we're using a pool betting algorithm. when you make your bet 85% of the money will go into the pot for the winners, 12% will be distributed between the clubs and charities that the gamblers choose and 3% will go to the house to cover taxes & the third party payment & identity verification services that we use. the percentages may change slightly and if things go really well i might even be able to take a wage at some point in the future and make running moobet my job.
for example, with the current percentage settings if we have 3 gamblers betting on a football game with 2 outcomes, Arms v. Zoos.
johnny is supporting clubs A & B and charity 1 and puts €10 on Arms. so his 12% (€1.20) will be split 3 ways
jimmy is supporting clubs B & C and charities 1 & 2 and puts €20 on Zoos. his 12% (€2.40) will be split 4 ways.
jake is supporting club C and charities 2 & 3 and puts €20 on Arms. his 12% (€2.40) will be split 3 ways.
the distribution of the funds will be:
€1.50 for the house (€0.60 each from jimmy & jake and €0.30 from johnny)
€0.40 for club A (from johnny)
€1.00 for club B (€0.40 from johnny and €0.60 from jimmy)
€1.40 for club C (€0.60 from jimmy and €0.80 from jake)
€1.00 for charity 1 (€0.40 from johnny and €0.60 from jimmy)
€1.40 for charity 2 (€0.60 from jimmy and €0.80 from jake)
€0.80 for charity 3 (from jake)
€42.50 for the winners
so if Arms win then johnny gets €14.17 and jake gets €28.33 (final odds: 13/30)
and if Zoos win then jimmy gets €42.50 (final odds: 23/20)
this means we don't have fixed odds, that the payout isn't finalised until the event starts and we stop taking bets. up until this point we display how much has been bet on each outcome and what the final odds would be if we stopped taking bets right then.
this algorithm has the advantage for us & the charities of having a certain return, and for gamblers of having complete transparency on where their donations are going. it has the disadvantage for the gambler of not being fixed odds, so you won't know what price you're getting when laying your bet. it gets a bit more complicated and less transparent when gamblers lay doubles, trebles or more, though we haven't implemented support for that yet, coming soon.
when you gamble with us there's no AI trying to figure you out, trying to maximise your time spent on site or the amount of money gambled. we're not harvesting data that can be sold to advertisers. i'm just one guy working on his hobby project where all the engineering choices are made with the philosophy: keep it simple. the backend server is a simple calculator that records your bet and shows the current number of bets, so you're betting against other punters like yourself.
what do you think of that?
- excellent! perfectly clear answer that explains a fair and interesting algorithm. i can't wait to get started!
- meh! the answer is clear but i don't like it
- what? no fixed odds? im out...
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