Creating a "Virtual" Bookie Business ( Fake Money )

[magik20]

Backstory

I play a video game called EVE-Online where players are allowed to do almost anything to make in-game cash called ISK.

The ISK is used to buy items / ships / equipment to use in the game.

Some players create business selling items , building things, providing services, running lotteries etc.

I saw a opportunity to run a bookie business, offering to take bets from players on real life sporting games.

This weekend I started with the NFL Playoffs.

Problem

Well, at 1st i was taking small bets, 20 million ISK ( fake cash ) per player. But some players have a ton of cash, and a few wanted to bet 400 - 500m per game.

I turned them down for the Saturday games, and just took the small ones.

Then Today i used odds as a way to bet, using the american money payout system.

The Eagles vs The Giants

I had 480m betted by 3 players on the Eagles, and 100m betted by 1 player on the Giants

Eagles were +165, and I ended up losing $1.272 Billion (fake) cash on the game.

How can i setup the betting where the business is more protected from hits like this?

And whats the best way to make this profitable

I have Approx. 3+billion left in game cash to use as funding for the business

[Otters27]

you need to get more people to bet. A lot more. Use the point spreads.

[magik20]

you need to get more people to bet. A lot more. Use the point spreads.

im not a expert in sports betting, but i get most of it.

can you explain point spreading, at least in terms of how to intergrate into this situation?

Also, i was using www.sportsbook.com for the odds.

[rm18]

bookies usually do a lot more business on Eagles +4 points on the handicap than the ML that you used, also if you get a lot of bets on one side you can move the line to -3.5 to attract Gaints money

[magik20]

bookies usually do a lot more business on Eagles +4 points on the handicap than the ML that you used, also if you get a lot of bets on one side you can move the line to -3.5 to attract Gaints money

RM, explain this to me like im dumb ( cause i am ) how would i do the handicap ?

in simple english

[rm18]

sportsbook.com has the handicap too.

You bet 1100/1000 on Eagles +4 so if the Eagles win the game or lose by 3 or less the bet wins, and if the Eagles lose by 4 the bet ties, and the Eagles lose by 5 or more the bet is a loss. This is a much more popular way to bet than your bets on who wins the game.

[magik20]

sportsbook.com has the handicap too.

You bet 1100/1000 on Eagles +4 so if the Eagles win the game or lose by 3 or less the bet wins, and if the Eagles lose by 4 the bet ties, and the Eagles lose by 5 or more the bet is a loss. This is a much more popular way to bet than your bets on who wins the game.

since my "bankroll" is limited ( 4 billion ) , how would you recommend setting up the betting?

what would be a good min / max ?

[rm18]

I would say max wager would be maybe 40 million, minimum does not really matter whatever is worth your time.

But if somsone bets 40 mill. or near you need to adjust the line and not let everyone bet the same line for 40 million

[pico]

10 trillion on ncaa fb usc season total over 1 win.

[pico]

1000 gazillion on prop bet, super bowl will end before triple OT.

[magik20]

heres the bets i just put up, opinions?


MINIMUM BET IS 20M / MAX IS 100M

****************************************
Events Open for Betting

Manchester United Vs Wigan Athletic

01/14/09
ManchesterUtd -400
Tie +400
Wigan +900
Over 2.5 (-133)
Under 2.5 (-105)
############################

Philadelphia Eagles vs Arizona Cardinals

01/18/09

Eagles(Philadelphia) OFF
-3 (-130)
Over 48
Cardinals(Arizona) OFF
+3 (+110)
Under 48
############################

Baltimore Ravens vs Pittsburgh Steelers

01/18/09

Ravens(Baltimore) OFF
+5 Over 33

Steelers(Pittsburgh) OFF
-5 Under 33

############################

NBA

Whoever picks the most winners out of tonights games
$100m Buy in
Need at least 2 players or Ill refund the money

1-12-2009
Betting stops at 7:00 PM EST USA

Bucks vs Wizards
Nets Vs Thunder
Knicks Vs Hornets
Blazers Vs Bulls

(Tie Breaker is whoever picks a number closest to the Knicks Score)