| Ka-pi96 said: 1. Winning a lot more money would only be a possibility. It certainly wouldn't be a guarantee. It would depend entirely on how many people are participating and what their bets are. There may well be more scenarios in which you'd win less than those in which you'd win more actually. That said it's probably a moot point since it would either be a massively unfair system in which somebody betting $1 would win the same as somebody betting $1000, or it would be a massive pain in the arse to code so that it distributes money proportionally based on how much each winner bet, so I doubt it would be implemented. Perhaps a better proposal would be to have the option of a raffle style bet as an alternative. So you can choose a regular bet, or one where the "bet" is a fixed amount so nobody is betting more or less than anybody else and then the winnings are split evenly between all winners. 2. I don't know too much about horse racing specifically, but odds aren't really based on popularity. They're based on what experts think their chances are given current form, conditions etc. They are adjusted based on popularity, but I'd argue that's much more to do with the house trying to limit how much they could lose and maximise their profits. Not really a concern here where the house isn't really a factor. 5. I'd love to see some betting badges for sure! |
Awesome ideas @Ka-pi96 Thank you.
1) This first point it is important to discuss because I feel I haven't explained it yet. if two people bet on the same thing, and one bet $1 and the other $100 they would get back different amounts of money. Just like there is right now, there would be a multiplier. The only difference with my proposal is that the multiplier is dynamic. Instead of always being 1.5x it would be based on how much money was on the pot vs how much was bet on the winning answer.
Here is an example from a bet from @Mnementh :
Let's say that the correct answer is 15-17.5M. This means that 3 people won.
The multiplier would be calculated like this (totalPot/WinningBet) (7,914.69/1,446) = 5.47.
This means that if one of the three winners bet $100, then they would get payed $547
While if someone else placed only a $10 bet, they would win $54.7.
So the programming is basically just making the multiplier adjust based on who won, the rest of the system would stay exactly the same.
2) What I enjoy about the horse racing system is that the house doesn't care who wins. Like I mentioned before, in horse racing, the winners divide the total Pot (minus the house cut). The way the house makes money is that they take a percentage of the pot, lets say they take 10% of the pot and then distribute the rest amongst the winners by using the Dynamic multiplier. So in this system the house is only motivated by trying to have more people bet, they don't care who wins the money. odds of each horse is calculated the same way I showed the dynamic multiplier. That is why when you go to a race you will see the odds changing every few seconds.
3) You mentioned the raffle system, I think this is another type of system we can think about and maybe it could be the best proposal. What I like about it is that it would prevent people from gaming the system. It will also pay better for people that make bold predictions rather than the safe bets. The only difference really with my proposal is that there would probably be a lot less money in the pot, thus making it harder for someone to make a lot of money. The good thing about the open amounts is that someone like you could beef up the pot for everyone else. Making it a lot more attractive for others to join.
Thank you very much for the discussion, it is great to organize ideas and compare thoughts.
