Revolutionizing the Industry?

[aznbluff]

Check out cryptowager.co and see how the industry is about to experience a major shift

No more accounts, deposits, credit card info. Just go and make your bet and get the payout directly back to your wallet.

Good stuff

[hotcross]

directbet had this a couple years ago I think when sending bitcoin was super low fees

concept might be able to gain much better traction now that crypto holders have become much more widespread

what they need to do is use a privacy coin with this

[ClippersSux]

LOL. They just opened shop ten days ago. Yeah, I'm going to trust a site with no established history. I don't think so.

[Optional]

As hotcross suggested, widely variable fees and not fast enough to get confirms on bitcoin network make this not so much revolutionary, but an old idea that didn't work last time.

[aznbluff]

It runs on the ethereum network, not the bitcoin network. Fees are sub 50 cents

And you don't have to trust the site to make bets. That's the whole revolutionary idea behind it. You don't make an account or give them any money...I guess most people just don't understand ethereum smart contracts yet

[bookie]

It's not clear to me how the bet "pool" that's referred to is going to avoid the problem that has always plagued P2P betting, namely that one person has to go first, and that person is always at a disadvantage because he's vulnerable to line movement.

The explanation of fees also avoids industry standard language except to say Pinnacle is cheaper. It's the old ruse of pretending that only the loser pays the juice so that it doesn't have to be expressed as what the bettor pays. But if I'm betting $100 to win $90 that's over -111. Deduct the 50 cent transaction fee and (on a $100 wager) it's just under -112.

[aznbluff]

It's not clear to me how the bet "pool" that's referred to is going to avoid the problem that has always plagued P2P betting, namely that one person has to go first, and that person is always at a disadvantage because he's vulnerable to line movement.

The explanation of fees also avoids industry standard language except to say Pinnacle is cheaper. It's the old ruse of pretending that only the loser pays the juice so that it doesn't have to be expressed as what the bettor pays. But if I'm betting $100 to win $90 that's over -111. Deduct the 50 cent transaction fee and (on a $100 wager) it's just under -112.

I think if you pull into their open source, it has an amazing solution to your first point, which is absolutely the truth. How it is being coded (I guess its not ready yet or is bugged so not released with this yet) is that the first XX amount of Ether bet will actually become part-bookie and take in 2% of the commission/fee. This gives the first into the bet a financial incentive to get in first and must be the actual revolutionary part to the plan.

Edit: Re: the fees
It looks like its coded at 10% of the losing side of the pool is the only side that they take money from. So its not that their avoiding it with the language, its that it actually is coded that way. So, if $10 is bet on Team A and $10 is bet on Team B, then only $1 is removed in fees out of a total pot of $20 (5%), whereas sportsbooks these days take the juice from both sides of the bet. So a -110 would be $10 to win $9.09 -> A $20 pot would only pay out $18.18 (so a $1.82 fee / $20 pot = 9.1% net fee).

If you factor in the transaction fee (this would diminish with bet size), then the fee increases from 5% to, at most, with minimum 0.01 ETH bet, to like 6%, still well below industry standard right now.

[trytrytry]

wow they are really misstating to the "public" what they are offering. wow AVOID big time

[bookie]

I think if you pull into their open source, it has an amazing solution to your first point, which is absolutely the truth. How it is being coded (I guess its not ready yet or is bugged so not released with this yet) is that the first XX amount of Ether bet will actually become part-bookie and take in 2% of the commission/fee. This gives the first into the bet a financial incentive to get in first and must be the actual revolutionary part to the plan.

Okay so the person who takes the bet is still laying over -111, so not a good deal for him.

And with the rebate the person who puts the bet up and becomes vulnerable to all the vultures waiting to pick off line moves still has to lay -108. He'll never get a better than market price, and will occasionally lose value to a market buy.

I like the idea. In fact, I love the idea. But at these margins it will never get off the ground let alone fly.

[aznbluff]

Okay so the person who takes the bet is still laying over -111, so not a good deal for him.

And with the rebate the person who puts the bet up and becomes vulnerable to all the vultures waiting to pick off line moves still has to lay -108. He'll never get a better than market price, and will occasionally lose value to a market buy.

I like the idea. In fact, I love the idea. But at these margins it will never get off the ground let alone fly.

I somewhat to completely agree with you. However won't, if the bets get big enough, say 50 eth on each side, the benefit of gaining 2% of losing side outweigh the marginal loss of a few cents to market value?

[bookie]

I somewhat to completely agree with you. However won't, if the bets get big enough, say 50 eth on each side, the benefit of gaining 2% of losing side outweigh the marginal loss of a few cents to market value?

No. It doesn't matter how big the bets get. -108 is the price adding in the rebate. It's actually more when you include the transaction fee. -108 is pretty widely available even to U.S. bettors so this pricing model is just dead in the water.

[aznbluff]

Say you bet 1 ETH. You get 2% global commission on it. First 5 ETH gets this.
So you essentially have 0.4% global commission shares.

If 50 ETH is bet on the other side. You get 0.2 ETH commission.
If 100 ETH is bet, you get 0.4 ETH commission.

It does scale.

If you have 2/5 of that initial ETH then it scales even harder for you. It isn't a flat 2 cents off of a -110 line that you get back.
Its a hard scaling global commission on total bets.

[Alfa1234]

If I understand this correctly, it will never take off. They take too much commission. It's a great idea to eliminate the bookies but they should make the smart contracts free with maybe a very small (0.01%) commission off the bet size. This 10% off the losing pool instantly makes it a no-go as you can get a much better price everywhere else....and it's frankly very greedy. Why would anyone use this if it is as-if not more-expensive compared to another regular bookie (let alone Pinnacle)?

On top of that, you are betting in ETH (or another crypto) which also eliminates 90% of the market as most players (and definitely sharp players) do not want to be subject to the volatility of ETH.

The tiny commission share doesn't change any of that.

Good idea but they killed it with their own greed. You cannot revolutionize the industry by creating a product which's success is based upon players switching to your platform with your only selling point being players don't currently trust their bookie and should switch to smart contracts (that's their only selling point really)...if those players didn't trust their bookies they would not be betting with those bookies in the first place!

Also: I call BS as in their FAQ they claim a -110 line equales to roughly a 9.1% fee from both sides. Simply untrue so they are either ignorant (doubtful) or trying to BS their currently non-existing customer base.

[Optional]

Like Wagerr this is funded by people who want/need to make a profit.

Need an open source community project to achieve what gamblers want.

[jjgold]

lol

just a scam

pass

[aznbluff]

lol

just a scam

pass

They've paid out already