Parimutual betting actually has one thing that could be fine for the person who complained about the changing of the odds as well. Thequin (as always) is right about the fact that odds change depending on the person who gambles and how much money is gambled, so in the end you could see 50x odds for something at start but then everyone could wager on that for some reason and drop it to 1.5x odds, it is possible (unlikely for something to drop from 50x to 1.5x but "possible").
However there is also weighted period as well, not really entirely sure what it is called but we all know and thequin can explain better that if you wager at 50x but the odds drop to 1.5x instead, you still get more money than someone who wagered directly at 1.5x hence when you bet does play a role. Maybe you do not get that much, but you do get different returns.
Yeah I read that part on freebitco.in earlier. The weighted bonus (known as Time Weight Multiplier on freebitco.in) is what changes the game here. It's quite simple though.
Assume that person A is betting an amount $10 at the odds of 50x and the weighted price is 20x.
Person B is betting an amount $10 at the odds of 1.5x and the weighted price is 0 and the betting period is over.
Now if they win then person B will get $15 (10 x 1.5 = 15)
But the person A will get $18 (10 x 1.5 = 15 x 1.2 = 18)
So that's how the weighted price plays an advantage to person betting first.
Thank you for explaining how the weighted bonus works, or time weight multiplier whichever we should be naming that. I knew the idea of it and I knew that with the weighted bonus you got more but I couldn't really explain it to anyone the way you explained it so this really helps not only for me to understand it better but also helps me explain it to other people easier as well, so from the bottom of my heart thank you for the quick lesson.
This shows that if you bet on parimutual side of the website early, like monthly bitcoin price prediction is a great example at the start of the bet and when by the time the bets are closed, you are going to be better off. Meaning you have two options, either wait and get lower odds but probably a better understanding because we are closer, or act quickly and get a bigger return but also have a bigger risk because we are further away.