prediction betting platform pros and cons?

TimeTeller

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Quote from: Silberman on January 09, 2022, 05:42:55 PM

Quote from: dimonstration on January 04, 2022, 08:28:44 AM

Quote from: Vaskiy on January 03, 2022, 06:25:41 PM

Though it is fun, nowadays the existence of different gambling sites have slowed down the interest over these kind of betting.

Prediction via pool betting is now trending on defi like on Pancakeswap prediction contest that let user bet on the price of BNB. The multiplier of the bet will depends on the difference between the difference of the prize pool of each side. This game idea is with the prediction betting that you mention earlier. Many dapps are already creating different version of this game. Maybe on typical casino, This kind of game doesn't in demand anymore.

That does not really seem like a game in which people should be interested, and the reason for that is that we need to have a very strong distinction between gambling and trading, gambling is supposed to be an activity that we do for fun, and as such there should not be any problem with losing a little bit of money each time we play, but when it comes to investing then everything should be about making profits, but at least to me the games that you are describing are trying to mix the two making many people believe that they can do both, to obtain profits and get some fun, when most of the time this is simply not possible.

I have seen in freebitco that they still have their regular betting lines regarding price prediction of btc, eth & fun token.
So maybe, this kind of betting doesn't attract anymore in some gambling sites, but I believe freebitco is still gaining a lot of bettors on this aspect.
I also believe, it is how the platform presents their betting lines here or promotional incentives offered to their players to sustain their interest.
They need to add other games or features aside from the prediction betting lines, because gamblers need to see or play other games while waiting for their results.

Silberman

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Quote from: dimonstration on January 04, 2022, 08:28:44 AM

Quote from: Vaskiy on January 03, 2022, 06:25:41 PM

Though it is fun, nowadays the existence of different gambling sites have slowed down the interest over these kind of betting.

Prediction via pool betting is now trending on defi like on Pancakeswap prediction contest that let user bet on the price of BNB. The multiplier of the bet will depends on the difference between the difference of the prize pool of each side. This game idea is with the prediction betting that you mention earlier. Many dapps are already creating different version of this game. Maybe on typical casino, This kind of game doesn't in demand anymore.

That does not really seem like a game in which people should be interested, and the reason for that is that we need to have a very strong distinction between gambling and trading, gambling is supposed to be an activity that we do for fun, and as such there should not be any problem with losing a little bit of money each time we play, but when it comes to investing then everything should be about making profits, but at least to me the games that you are describing are trying to mix the two making many people believe that they can do both, to obtain profits and get some fun, when most of the time this is simply not possible.

Hamphser

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Quote from: ipanks on January 04, 2022, 01:47:59 AM

Quote from: Sled on January 03, 2022, 06:47:00 PM

Quote from: mv1986 on January 02, 2022, 06:51:25 PM

I also wonder, aren't betting platforms adjusting their odds according to what people place anyway? I always thought that was the mechanism. Or is it all about the betting service provider to set the odds? When a lot of people out of a sudden bet on one team to turn out to be the winner, don't the odds go down such that it is worth to bet on the other and still make the house some money on the "spread"?

I'm not really a hundred 100% know their mechanics about creating the odds but probably once it was set and published, that can never change, or else, bettors will think something strange and could distrust the system.

Well, of course, if there are 10 people (as an example) who will win the prediction, then they have to share the total prize. That is what I think.

The house will keep making money no matter how many gamblers will win that day, that was their advantage. And for us gamblers, it is gonna be making fun, that's all and to win is somewhat a lucky day for us.

We do not know their mechanics because we only know the odds after they announce it in their list so we can choose what sports match what we want. We do not have to think about that and only follow what is written on the list and we can decide what we want to choose. If we can win from that, that is good.

Hence, they already know how to share the total prize in their way and we do not have to ask them because that will be their secret. We can only enjoy what we select and wait for the result and hope that we are winners who can win for some money.

Gambling is good sense of game to get huge profit from it. Sometimes the loss in gambling is very common. After loosing your money, you should learn a lesson from it. You should not do high bed after such things. It may make you lose huge. Again started with less amount as an investment to get a profit.

I dont really consider betting on gambling could really be treated out as an investment because its a leisure thing connected and it has nothing to do for long term aspects.
Even if you do deal with strategic type of games but doesnt mean that you would make out big profits anytime you do play. Play on means of entertainment and dont go beyond
that border if you dont like to experience problems then better not to have this kind of treatment towards gambling or betting.

johhnyUA

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Quote from: jademaxsuy on December 19, 2020, 06:26:50 AM

My list of cons and pros of prediction betting in a platform

Pros,
1. No house edge instead service fee
2. Winnings does not come from the platform but from the bettors itself. Winnings will be coming from pools of bet from the opposing side minus the service ree from the platform.
3. Interested betting prediction are present like predicting bitcoin market price ALL TIME HIGH.

Cons
1. If betting platform is custodial meaning they had hold of your funds.
2. If betting platform has huge service fee.
3. If the prediction would not be good and does not interest the users.

Cons is not cons. At least, is all the same with centralized casino services. The main differences (and pros, yeah) this is your two first points. The fact that your winning doesn't affect income of platform is very very good.

Another pros is that you can bet on events which is not presented in ordinary betting or gambling, like bitcoin price.

carlisle1

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Quote from: Fortify on January 06, 2022, 02:53:21 PM

Quote from: jademaxsuy on December 19, 2020, 06:26:50 AM

Cons
1. If betting platform is custodial meaning they had hold of your funds.
2. If betting platform has huge service fee.
3. If the prediction would not be good and does not interest the users.

Could you list your own and add some cons and pros?
What do you think about this prediction betting platform? Is it good for the gamblers?

I think this is the new way of gambling. Probably, I do not know the trends of gambling now.

There are already betting prediction sites out there - you can see it in the similar odds across dozens of bookmakers. They are using a long history and statistical evidence to formulate those odds, because history tells them that over the long term they will win by adding a small margin of safety on top. This sort of service would be redundant from day one because it cannot offer any particular advantage to the users. Where do you think these extra special predictions will come from? If any happen to be identified then the bookmaker offering odds against would be swamped and their prices automatically adjust to make it worth their while. The only way to take advantage of such small pricing discrepancies is to have a lot of money and basically automate it solo.

That's more likely could bring you the advantage that you are looking, if you can invest using a huge amount of fund and patiently do your research

looking for value bets that will give a small percentage of earning, sorting it up from time to time will surely provide a very decent amount of profits.

It's not easy but more practical than looking for those automated which you needed to pay for their services.

Fortify

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Quote from: jademaxsuy on December 19, 2020, 06:26:50 AM

Cons
1. If betting platform is custodial meaning they had hold of your funds.
2. If betting platform has huge service fee.
3. If the prediction would not be good and does not interest the users.

Could you list your own and add some cons and pros?
What do you think about this prediction betting platform? Is it good for the gamblers?

I think this is the new way of gambling. Probably, I do not know the trends of gambling now.

There are already betting prediction sites out there - you can see it in the similar odds across dozens of bookmakers. They are using a long history and statistical evidence to formulate those odds, because history tells them that over the long term they will win by adding a small margin of safety on top. This sort of service would be redundant from day one because it cannot offer any particular advantage to the users. Where do you think these extra special predictions will come from? If any happen to be identified then the bookmaker offering odds against would be swamped and their prices automatically adjust to make it worth their while. The only way to take advantage of such small pricing discrepancies is to have a lot of money and basically automate it solo.

Silberman

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Quote from: sunsilk on January 02, 2022, 05:32:57 PM

Quote from: uneng on January 02, 2022, 05:09:39 PM

In crypto universe the main negative aspect is the lack of gamblers in such platforms betting among themselves, what means there isn't liquidity in p2p prediction bets. Crypto gambling still relies in third party platforms to hold users' funds and pay them accordingly, from the total casino's sum in case of winning. On the other hand, this negative point won't remain forever, because crypto gambling is becoming more popular each new day and at some point there will be enough gamblers to keep prediction betting platforms active with enough volume of bets to make it attractive, just like the fiat popular ones which are doing great right now.

P2P markets in gambling doesn't really have that much customers and that makes them eventually die or they're trying to do something to make their market better than the others.

It's about the attraction that they're about to do. That's why some of the prediction platforms aren't really that popular because the volume isn't that much and if ever there are people that are interested on it, they're very few.

Maybe if a reputable casino adopts a feature about predictions and adds a separate betting prediction platform inside them, it will be catered by its existing customers.

Personally I have always found odd there is such a disparity in the popularity of some games in the market of cryptocurrencies, after all we have some really popular games like dice that attract the attention of a great number of gamblers but then we have other games like poker and P2P markets that get almost no attention at all, why is that? Is it because unlike regular casino games in P2P games you need other players to gamble against and it is difficult to get enough volume?

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Quote from: 24Kt on January 04, 2022, 05:42:43 PM

Quote from: milewilda on January 04, 2022, 03:30:00 PM

Quote from: ralle14 on January 04, 2022, 03:45:37 AM

Quote from: davis196 on January 04, 2022, 02:12:27 AM

Betting on some events like the US presidential election can be done on fiat betting platforms.
I don't believe that a crypto betting website would successfully compete against the big fiat betting platforms on this gambling niche.

For now it's unlikely but it's still possible for crypto bookies to find success when it comes to mutual betting but most of them are lacking a community. Back then when skin betting was still popular it was surprising to see the number of people placing their bets on parimutuel bookies and placing a couple of hundred worth of skins wouldn't shift the odds. It might seem like a bad idea but I think it's only a matter of time until we see successful crypto bookie and instead of comparing competitors it's better to look at it in a different way like how they'd focus on improving their service.

Thinking off on making their service a bit more better and something unique is something that an owner or would really do as long those tech and other unique ideas would really be implied out.
We know about those pros and cons but doesnt really matter much because we would really be heading into something which is interesting specially on gambling industry.
Thing here as a gambler then deal off things which does interest you the most because this is where real fun do begins but of course you should mind on about the risk.

I have seen for example futuur providing betting lines like presidential election and many other things, but they seem to lack in terms of advertising or promotion. If a platform is going into the prediction market, they need to actively promote their chosen field in the gambling industry to survive their business. Also, when it comes to prediction, most gamblers prefer to wait in shorter period of time. So they should select items with shorter duration of the outcome. Because the longer of waiting, people are not getting interested.

Futuur does give out those kind of lines but we know that these events arent that something that could happen frequently and the rest are too long term before you bet results could be known and this is where they

do lost up interest by the community because of that one very common reason on which not all gamblers would really be that patient on waiting for long just to know those betting results.

They dont lack marketing and stuff it is just that lines offered isnt something that do really interest the community.

KTChampions

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Quote from: dimonstration on January 04, 2022, 08:28:44 AM

Prediction via pool betting is now trending on defi like on Pancakeswap prediction contest that let user bet on the price of BNB. The multiplier of the bet will depends on the difference between the difference of the prize pool of each side. This game idea is with the prediction betting that you mention earlier. Many dapps are already creating different version of this game. Maybe on typical casino, This kind of game doesn't in demand anymore.

The fact that decentralized offers are developing in all areas is undoubtedly good, but for me the idea of betting on a cryptocurrency price through a pool sounds counterintuitive. If a person thinks that he can predict the price of a cryptocurrency, then classical trading will give him much more profit than a pool, liquidity and profit from which is almost impossible to predict.

24Kt

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Quote from: milewilda on January 04, 2022, 03:30:00 PM

Quote from: ralle14 on January 04, 2022, 03:45:37 AM

Quote from: davis196 on January 04, 2022, 02:12:27 AM

Betting on some events like the US presidential election can be done on fiat betting platforms.
I don't believe that a crypto betting website would successfully compete against the big fiat betting platforms on this gambling niche.

For now it's unlikely but it's still possible for crypto bookies to find success when it comes to mutual betting but most of them are lacking a community. Back then when skin betting was still popular it was surprising to see the number of people placing their bets on parimutuel bookies and placing a couple of hundred worth of skins wouldn't shift the odds. It might seem like a bad idea but I think it's only a matter of time until we see successful crypto bookie and instead of comparing competitors it's better to look at it in a different way like how they'd focus on improving their service.

Thinking off on making their service a bit more better and something unique is something that an owner or would really do as long those tech and other unique ideas would really be implied out.
We know about those pros and cons but doesnt really matter much because we would really be heading into something which is interesting specially on gambling industry.
Thing here as a gambler then deal off things which does interest you the most because this is where real fun do begins but of course you should mind on about the risk.

I have seen for example futuur providing betting lines like presidential election and many other things, but they seem to lack in terms of advertising or promotion. If a platform is going into the prediction market, they need to actively promote their chosen field in the gambling industry to survive their business. Also, when it comes to prediction, most gamblers prefer to wait in shorter period of time. So they should select items with shorter duration of the outcome. Because the longer of waiting, people are not getting interested.

milewilda

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Quote from: ralle14 on January 04, 2022, 03:45:37 AM

Quote from: davis196 on January 04, 2022, 02:12:27 AM

Betting on some events like the US presidential election can be done on fiat betting platforms.
I don't believe that a crypto betting website would successfully compete against the big fiat betting platforms on this gambling niche.

For now it's unlikely but it's still possible for crypto bookies to find success when it comes to mutual betting but most of them are lacking a community. Back then when skin betting was still popular it was surprising to see the number of people placing their bets on parimutuel bookies and placing a couple of hundred worth of skins wouldn't shift the odds. It might seem like a bad idea but I think it's only a matter of time until we see successful crypto bookie and instead of comparing competitors it's better to look at it in a different way like how they'd focus on improving their service.

Thinking off on making their service a bit more better and something unique is something that an owner or would really do as long those tech and other unique ideas would really be implied out.
We know about those pros and cons but doesnt really matter much because we would really be heading into something which is interesting specially on gambling industry.
Thing here as a gambler then deal off things which does interest you the most because this is where real fun do begins but of course you should mind on about the risk.

Fortify

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Quote from: jademaxsuy on December 19, 2020, 06:26:50 AM

Good day!

I am writing to inquire about your opinion on prediction betting. I know that there platform that are promoting these kind of gambling activity and it became trending especially the trump vs biden presidential race. During the crowd sourcing both candidates have fair rating. These means that the election voting was so hard to predict and that betting was being created to show which prediction was right or correct. However, I do not know what platform could be good to accommodate these kind of betting.

Now, that I had known a platform organizing these kind of betting I started to get excited in betting specifically now that the trending talk is all about the ALL TIME HIGH market price for BITCOIN. I had already see that there is already active prediction betting for bitcoin in the platform. Because I am new the said platform and I hqve some doubts and not sure if prediction betting platform is good. Before I could come up with a good betting analysis I have to ask about the cons and pros of a prediction betting platform. I have my own perception about the cons and pros of prediction betting platform below.

Could you list your own and add some cons and pros?
What do you think about this prediction betting platform? Is it good for the gamblers?

I think this is the new way of gambling. Probably, I do not know the trends of gambling now.

It sounds like you're just seeking to setup a betting prediction service, albeit with a fancy front end but not explaining how you would improve the offering - there are plenty of prediction services here already with a more established track record that people can use instead. You talk about past events but hindsight is always 20/20, if you were that could at making predictions then you'd have no reason to come here and try to sell such a service. In reality if a prediction service can get 51-55% of selections right over a long period then it might be possible to eek out an edge if you have the capital, but it's highly risky and a bad streak can easily wipe out gains. There is nothing new or novel about what you're suggesting, people have been thinking they can beat heavily statistics driven bookmakers for a long time.

Cling18

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It's exciting though it also has a huge risk. Some might say that it could only be a pure business but it's something to look forward to when it comes to the latest gambling trend but I hope that they could adjust the odds and make everything fair for players. It also needs specific in their instructions and polishes all the possible lapses.

dimonstration

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Quote from: Vaskiy on January 03, 2022, 06:25:41 PM

Though it is fun, nowadays the existence of different gambling sites have slowed down the interest over these kind of betting.

Prediction via pool betting is now trending on defi like on Pancakeswap prediction contest that let user bet on the price of BNB. The multiplier of the bet will depends on the difference between the difference of the prize pool of each side. This game idea is with the prediction betting that you mention earlier. Many dapps are already creating different version of this game. Maybe on typical casino, This kind of game doesn't in demand anymore.

KTChampions

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Quote from: davis196 on January 04, 2022, 02:12:27 AM

~
Betting on some events like the US presidential election can be done on fiat betting platforms.
I don't believe that a crypto betting website would successfully compete against the big fiat betting platforms on this gambling niche.

These specific bets are not the main business of any platform. Rather, it refers to advertising, while the main business remains the same - sports betting. And as you can see in this area, many crypto platforms have been working for many years and are in great competition with traditional casinos, which, with all their advantages, inevitably have disadvantages.

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Quote from: davis196 on January 04, 2022, 02:12:27 AM

Betting on some events like the US presidential election can be done on fiat betting platforms.
I don't believe that a crypto betting website would successfully compete against the big fiat betting platforms on this gambling niche.

For now it's unlikely but it's still possible for crypto bookies to find success when it comes to mutual betting but most of them are lacking a community. Back then when skin betting was still popular it was surprising to see the number of people placing their bets on parimutuel bookies and placing a couple of hundred worth of skins wouldn't shift the odds. It might seem like a bad idea but I think it's only a matter of time until we see successful crypto bookie and instead of comparing competitors it's better to look at it in a different way like how they'd focus on improving their service.

davis196

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Cryptocurrency price prediction should stay in the crypto trading industry,not in the gambling industry.
If you want to make money by predicting cryptocurrency prices,then there are plenty of tools on the crypto trading platforms-leverage trading,Bitcoin futures,contracts for a difference,etc.
I don't see any point of creating some kind of crypto casino or bookmaker website,where the gamblers should bet money and try to predict the future cryptocurrency prices.
Such casino would have to compete against all cryptocurrency trading platforms and most of these platforms are already established and have a good reputation and thousands of users.
Betting on some events like the US presidential election can be done on fiat betting platforms.
I don't believe that a crypto betting website would successfully compete against the big fiat betting platforms on this gambling niche.

ipanks

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Quote from: Sled on January 03, 2022, 06:47:00 PM

Quote from: mv1986 on January 02, 2022, 06:51:25 PM

I also wonder, aren't betting platforms adjusting their odds according to what people place anyway? I always thought that was the mechanism. Or is it all about the betting service provider to set the odds? When a lot of people out of a sudden bet on one team to turn out to be the winner, don't the odds go down such that it is worth to bet on the other and still make the house some money on the "spread"?

I'm not really a hundred 100% know their mechanics about creating the odds but probably once it was set and published, that can never change, or else, bettors will think something strange and could distrust the system.

Well, of course, if there are 10 people (as an example) who will win the prediction, then they have to share the total prize. That is what I think.

The house will keep making money no matter how many gamblers will win that day, that was their advantage. And for us gamblers, it is gonna be making fun, that's all and to win is somewhat a lucky day for us.

We do not know their mechanics because we only know the odds after they announce it in their list so we can choose what sports match what we want. We do not have to think about that and only follow what is written on the list and we can decide what we want to choose. If we can win from that, that is good.

Hence, they already know how to share the total prize in their way and we do not have to ask them because that will be their secret. We can only enjoy what we select and wait for the result and hope that we are winners who can win for some money.

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Gambling prediction is all about the skills and knowledge of the player of course the odds too depends on the player who voted or choose the team they want some of the platforms have their fee upon pulling up the prediction they made like if you wage a 50$ into a sports/e-sports betting and the match is near you have the chance to change team or cancel your wage but you didn't get the same amount like there's a deduction on it. But the other platform doesn't have this feature which is good less hassle and doesn't cost for us as a user.

Sled

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Quote from: mv1986 on January 02, 2022, 06:51:25 PM

I also wonder, aren't betting platforms adjusting their odds according to what people place anyway? I always thought that was the mechanism. Or is it all about the betting service provider to set the odds? When a lot of people out of a sudden bet on one team to turn out to be the winner, don't the odds go down such that it is worth to bet on the other and still make the house some money on the "spread"?

I'm not really a hundred 100% know their mechanics about creating the odds but probably once it was set and published, that can never change, or else, bettors will think something strange and could distrust the system.

Well, of course, if there are 10 people (as an example) who will win the prediction, then they have to share the total prize. That is what I think.

The house will keep making money no matter how many gamblers will win that day, that was their advantage. And for us gamblers, it is gonna be making fun, that's all and to win is somewhat a lucky day for us.

Topic: prediction betting platform pros and cons? (Read 1740 times)