mwalz9
mwalz9
Joined: Feb 7, 2012
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September 3rd, 2019 at 1:59:31 PM permalink
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!
TumblingBones
TumblingBones
Joined: Dec 25, 2016
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September 3rd, 2019 at 2:14:18 PM permalink
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?
My goal of being well informed conflicts with my goal of remaining sane.
michael99000
michael99000
Joined: Jul 10, 2010
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Thanks for this post from:
AxelWolfrawtuff
September 3rd, 2019 at 2:15:46 PM permalink
Itís a great idea.

Unfortunately sites like Matchbook, BetDaq, and BetFair beat you to it by about 15 years.
RisingDough
RisingDough
Joined: Oct 4, 2016
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Thanks for this post from:
7crapsAxelWolf
September 3rd, 2019 at 2:53:57 PM permalink
Betting exchanges are already a thing unfortunately none accept customers from USA at the moment.
What is life if not a gamble?
7craps
7craps
Joined: Jan 23, 2010
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September 3rd, 2019 at 3:15:38 PM permalink
Quote: michael99000

Itís 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.
winsome johnny (not Win some johnny)
DRich
DRich
Joined: Jul 6, 2012
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September 3rd, 2019 at 3:59:10 PM permalink
It is a great idea but as others have said it already exists.
Living longer does not always infer +EV
DRich
DRich
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September 3rd, 2019 at 4:00:51 PM permalink
It is a great idea but as others have said it already exists.
Living longer does not always infer +EV
billryan
billryan
Joined: Nov 2, 2009
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September 3rd, 2019 at 6:42:50 PM permalink
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.
BleedingChipsSlowly
BleedingChipsSlowly
Joined: Jul 9, 2010
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September 3rd, 2019 at 11:37:43 PM permalink
Great idea that todayís technology could be used to create a clearinghouse for individualís 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 donít think technology exists for filtering out stupidity.
ďYou donít bring a bone saw to a negotiation.Ē - Robert Jordan, former U.S. ambassador to Saudi Arabia
charliepatrick
charliepatrick
Joined: Jun 17, 2011
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September 4th, 2019 at 1:27:17 AM permalink
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.

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