Betting explained

[ExpertsOnline]

Hi Guys

A lot of people are asking about the mechanics of the betting system, so I will go into a bit more detail here.

Before I start I would like to say that I have done a lot of research on real world betting mechanisms before creating this. The biggest difference between a perfect real world bookie and this system is that the bet odds for viewers change even after they place the bet. This is not fair to the betters but is the only way to perfectly square the bets between all the options.
Some key points:

• The main objective of the betting system in DeepBot is to keep adjusting payout odds based on bets coming in. So the payout will reflect how loaded a certain option is.
• At no point in time would an option payout more points that entered in the betting pool (i.e. the house does not issue new points).
• The odds change real time for all bets (future and past).
• A user can remove his bet by typing !bets 0 <option> for the same option they originally entered for.
• If a user enters a bet on a different option, it is recorded as a new bet on that option (old bet is still vaild). Yes - this supports multi-betting per user.

The reason for allowing multi-betting is that any Bookie/Gambling agency that can very easily square the bets between the options (we can do this perfectly) loves gambling chasers who chase the win with multiple bets. This is because the odds are always fair and with house cuts, the house gets a cut on every bet.

The table below shows the payoff on double betting 1,000 points in a two option betting pool.

Please ask all betting related questions here and I will revert with answers.

Thanks and enjoy DeepBot.

Cheers,
Experts

[woodydaocas]

Ok,
once again, please explain it to me like to 3 year old

Tab "Stream Games" (why ? not rly self explanatory, sorry..)
start - reset  = ok
summary = ok
betting on ?
max bet/house cut ?
Bets
options 1-10
each one got "Bets" and textfield next to it..
(Real world) Example maybe?

Thanks in advance to anyone willing to help

[woodydaocas]

I tried to play around with it myself (still talking about Betting, yes ) and I believe I figured it out

[S1l3ntD4rk]

Can you make some Examples for Admin and User Commands for this System?


Regards Dark

[AkashaTV]

Ya I dont actually even understand what people are betting on.

Pls explain this system , as the person said above, like we are three year olds because it assumed you know things you dont necessarily know.

[Druitt_streams]

I'll be making a tutorial explaining the betting tomorrow! I'll try and remember to post it in this thread.