Quote from: eckmar on May 27, 2020, 04:33:49 PM

Quote from: joey.rich on May 27, 2020, 03:43:57 PM

Quote from: eckmar on May 27, 2020, 08:00:18 AM

I'm not sure I understood it correctly, but betting odds can change drastically? Can then change after I make a bet, or is my bet locked it at a time I made it?

This system uses parimutuel betting, so odds are not fixed until betting ends.

You can see the current odds when you're placing your bet, but those odds may go up or down a bit, depending on how people after you bet. Everyone gets the same odds once betting ends.

Can't speak for everyone, but thats a big issue in my mind. If I want to bet at for example 1.5 odds, and they later become 1.1, thats not good. I'm essentially making a bet, and hoping the odds would be good as well. Thats like a double bet.

Yeah I do see your point. People are used to their potential payout being fixed at the time they place their bet.

But I think this system can work well for betting markets with large volume. If you place your bet near the end of the betting period, the odds are not likely to change much by the time betting ends. And of course the odds could change in your favor rather than changing against you.

If the odds do change dramatically, you can effectively cancel your position by betting on the other options.

Since this is open source & running on the blockchain, bets can be placed in an automated way & there's very little friction.

On average bookmakers may pay out only 80% or 90% of the money they take in. So offering payouts that are on average ~20% higher can hopefully overcome objections to the differences with this system.