Building an online betting solution – Bet variations

1 Jun

This is just a short introduction to what I believe are the most interesting bet variations on the market, and is written for the reason of introduction to the further posts for the “Building an online betting solution” series of posts I will write over the next couple of weeks. If enough interest is produced by this post, I’d be happy to write more about what interests you the most.

There are various ways a bet can be placed and interpreted. I will name three most interesting examples:

  1. Sport bets
    1. Bets before a competition/game has begun
    2. Live betting
  2. Auction bids
    1. Prebids – bids before the auction has began
    2. Live bids
  3. Visual bets
    1. Betting against a credible estimate

Sport bets

In sport bets or any other bets of this type, betters are betting against the final outcome. As the final result is final, the bet is final as well. A bet represents a legally binding contract between the better and the betting company. Further more, betting company must have  special licence to operate such business.
Sport bets which are placed before a game begins are the most common ones. Users are betting on a final outcome of a game in terms of any of it’s parameters (final score, number of final attributes (i.e. sets in tennis, or corners in soccer… the list is infinite).
Live betting is referred to an action where users are betting during a game on various outputs/results which occur during the game and mostly within a short time span (i.e. who will score the next goal, or who will foul next… the list is, again, infinite…).

Auction bids

Auction bids are an interesting category and is probably rarely spoken about in this context. The main difference from bets is that bids do not present a final contract between a bidder and an auction host, as bid can be overbid at any time. Only the highest (winning) bid is the legally binding one. In this case, bidder is bidding against a final score, where the score represents the highest bid on which the bidder has a direct influence over. A company hosting an auction does not require special licences to operate such business.
Two of the scenarios are the most interesting ones:
Auction hasn’t yet started and bids are being placed which represent a sum one would pay for something that he/she does not know the final cost for yet. These bids are usually hidden until the auction starts. Once the auction begins, the highest prebid is the opening price instead of the opening price initially set by the auctioneer.
Auction has started, and bidders are always aware of what is the current highest (winning) bid and they bet in correlation to that one.

Visual bets

Visual bets are not amongst the most common ones, but are quite an interesting example. A prime example is company called Best of the Best, a luxury goods competition company where every one someone is guaranteed to win a Supercar.
This is how the “game” is being played:
  • A sporting picture that has had the ball permanently removed from it is presented to the one betting
  • Using best judgment, the individual is to click on the picture where they think the center of that ball should be
  • The bid is actually x:y coordinate of where the individual has clicked
  • When the competition is closed on a set date and time, the same picture is presented to a credible panel of Judges who repeat the same process
  • The winner is simple the person who is closes to the judges position.
This type of betting does falls under gambling as well as the sport bets, and requires a special licence for the company to operate.
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