UniRates. How it works.

Introduction.

This blog about the site www.unirates.com. It is intended for betting between users. Though it is close to the bookmaker, there is one important difference is that users do not bet with a bookie with the fixed odds and with each other. Therefore the odd and the expected gain are vary as other Users bet.

How it works.

For the details of the betting you can read the user agreement. I will try to explain what is written there. Consider an example. There is the betting: "Let's bet that it will rain tomorrow (some place)". And there are two outcomes: "It will" and "It will not". Three users are participating in the betting: Mike, John and Peter.

Mike bets to "It will" 200 mBTC.
John bets to "It will not" 20 mBTC.

And Peter bets to "It will not" 80 mBTC.

Then the betting window look like that:

Assume that the rain is not gone and outcome 2 (It will not) won. Then the funds are distributed as follows:

1) The geneal formula for calculating the profit.

2) Mike lose his bet.

3) John's payoff.

4) Peter's payoff.

You will get back your bet in following cases:

     - there are no bets on the winning outcome;

     - there are no bets on the losing outcomes;

     - the betting was cancelled.