Gambling Gone Right?!

[lifese]

This May be a Click Bait Title.

But, while you are here, I have an idea. I am also looking for a team of experienced people if anyone else believes this can turn into something. Lets get into the idea.

Gambling. More specifically online gambling. Yes, yes I know there are big industry players in an established market. However, these big players lack creativity. Their gambling sites mainly focus on one topic - sports for example. The events they gamble on are posted by the company and staff members.

What if you could decide what to gamble on? Oh boy would that change the game for you! You would make money, have fun, live the high life, and so on. This is the customer mindset I am targeting.

A Gambling "Reddit" - Shut up and Put Your Money Where Your Mouth Is

Just as the name implies. An online place where you can post topics/events to gamble on. Just like with reddit, the more people are betting on a topic, the more popular the post will come and be on page 1. This is how we separate the dirt from the diamonds.

Open up and create sub-gambling "reddits" to make it easy to find the topics you want to gamble on and find the people who would be interested in your gambling posts. Also, moderators spawn from these sub reddits and would be willing to moderate this sub reddit (for a fee most likely, which can be a % profit of bets - wouldn't have to pay them out of pocket).

Anyone can post and beat on a yes/no topic that is verifiable by our mods, workers, whatever. Obviously we will set rules and regulations. Based on how much they put in, those who voted correctly split the profits of the those who voted incorrectly.

ANYONE can play, assuming you're over the age of 21 (use a 3rd party service to verify age). ANYONE. No matter the amount of money they have. Beat a dollar on who gets voted for president. Depending on the circumstances of the beat, you could win 10 cents, 50 cents, another $1. Trading pennies for more pennies or thousands for thousands is up to the person betting.

We make money by keeping a percent of every betting pool for ourselves. EVERY betting pool. Think about all the reddits out there. Imagine if they were all beating.....the cash flow would be disgusting.

Just an idea that I believe has potential. Of course the legalities will be an issue possibly, but big players have already paved the way in this department.

Good or bad Idea?

Advice, much appreciated. Again, looking for some experienced people who see potential and would be interested in getting this going with me.

- Jaylon Freeman

P.S. email me at lifesenterprise@gmail.com if this interests you.

 

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[devine]

There is a certain kind of threads you really don't want to make at TFLF. And this is one of them.

 

[lifese]

There is a certain kind of threads you really don't want to make at TFLF. And this is one of them.

Because it is a good idea or because it doesn't belong here? New to the site, so sorry if the latter.

 

[3things]

No idea about the more social aspects of it, but if memory serves there's already exchanges where you can 'be the bookie' and you can lay odds on pretty well anything. Maybe it was bluesquare?

 

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[lifese]

No idea about the more social aspects of it, but if memory serves there's already exchanges where you can 'be the bookie' and you can lay odds on pretty well anything. Maybe it was bluesquare?

Hmmm would love to check their site out if you have a link. Most sites I found have limited topics to bet on and the actual bets are set by the company, not by those who are betting.

 

[3things]

You'll have to google it, I'm at work I'm just going from memory of seeing commercials for I think it was bluesquare, where essentially you could make your own book and lay bets - essentially being the bookie. I'd take a guess and say that mostly it was around sporting events and financial markets - for obvious reasons, not things that you could easily influence. I could be wrong and it was a few years ago I don't live in the UK any more. As a market anyway, probably check the UK gambling one out, it's huge business there with a lot of innovation.

 

[Veloce Grey]

Hmmm would love to check their site out if you have a link. Most sites I found have limited topics to bet on and the actual bets are set by the company, not by those who are betting.

So what you're saying is, you're interested in setting up a gambling site and you haven't heard of Betfair?

 

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[3things]

So what you're saying is, you're interested in setting up a gambling site and you haven't heard of Betfair?

ahh maybe it was betfair not bluesquare. Anyway one or other.

 

[lifese]

So what you're saying is, you're interested in setting up a gambling site and you haven't heard of Betfair?

By limited topics, I meant limited genres, sorry. Even Betfair is just all types of sports and the next president.

They do not have "endless" possibilities of bets that could be created by users about any genre if a reddit system was used. There will be guidelines of course- a very basic ones are making sure the bet is verifiable, can't be tampered with, public knowledge. You can't beat on something silly like an apple falling form a tree or if you will take a nap; even if you could, no one would bet in and the post would likely get removed from whatever "subreddit" it was in.

 

[Veloce Grey]

By limited topics, I meant limited genres, sorry. Even Betfair is just all types of sports and the next president.

They do not have "endless" possibilities of bets that could be created by users about any genre if a reddit system was used. There will be guidelines of course- a very basic ones are making sure the bet is verifiable, can't be tampered with, public knowledge. You can't beat on something silly like an apple falling form a tree or if you will take a nap; even if you could, no one would bet in and the post would likely get removed from whatever "subreddit" it was in.

The vast majority of what people want to bet on is covered by Betfair/other exchanges or Bookmakers. Do you think Betfair has been operating for 16 years without receiving any feedback on what people want to bet on?

What you are referring to are generally known in the industry as "specials". Bets on fringe things outside the 99% plus of bets that pertain to the big markets like head to head sport or points start/line. So if someone wants to bet on something really obscure they can either find a specials market or ring up and ask for a custom price. For example if someone wants to back their son to play soccer for England in 10 years, you can get a price on that custom bet. The "off the shelf" type specials generally attract very low liquidity which is why you won't find them on betting exchanges in huge numbers.

This is a niche of a niche type market. It is the kind of thing that's barely viable for existing companies with the infrastructure already in place. Often they take the bets more for marketing publicity than as part of their normal operations.

If you're thinking that people out there are spending their time dreaming up incredibly unique bets that other people will also happen to love, I'm sorry but you're wrong. Most people don't think that much in the same way I don't think too much about ordering a cheeseburger. I know what a cheeseburger is, I know whether I like it and I don't need to be offered 1000 different other burgers or to contemplate inventing a new cheeseburger. Team A to beat Team B/cover the spread is most people's betting equivalent.

 

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[lifese]

The vast majority of what people want to bet on is covered by Betfair/other exchanges or Bookmakers. Do you think Betfair has been operating for 16 years without receiving any feedback on what people want to bet on?

What you are referring to are generally known in the industry as "specials". Bets on fringe things outside the 99% plus of bets that pertain to the big markets like head to head sport or points start/line. So if someone wants to bet on something really obscure they can either find a specials market or ring up and ask for a custom price. For example if someone wants to back their son to play soccer for England in 10 years, you can get a price on that custom bet. The "off the shelf" type specials generally attract very low liquidity which is why you won't find them on betting exchanges in huge numbers.

This is a niche of a niche type market. It is the kind of thing that's barely viable for existing companies with the infrastructure already in place. Often they take the bets more for marketing publicity than as part of their normal operations.

If you're thinking that people out their are spending their time dreaming up incredibly unique bets that other people will also happen to love, I'm sorry but you're wrong. Most people don't think that much in the same way I don't think too much about ordering a cheeseburger. I know what a cheeseburger is, I know whether I like it and I don't need to be offered 1000 different other burgers or to contemplate inventing a new cheeseburger. Team A to beat Team B/cover the spread is most people's betting equivalent.

Thanks for the feedback and giving me more perspective!