SPORTS BETTING SOFTWARE IDEA

I thought of this idea over the weekend for an app or some software that I think could take off and I either 1) have a terrible idea that would never work, or 2) have a great idea that I will someday be sorry for mentioning in here. Regardless, I have no means to make this go anywhere, so if one of you do, so be it...

My thought is you create an app that lets a person create a bet, both terms and amount for action that they would be willing to risk for a sporting event. I.E. Pittsburgh Steelers vs New England Patriots +10 for $55. (I use $55 because right now to make the Vig work, I would have all bets required to use the -110 rule until the kinks worked out).

This bet is then posted to a board where others can accept that wager. If the wager and terms are accepted the 2 are match similar to a dating site and the bet is booked. The app then collects the VIG for profit similar to any other sports betting, but it basically lets users create the lines and terms.

I know there would be objections to this, and I know some of the lines would be crazy, but sometimes, somewhere, there would be people not as odds sharp who would accept these crazy bets. Sure some people would think the bets are nuts and would stay away from them, but some sharper bettors would love to find someone crazy enough to lay odds on an underdog.

I'm sure this would have to be regulated as much as sports gambling is and controlled by the lotteries of many states, but do you guys think something like this could take off? Is a terrible idea?

Either way, I feel like it would be fun to discuss. If you think it's a terrible idea, I'm simply posting it for discussion, so while I am open to constructive criticism, please be respectful and polite. Thanks!

from a tech P.O.V. there is nothing over the top about this. You would probably need a way to make sure losers are actually going to pay up. I assume you require them to establish an account and deposit some funds in advance? In other words, you are more than simply a match-maker. That probably opens up a real snake-pit of regulatory issues (not anything I have any expertise in).
What I want to know is would this only be viable in places without existing on-line sports books? Why would somebody in say NJ use this rather than something offered by William Hill?

It’s a great idea.

Unfortunately sites like Matchbook, BetDaq, and BetFair beat you to it by about 15 years.

Betting exchanges are already a thing unfortunately none accept customers from USA at the moment.

Quote: michael99000

It’s a great idea.
Unfortunately sites like Matchbook, BetDaq, and BetFair beat you to it by about 15 years.

William Hill mobile does this
During US football season there are lots of 'weird prop bets' that pop up
some, ugh, others, "I like that one"
I do not really look (to bet) at what is offered during the year.

It is a great idea but as others have said it already exists.

It is a great idea but as others have said it already exists.

I don't like it. Some drunk guy logs on and bets the Yankees win by six runs at even money. It just seems like people would be stupid.

Great idea that today’s technology could be used to create a clearinghouse for individual’s proposed wagers to be accepted. I am not surprised that this already exists, as other posts state. Regulation (read: the man gets a cut) and enforcement could be worked out. I don’t think technology exists for filtering out stupidity.

As has been said betfair (and others) already do this. In fact if I want to know what it likely to happen (e.g. who will win the next election etc.) then I use the site. It is also quick to react to money and new rumours.

Betcha.com tried this. The owner had to fight to stay out of prison.

It is not that it is a bad idea, it is that to make it work it would have to be legal nationwide, which is not going to happen as states want their own concession. Unless it is nationwide or worldwide you will have a very hard time getting enough action. While most people will get better odds, the market must be large enough to get fast to immediate fills. Otherwise you are better off shopping books.

Quote: RisingDough

Betting exchanges are already a thing unfortunately none accept customers from USA at the moment.

Betfair has been licensed to operate in New Jersey
you can make cyber bets in New Jersey as long as you're physically in New Jersey - you don't have to be a resident


maybe other states that are now allowing sports betting will follow New Jersey's lead

New Jersey has now surpassed Las Vegas in the sports betting handle - pretty amazing to say the least



https://www.njgamblingsites.com/340/betfair-earns-new-jersey-license/#targetText=Betfair's%20future%20in%20New%20Jersey&targetText=The%20Professional%20and%20Amateur%20Sports,the%201992%20law%20since%202011.


https://www.nj.com/entertainment/2018/08/online_sports_betting_new_jersey_draft_kings.html


https://www.nytimes.com/2019/06/29/nyregion/nj-sports-betting.html

Indiana just launched sportsbetting with Ameristar East Chicago opening their book Sunday and Horseshoe Hammond opening theirs today. Illinois passed the bill but still at least a few months away from launching.

https://www.prnewswire.co.uk/news-releases/smarkets-secures-market-access-for-online-sports-betting-in-indiana-and-colorado-through-partnership-with-full-house-resorts-848659283.html

Not the exact same as Matchbook or a standard "exchange" but interesting nonetheless that it's coming to Indiana and Colorado.

OP is just a little too late.