https://btc-e.com/betsI really don't understand this. They are letting you bet on what the price of bitcoin will be in 5 minutes. How is this fair at all? Could a whale not bet and then buy/sell to take everyones money?
this seems to be a very new feature that btc-e.com exchange has added. according to their website (here:
https://btc-e.com/news/234) they have added this feature called bitcoin betting last month (10 Feb). you can read the details in the news link i gave above.
and in my opinion it is a cheap move. an exchange is not a place to gamble. and if you can predict the price it is best if you trade bitcoin instead of betting on its price.