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.
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 It would definitely work but I think it could be too slow for the players that are used to 10+ bets a second.
Since its not just the people who bet those single large bets who contribute to the total wagered, it is equally slow for the small bettors who add up to wager a large amount. I am sure any site which implements a slow algorithm/method are going to lose on a lot of the small bettors .