Sunday, 2 June 2013

New ways of gambling using bitcoins (II)

In bitcoin gambling world you will see a lot of services that offer "lottery" based games (dices, standard lotteries, etc), but you can also make some money (or should I say bitcoins) by having educated bets on anything.

Do you mean I could bet my bitcoins on any outcome possible? No way, how could this be done. 
Well check Bets of

This website allows you to enter your own "statement" (as they call it), set a deadline for it and then bet on/against it.

Do you think NASA will confirm aliens existence by the end of 2013, make this statement on the website and then people will bet for or against it.

Do you think Real Madrid will win Champions League in 2014 and you want to bet some bitcoins on this? Betsofbitcoin is the place to be. 

You can also participate in other people statements, agreeing or disagreeing with them. 

The website interface is very slim and clean, while the business model is quite easy to understand;

Bettors bet on if the statement will turn out to be true or false, in other words they agree or disagree with the statement. After the event, site moderators decide if the statement turned out to be true or not. Bets on the losing side is distributed to winners, statement submitter and the site.  [...] Here is the breakdown of the distribution of loosing bets amount:
  • 45% goes to the bet winners proportional to their bets.
  • 45% goes to the bet winners proportional to their weighted bets. (weight is based on how early in time you placed the bet)
  • 5% goes to the user who submitted the bet.
  • 5% goes to the site.
This means that you can make money/bitcoins from the statements that you submit even if the side that you pick was not correct. You will make 5% of the total bitcoins bet on the loosing side.

There is a fee of 0.1 bitcoins to submit a statement, and also when submitting the statement you need to choose a side (you think the statement is true or false). The minimum bet is also 0.1 BTC. 

If you choose to submit your own statements (from whatever domain) then you can also present them to your friends and colleagues and use all the social media to make your bet popular and to make sure you win some bitcoins out of it no matter the outcome. it's like a surebet with bitcoins. And you choose the market. 

Just choose a controversial point, make a statement and win bitcoins.

I think this is a great model for doing some educated gambling with bitcoins as this website can act as a sport betting operator, betting on politics with bitcoins, put your bitcoins where your technology forecasts are, etc. 

You can literally bet on everything using bitcoins and this website.  

Also check out the similar service offer by: you can read more about this one here.

1 comment:

  1. Bitcoin's volatility is one of its natures. Maybe you're just like Warren Buffet that is skeptical about bitcoin bubble. I can’t blame you though; bitcoin is not free from any flaws. Speculations are left and right-- heist, banning, DDoS attack, seizing and anything that is out of control. But think about this: If bitcoin is not worth investing, why does bitcoin believer keeps growing and growing? Governments and agencies are also keeping an eye of its progress. If you’re afraid of investing in bitcoin, maybe you want to try some luck in bitcoin betting. I recommend BetCoin™’s slot machine for you. It pure luck dear!