The art of Bitcoin sports betting can be confusing to the newcomer. This can be mostly blamed on the dizzying array of numbers—the odds—that are presented to people when they drop by a sportsbook. Depending on the format of the sportsbook, players are faced with numbers in decimal places or fractions. Sometimes, more numbers are added, with positive and negative signs. It can be quite a hassle when a player is just thinking of betting on who they think will win.
For those who do not want to bother learning about the intricacies of the betting odds or worrying if their team will manage to beat their handicap, there are other options. One of these is betting at prediction markets. Considering that prediction markets can be used to make wagers on future events, this can include who will win a particular sport event.
How prediction markets work
Prediction markets work a lot differently than the normal sportsbook. This stems from the fact that prediction markets are aimed at actually predicting the result of a future event. This is done by harnessing “the wisdom of the crowds.” This assumes that knowing what a lot of people will believe will happen would be a good way to predict the result of an event, whether it would be on politics, sports, or even weather.
If people, for example, generally believe that a certain law will pass, then it most likely will. This approach has flaws but it has been proven to be effective. The main obstacle was how to gather data, but by making it a betting proposition with a potential for winning money, then a lot of people will feel like joining.
The earliest prediction markets were used to forecast political questions like who would become president. This quickly spread into other fields like sporting events. The main difference when a gambler makes a wager in the predictions market is that they are participating in pari-mutuel betting. Instead of making a bet against a “house,” the bettors’ wagers are pooled together.
Since there are usually only two sides to the wager in the prediction market, when one side wins all, those made that wager win and get a portion of the pool, while the losers get nothing. The organizer then gets a cut of the winnings as part of their maintenance fee for running the market.
Additionally, in prediction markets, it is usually a bettor who starts a wager and not the market itself, so players can customize their bets.
Betting ‘Yes’ or ‘No’ on sports
Bitcoin gamblers who want to get into the prediction market have several options available to them. BetMoose is a popular choice. This market has a lot of wagers available, especially in the sports betting category. Popular bets right now are who will the upcoming soccer championships in Europe. Another choice is Predictious. The wagers here focus mainly on the FIFA and EUFA games, too.
Fairlay is more varied. Players can bet on golf and other sports. This can range from MMA to basketball. Finally, Bitbet.us may focus on political and news events, but it still has some sports wagers available.
Bitcoin prediction markets let players wager on their favorite teams without the fuss. Novice sports bettors may wish to try them out while they study the intricacies of sports betting. After all, betting on sports in prediction markets is as simple as betting on a Yes or a No.