That's similar to the way Contingency (the ETH platform BitcoinStrip linked to), kind of.
It would definitely work but I think it could be too slow for the players that are used to 10+ bets a second.
Yeah, although you could pretty easily have two different schemes: one for micro-bets which are fast and bankrolled by the site. And the second for the larger bets which get bankrolled by a provably fair investor scheme. I'm not totally convinced that if someone is betting 10s of thousands of dollars, they care about waiting a second or two. Hell, it's just good suspense at that point
