If I am not wrong, compared to other places that you bet on these things, freebitcoin basically lets you and me decide on the odds. Well technically speaking other places do let you and me decide as well but they change it themselves to make it more profitable for themselves, so if everyone wagers on one side and they are asleep it doesn't change, but here I think it is really us that changes it.
Yes. It's parimutuel betting so it's player versus player rather than betting against the bookmaker. You're correct that bookmakers adjust their odds according to how much they take on each outcome so technically the customers always decide the odds. The big difference is what happens when someone makes a large bet. An individual bookmaker wouldn't adjust his odds for that he would just lay part of it off with other bookmakers. With parimutuel betting, it stays in the prize pool and makes the other outcomes more attractive.