Frequently Asked Questions
HOW DOES THIS WORK?
BetMoose lets you bet on the outcome of future events.
Anyone can create their own futures contract ("bet"/"proposition") under their own proposed terms. Anonymous and registered users place their wagers on the outcome they predict will come true. At the 'Betting Deadline', the betting stops, and a waiting period begins until the outcome time is reached. At the outcome time, the host sets the correct outcome. To prevent unfair resolutions by the host, bettors have 24 hours to report the prop.
Hosts earn reputation and commissions from accurately resolving so cheating is rarely seen. However, if any reports are received, the payout is halted and a BetMoose moderator will decide the outcome. If the BetMoose moderator cannot reasonably decide the outcome, the bet is cancelled, and all funds are returned.
Not all propositions are created equal, please read the 'Decision Logic' and look at the timeline the host has set before wagering.
1. What does "Parimutuel" and "Fixed Odds" mean?
BetMoose has 2 different bet types:
Parimutuel bets have the bar appearance and fixed-odds bets have the buckets.
The difference is the way the bets pay out:
- With fixed-odds bets, you lock in the odds you see when betting. The payout is simple: if you wager 1 on 'Yes' at 2.20x odds, your payout will be 2.2.
- With parimutuel bets, your wager is placed in a pool and your odds can change (favourably and unfavourably) depending on how the volumes change over time. The payout calculation for parimutuel bets is [shown here].
For a more detailed comparison between the two bet types, see [this].
2. What does all the information mean within Fixed-Odds bets?
Here's a visual:
3. What's a good parimutuel betting strategy?
Spread your bet on multiple options depending on your expectations of the event. For example, in a classic Yes/No bet, if you think an event is 75% likely to happen (and you have 10 to bet), place 7.5 on Yes, and 2.5 on No. This way, you maximize your returns, and minimize your risk (since you'll get a proportion of your own coins back at the end regardless of which option wins). We won't bother you with the math here, but we encourage you to run your own calculations.
4. Where can I check my bet status and proof of payouts as an anonymous bettor?
At the bottom in the footer, click ‘Track Anonymous Bet’ and enter the deposit address you used to make the bet or your receiving address that you inputted when placing the bet.
5. As an anonymous bettor, can I reuse the unique address given to me when placing a bet?
Yes. This will place another bet on that same option.
NOTE: If you do this after the bet deadline, we will send the coins back to your originating address automatically, taking out the bitcoin miner's fee.
6. Is there a minimum bet amount?
No, but if you are betting anonymously, we recommend you send more than the current recommend Bitcoin miner fee. We will not return or pay out amounts that are less than the miner fee.
7. What does the Time Multiplier do?
Simply put: the earlier you bet, the more is your share of winnings. The time multiplier is only seen in 'time-weighted parimutuel' bets.
The starting multiplier depends on how far the bet is into the future and goes down to 1.000x by the bet deadline. The multiplier is 1 + (0.005 * # of hours between the current time and the bet deadline).
Here’s an example:
A bet has 2 options: “Yes” and “No”. “Yes” has volume of 1 - “No” has 0. The bet deadline is 200 hours into the future (time multiplier of 2.000x).
You bet 1 on “No” (at the 2.000x time multiplier). Your ‘time-weighted’ bet value is 2.000 * 1 = 2.
On the last minute before the bet deadline, someone else (a last-minute bettor) also places 1 on "No", but at a late-time multiplier of 1.000x. That ‘time-weighted’ bet is worth 1.000 * 1 = 1.
Let’s say “No” wins. The amount to be split between the 2 bettors on the “No” side is 1 (total volume of “Yes”). Since you both bet the same amount but you bet at a 2x multiplier, you will get exactly 2x more of the opposite pot than the other late bettor. Your payout is calculated as follows:
(your bet) + [(your weighted bet) / (total weighted volume on your side) * (total volume to be split among the winners)].
In this case, it’s 1 + [(2 / 3) * 1] = 1.66666667 will go to you, and 1.33333333 will go to the late bettor. Note that for simplicity, fees are not included here.
8. What is ROI?
ROI (Return On Investment) shows your payout relative to what you put in as a %. If you deposit 1 and get back 2, you've made a 100% ROI.
Your ROI in the profile is calculated as (Total Profit from resolved bets / Total Placed within resolved bets).
9. Can I withdraw my bet once placed?
No. Please be careful and don’t bet on things you don’t mean to.
There are two exceptions:
- If you are the host, you can delete the bet and get the coins back ONLY while there are no other bets placed. As soon as someone else places their bet, you can no longer delete your bet. Please report your bet or contact us. We'll be adding an automated option to do this soon.
- The bet becomes invalid (impossible or unfair to resolve). These bets will be cancelled and all coins returned with no fees. Please report bets that become impossible to resolve. Please note: anonymous wagers that are refunded will incur miner fees.
- Note that it is possible to 'cancel out' your bet with the parimutuel betting mode. Bet on the other side with the same amount (if time-weighted, adjust for the multiplier) and you should get back what you put in (less fees). This gets more difficult if the bet has more than 1 outcome option.
1. Can anyone host?
Yes! If you log in, you can host a bet! Your bet becomes active immediately after you create it. However, please note that we may still review a bet after posting and cancel any bad bets. Please make sure you pay close attention to describing your 'Decision Logic' clearly, and accounting for all possible outcomes correctly so no questions are raised during resolution.
2. What is your duplicate policy?
As we do not pre-moderate any created bets, duplicates are a natural and frequent occurence. We ask all our hosts to please run a search with key words before creating a new bet. If any duplicates are found or reported, we may cancel or delist one of them based solely on our discretion, which considers: who created the bet first (please don't 'camp' a future sports game by creating the bet 12 months prior), the current volume of the bet/activity within, the quality of the bet (title, description, picture, decision logic, timeline), and the host's reputation. If you'd like to knowingly create a duplicate to share with friends directly, please host it as an 'unlisted' bet.
Duplicates that are a different bet type (Fixed Odds/Parimutuel) are allowed.
3. What are some good and bad bet examples?
You should only host bets that have an objective, verifiable outcome. That means a bet outcome should not vary based on perspective, and that anyone should be able to verify it. Good examples: sports, stock prices, weather, news, entertainment awards (like the Emmys), presidential candidates, controversial political actions, etc., are all publicly verifiable and objective. A bad bet is “My mom will get home late today”. Not only is this (probably) not interesting to others, but there is no public way to verify the outcome. In addition, the word ‘late’ is subjective.
Please Note: Bets which can be easily swung such as, "Will this bet have volume > X?" may be cancelled as they are unfair to one side (in this example, the bettors that would be betting 'No'). In addition, bets on a person's death are not allowed.
As a general tip, paying careful attention and spending the time and effort into hosting a bet goes a long way.
4. Can the host edit the bet?
The host can change the description and picture at any time. Any other information can be changed with the approval of a BetMoose moderator and the change will be outlined in the comments. As the host, please use the ‘Report’ button and select ‘Edit request’. For dead links/typos, the changes are easy and we will always honour them. However, changing the outcome scenario may take some time and may need to be validated with the bettors, or be outright rejected. Remember to have good supporting logic for your change!
5. What do I earn as a host and what are the level requirements?
The structure is as follows:
Level 0 (0.5%) - - everyone begins here
Level 1 (0.6%) - - 1 successfully resolved bet
Level 2 (0.7%) - - 2 or more resolved with cumulative volume of 10 or more
Level 3 (0.8%) - - 3+ resolved and cumulative 30+
Level 4 (0.9%) - - 4+ resolved, cumulative 50+
Level 5 (1.0%) - - 5+ resolved, cumulative 100+
Please note: For fixed-odds bets, the host commission is only earned from backer winnings (those who placed a bet and won). Commissions are not earned from those who won their lay bet (offer).
6. Why won’t the host just choose whichever option he wants?
BetMoose has a strong verification system in place from both our side (BetMoose moderators) and the users themselves. As a bettor, you get notified when a bet is resolved and the option the host chose. From there, you have 24 hours to submit an ‘incorrect outcome’ report (a 2-click process) if the outcome chosen was incorrect. Those hosting have an incentive to choose the correct outcome as they get a commission from the total bet pot and earn reputation levels, both of which are lost and forfeited if they resolve incorrectly.
1. How is the payout calculated for parimutuel bets?
If you are correct, your payout is (your bet) + [(your weighted bet) / (total weighted volume on your side)] * (total volume to be split among the winners). "Weighted" means (time-multiplier * bet amount) and doesn't apply to 'Unweighted' bets. Payouts are also deducted 3% which is shared between the host and BetMoose.
2. What does “You can’t lose if you win” mean?
If you win your bet, the *minimum* you will get back is your deposit - you will not be charged any fees if your bet payout is less than or equal to your bet deposit. For fixed odds bets, this means if you ever place a bet at 1.03x odds or below (for whatever reason), you will get back your deposit (no fees, but no winnings either). For parimutuel bets, this will only matter in the case of significantly lopsided bets. Consider a 1 vs 1000 bet where you bet on the second side and win. Even though you won, your fees would technically exceed your payout, but BetMoose will still return your whole deposit back.
3. How does the resolution process work?
When the ‘Outcome Time' is reached, the host gets notified via email and has up to 24 hours to set the outcome. Once set, the bettors get notified and have up to 24 hours to report the bet as an incorrect outcome. If no reports are received, the payout processes. If any reports are received, the bet will not pay out until a BetMoose moderator reviews the reports, then mediates the correct outcome. Please note that payouts can take up to 10 minutes after the payout timer expires.
Note: If the host doesn’t resolve within 24 hours, the bet is automatically forwarded to BetMoose for resolution. The host will lose their commission.
4. Can a bet resolve early?
Yes - please report this as “Outcome is known” and specify when you knew it (and source to verify). You should also post in the comments to let others know. We will resolve and payout these bets early. Any bets placed after the outcome was known will be cut off and refunded.
Note: Not all bets can be prematurely decided - for example, a bet about the bitcoin price being greater than $700 at the end of the month can only resolve at the end of the month, even though the price may have exceeded $700 beforehand. If you have an unclear scenario as a host, please specify if early resolution is possible in the 'Decision Logic' field.
5. Something is wrong with the bet logic/timeline/options etc.
Please report any errors with the red 'Report' button found on every bet page. Please try to explain the error clearly to help communicate your report to our support staff.
6. What are the fees?
3% is deducted from winning payouts. There is no fee taken if a proposition is unresolved, unmatched, cancelled, etc., and you will never get back less than your stake if you win. The commission is shared between the host of the bet and the site, depending on the reputation level of the host (See here).
1. What are some site-specific security practices BetMoose follows?
BetMoose locks in your withdrawal address upon registration with a 2FA approval for withdrawal changes and a 24-hour ‘cooling off’ period. This means that even if an unauthorized user gets access to your account, the worst they can do is withdraw your coins to your own wallet. Any bets placed using your balance are also delayed (by up to 48 hours) to payout so a hacker or malicious user has limited options when hacking into your BetMoose account.
Please maintain control of your bitcoin address on file at all times, as we may ask you to sign a message from your bitcoin address in some support scenarios.
2. How do I know the coins I bet are secure?
BetMoose keeps all bet deposits in cold storage. This is especially easy for us as we know exactly when the bets will be resolved ahead of time and have designed our systems with this in mind. In addition, large deposits that users have in their balance are also stored in cold storage, which is why a large account withdrawal may sometimes be delayed.
Please get in touch if you have additional questions.
1. Why should I sign up?
Be part of something cool. In addition, here's what comes with your free registration:
- 2-click bet placing, with instantaneous confirmation
- Refer others (20% revenue share program)
- Host bets
- Make offers within fixed-odds bets
- Matching deposit bonuses by BetMoose (coming soon) as leverage, or other promotional perks
- Report comments and bets to help keep the platform clean
- Transparent and detailed transaction and betting history
- No chance of incorrect payouts (would only happen if the anonymous bettor input an incorrect receiving address when placing their bet)
- Compete in the hall of fame and get perks for having achievements.
2. What are the advantages/disadvantages of parimutuel vs. fixed-odds betting?
- Easier to host and no minimum initial offer requirement - good if you're setting up a prop for other parties and would like to be used as the credible resolution source without any starting stake.
- Can wager on both sides and control the odds according to your expectation of the event ('run the bet') (advanced users). You win if your expectations were accurate. This won't work unless you have a proportionally large amount of volume.
- Can effectively cancel out your bet by betting on the opposite side. This won't work unless you have a proportionally large amount of volume.
- If the bet is time-weighted and you bet early, you are guaranteed to win more per BTC spent than someone who bets the same amount later. In other words, 'predicting correctly' earlier on guarantees you'll win more than someone who predicted the same outcome later.
- More exciting to participate in the bet as expectations and payouts change as more people add volume to the bet.
- No payout caps - a 0.1 bet against 1 will pay out 1.1 if correct.
- Odds may change in your favour as more volume gets placed the opposing side(s). Your initial bet that would have paid out 2x before may pay out 10x by the end.
- Arbirtrage scenarios are possible and common if you set your wagers up correctly on long-term bets that end up capturing more additional volume over time.
- Odds may change unfavourably against you. Your initial bet that would have paid out 2x before may pay out 1.10x by the end if more users place volume on your side.
- If you're the first person betting and wish to bet a large amount, there's no guarantee anyone will take the opposite side(s) with equal volume.
- MYTH: You may lose 1 to someone who bet 0.1 against you. This is a myth because if that happens, it's actually your fault. See [above].
- Easier to commit to bets - you know exactly what odds you're getting - they will not change and you're guaranteed that payout.
- You can place 'lay' bets (offers) which is a strategic way to bet against an outcome without having to back (place bets on) the other individual outcomes.
- You can run your own book! This is unique to BetMoose and allows you to act like a market maker and even earn a commission from the bet pot as a real book would.
- Since fixed-odds is more traditional, there are many trading strategies you can employ. Once our API becomes public, this could mean fully realized trading bots.
- Market odds may change favourably but your initial bet is not adjusted. If you wanted to capture the new odds, you would have to bet again.
- You cannot back out or cancel out any of your bets. You can back another side but it would not have a directly proportional effect as a parimutuel bet would.
- Slightly more complicated to new users.
3. Why did you choose the name BetMoose?
- Because most people associate 'moose' with something random, which reflects well with our 'bets on anything' motto.
- Because moose and forests make us more 'down to Earth' and human, which is (we think) a nice contrast to the current digital and abstract bitcoin ecosystem.
- Because the moose is an epic beast - did you know that in terms of raw numbers, they attack more people than bears and wolves combined, and kill more than grizzly bears, by a huge margin? In the Americas, moose injure more people than any other wild mammal and, worldwide, only hippopotamuses injure more. They also make scary sounds, and can kick in any direction (unlike a horse). They are however, generally very calm, friendly, and intelligent. We're proud to be associated with this gentle giant. It is unfortunate that western culture associates moose with a dopey character like Bullwinkle.
4. What's the plural of moose?
Still have questions? Please Contact Us.