Ninjastic
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Board Gambling discussion
Re: Bookie - Sports Betting Exchange on the Blockchain Wants Your Input
by
buwaytress
on 02/02/2018, 08:30:08 UTC
Quote from: bookieapps on February 01, 2018, 07:06:40 PM
Quote from: buwaytress on January 27, 2018, 07:27:01 PM
Quote from: tier32 on January 27, 2018, 06:11:57 PM
Additional question to upper one - is it possible to void, modify results, unsettle bets manually? Jurisdiction rules (Regulation organizations) will be applicable (which one?) to bookie or you will be some type of  outlaw?

Actually, good question. At the moment, only one or two crypto-accepting bookies have good documentation on some of the unconventional rulings for sports bets. In general, most bets will be easily settled, but when there are contentious events (was the goal scored in 90th or 91st minute?), how long must the boxing match round last to be considered a full round (remember the controversy with Mayweather/Connor in August on a lot of bets made lasting 10 rounds)?

I'm guessing any blockchain-based sportsbook (I don't know Peerplay very well unfortunatel) could benefit from smart contracts that make some rules very clear, arbitrated by... some parties?

Right - on-chain smart contracts are at the heart of what Bookie is doing. The actual algorithms that are used to settle any particular market will be published for anyone to check. We do not foresee a need for arbitration (these settling algorithms should just do their job) but, as above, manual settlement by Witnesses is always a last resort. As always, a majority of Witnesses need to agree on a result/settlement before it gets executed.

Thanks for the response - like I said, I'm not aware of any smart contract model used yet for sportsbooks, but as you explain, that very basic application is already extremely useful in sports bet settlements. I have only been betting in sports for a few years but have seen several contentious decisions taken by bookies even with comprehensive rules on settlement.

But with newer sports like MMA especially or even e-sports, I doubt bookies have really refined the rules, or there are too obscure for players to understand. Publishing the algorithms for every market - and every bet even, would go a long way to mitigate this. Don't take too long to update us about this - we gamblers tend to move on quickly Wink