Currently it is very similar yes. There's a few points of difference though!

• We can add any kind of event. Suggest it here or on site. If you have a good source URL for a winner decision that would make it easy to add. Feeds are particularly easy to add so if you have an idea for a whole class of events you'd like to see tell us about the feed. (e.g. video games competitions might be cool).
  
• We plan on building desktop and mobile wallets you can play from directly. Which will use...
  
• A programmer's API. Bet and offer pages on our site hit /apiv1/[something] to poll for data. This is the beginnings of a REST API that everyone can use to get bet details. Soon you will also be able to POST new offers and bets to it (+1 to Drupal for that one! the REST services are very nice).
  
• Edit: oh and a bright sunny look to refresh your eyes from all those black sites! We shall endeavour to make the site less confusing and more approachable as per philiveyjr's suggestion.