Re: BitBet Stole ~$7,000 from me (10 BTC)

If you don't want people to bet right before the bet ends, then simply reduce the potential winnings gradually right near the end.

This is already the case, which shows you still haven't read the FAQ. Shocked

Then why is there any worry about last-minute bidders "scamming" other people at all?

It's about betting after the result is known.
You really read nothing, did you? Perhaps do that before taking a side.

Bets that arrive after the result is known should be refunded. If the bet placed was actually:

Quote

The price of bitcoin in USD as per MtGox or Bitstamp via bitcoincharts will be over 750 USD before April 17th, 2014 AND this bet will arrive to BitBet before the price crosses 750.

It should have said as much on the front page of the wager.

Your site also allows users to lose bitcoin wagering on the winning bet. To whom is that bitcoin distributed?