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Anyone Interested In Making a Bitcoin Sportsbook with me?

Discussion in 'General Programming Chat' started by k1koman, Jun 22, 2011.

  1. k1koman

    k1koman Registered Member

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    Hello,

    Seeing if there is any interest in creating a sportsbook based primarily on bitcoins. We can host the site making it visible only on TOR making it as anonymous as possible. There are also tons of pre made sites out there that we can leverage from. So I see only a minimal amount of php customization needed.

    pm me if interested
     
  2. lancis

    lancis Elite Member

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    Framework is the lesser problem, do you have the algorithms?
     
  3. k1koman

    k1koman Registered Member

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    What algorithms are you referring too?
     
  4. lancis

    lancis Elite Member

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    1. You need to balance the odds according to current stakes in order to earn regardless the outcome.

    2. You need to compensate for odds offered by other bookmakers in order to avoid arbitrage situations and still to earn regardless the outcome.

    3. You need to be able to calculate initial odds based on historical games.

    4. You need fraud protection system, as frauds are common in this niche.
     
  5. florflor

    florflor Senior Member

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    He could just operate an exchange like Betfair and take a cut. Then there's no risk for him in operating the book.
     
  6. lancis

    lancis Elite Member

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    For exchange you need a critical mass of traders, otherwise it wouldn't work. Just look at the rest of exchanges, most of them are no more due to inability to acquire large number of traders.

    Even Betfair had to make an agreement with William Hill, who lays some of his less popular events.
     
  7. k1koman

    k1koman Registered Member

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    There are paid services you can use with APIS that will handle updating of initial odds in correlation to other bookmakers. After that, the software should adjust odds automatically to try and keep the action as even as possible. Again, frameworks for all this is already out there in spades. Just instead of using dollars we use bitcoins. We could even just get a proof of concept off the ground by using one of the hundread or so online bookmaking services. I can do coding as well as all the SEO work. I own an SEO offline company.

    The beauty in this, is that there is basically no competition. I've only really been able to find one out there right now.
     
  8. k1koman

    k1koman Registered Member

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    yah and i dont think a betfair type exchange is going to work. at least initially. Not enough end users
     
  9. illuminati

    illuminati Newbie

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    I tried to find the forum rules for posting links, email addresses, etc., but I could not easily locate them. Hope I did not overlook them.

    So, ok. I know someone who would be interested.

    Contact "investments" at the bitcoin Mining pool: bitcoinDr
     
  10. Baybo.it

    Baybo.it Registered Member

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    We might be interested in helping you out with this. We already have an ecommerce platform up and running which we are interested in configuring to accept bitcoins.

    If you'd be interested in a skype call or would like to communicate via email, please let me know. I'd love to see how we can help. I think the idea of a sportsbook as a niche is a good idea, certainly achievable.

    Right now, our platform is written in python, however, we do have a public RESTful API which would allow you to program whatever foundation you'd like in PHP.

    Looking forward to hearing more about your ideas.

    P.S. Lancis... What are you talking about?