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Public Bet Rules

IBetYou was created as a P2P betting platform for people to be able to bet on anything and lock it onto the blockchain, so it will be there forever. However, based on our experience in P2P betting, the IBY team has detected a problem of friction between users & judges.

This friction occurred because the users described their bets in their own way, which often caused the judges to be confused about the true meaning of the bet when deciding the outcome of the bet. To solve this, we created the public betting option. In public betting, users will be able to create bets that many people can join. The results of these bets will be determined by judges (humans) who are part of the IBY team.

As the IBY team, we always strive for improvement in our system. Hence, here is a how-to guide for betting on IBY.

How public bets will help

Users are able to describe any type of bet, but as each person has different ways of writing and expressing themselves, this can generate confusion for the judges as to what the user wanted to express in that bet.

That is why we want to suggest the following structure on how to write the bets, users must be as specific as possible. If the bet is not clear enough, the judge can cancel it without any further notice.

Public bet rules

The main characteristics of the bet should be:

- Written in first person

- Topic determined, it must be public and specific

- The result must be measurable/quantifiable and of public knowledge.

- It must have a deadline

After following these rules, the bet structure should look like:

I bet that (here the topic) is going to (here the expected result), until (here the day/month/year by which this expected result is due).”

To put these rules into example:

❌ Incorrect bet: I bet that BTC goes to the moon by the end of the year”. Here the term “to the moon” is not quantifiable and “end of the year” can be easily misinterpreted.

✅ Correct bet: “I bet that BTC will be worth one million dollars by the end of 31/12/2022 on (here the exchange)”. As seen, the bet has a specific topic, an exact place (the exchange), and a specific deadline.

❌ Incorrect bet: I bet that in the match Real Madrid VS Barcelona, Real Madrid will win”. As no date is specified here, the judge does not know which of the next matches the bet is valid for.

✅ Correct bet: “I bet that in the match Real Madrid VS Barcelona, on 23/08/2022 Real Madrid will win”.

❗️ ❕ Once again, please keep in mind that if the judges have doubts about the context of the bets, those bets will be canceled. ❗️ ❕

❗️ Important:

  • If your bet gets canceled by a judge, you will be able to claim your money 24 hours after the judge cancels the bet. However, keep in mind that you will still have to pay the transaction fee.
  • IBY Public Bets MVP is live on Moonriver Blockchain at the moment. You will need to have MOVR token for placing or accepting a bet.
  • Keep in mind that you can also create a bet without taking part, and in that case, you will need to pay at least the transaction fee (less than 0.001 MOVR/).
  • The second transaction fee you will pay is the amount you add for a bet (if you wish to participate in the bet).

Soon this week, the How to Place a Bet guide will be shared as well! Meanwhile, go and try public betting like a pro on ibetyou.xyz.

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