get everything tweeked, but for now work off tips if winners are so inclined.
You had me until here. (if there was a cost to either bettor, it would no longer be vig-free!)
there are already software solutions for escrow. hell, i did it over a year about for BFL bets using the btc-address tool (possibly renamed now, possibly just referred to as multi-sig transactions now) .
IMO No money needs to be paid to the escrow-er ever. If we all just want vig-free action then we can do this with the blockchain.
multi-sig escrow would work extremely well to settle sporting event bets IMO.
Looks like i wont be able to tell if i want to make this play until really close to game time. So i dont know if you are trying to hold off from making a play at a sportsbook or not. If you are i would say go ahead and book your play at a sportsbook because i am really not sure if i will end up making the play or not.
Just say booked or not. Just trying to get the thread rolling with some action. Once people see btc moving it'll attract more attention.
I'll give ya up til 8:05 PM EST.
Ball is in your court!
Oh i would like to add.
If i do end up deciding to take the play before the game starts ill post in here. However, if youre making plays at a sportsbook i will not hold you to the play unless you respond within 10 min or so saying youre going to take the bet. I dont care if you respond after the game has started as long as its within 10 min or so.
If i do end up deciding to take the play before the game starts ill post in here. However, if youre making plays at a sportsbook i will not hold you to the play unless you respond within 10 min or so saying youre going to take the bet. I dont care if you respond after the game has started as long as its within 10 min or so.
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