Quote from: FatFork on November 05, 2021, 08:11:01 PM

Quote from: Betwrong on November 05, 2021, 08:44:48 AM

... In case you don't know, it's a pari-mutuel betting, so the odds may become higher or lower, depending on how many people(or rather how much money, to be precise) will be placed on this range and on other ranges.

Yes. I understand that payout odds are determined by the pooled amount shared amongst all winning bets. Basically, gamblers compete against each other, not against the house. However, I haven't done any further research into how odds are exactly calculated.

To better understand how it works, you can try to place some bets with few amounts of satoshis, it won't hurt your budget since you will be able to earn them back thanks to the faucet even if you lose. But near the time weight multiplier you can click on the question mark and a pop up window will show you the formula

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The Time Weight Multiplier starts at 100 for each event and goes down as time passes, eventually reaching 0 when the event ends.

The weight of each bet is assigned as (Bet Amount)*(100%+(Time Weight Multiplier)%). So, a bet made with Time Weight Multiplier of 99x will have a weight of 199% and a bet made with Time Weight Multiplier of 30x will have a weight of 130%.

In the example above, the bet with Time Weight Multiplier of 99x will win 60% (199/(199+130)) of the prize pool and the bet with Time Weight Multiplier of 30x will win 40% (130/(199+130)) of the prize pool.

Then as far as I understand odds take into account the amount wagered on each outcome (displayed through the percentages) and the time weight multiplier applied to each stake.