BetMoose Review
4.5 stars - "BetMoose Review" BetMoose Review

BetMoose Review

betmoose.com|US Predictors Accepted!|2014 logo
Written on: December 1th, 2015 | Author: David M
QUICK TAKE
  • Wager on real world events anonymously and instantly with Bitcoin
  • Set up your own bets, and earn a percentage of the fees collected on the action
  • Hurting for liquidity, but there is still action to be had
  • US bettors warmly welcomed

Summary

Betmoose is the latest entry into the bitcoin prediction market space, having opened it's doors in July 2014. In a comparatively short time Betmoose has built up a reasonable amount of volume and there is some action to be had on the platform. Users are meant not only to bet on the prediction markets but to host them, setting up bets on how current events will play out - Will Asad still be President of Syria by the end of 2016? - and settling the outcomes of the events themselves.

We very much like Bet Moose's method of outcome settlement, which delegates the responsibility to the crowd, while acting as an intermediary as and if required. It is an interesting compromise between the complete decentralization of Augur, which requires high investment and technical engineering, and Fairlay or Predictious, in which the crowd is dependent entirely upon the operators to settle the markets.

HP

Give BetMoose a Try Now!

Opening a BetMoose Account

Betmoose truly excels in the registration department. Matter of fact, registration is entirely optional, and bets can be placed by anyone, anonymously, simply by selecting a prediction market, selecting your bet, and sending the bet amount to the Bet Moose bitcoin address supplied. Winning bets will be sent back to the address from whence they came.

Completing the registration is not much more difficult,and allows additional privileges, like hosting bets or joining the refer-a-friend program. Username, pass and email is all it takes to open an account. To make your first deposit, simply click on the "bitcoin 0.00" tab at the upper right hand corner of the website, where you'll find your unique deposit address. Withdrawals are requested from the same screen - you will notice a large withdraw button where you can do the needful. Deposits are processed instantly, and betmoose pays the miner fees on withdrawals, which are quickly processed.

Placing a Bet at BetMoose

There are two different bet types offered, Parimutuel and Fixed Odds.

Parimutuel Bets

A Parimutuel Bet is one in which the payouts will change over the course of the bet based on how betting volumes change.  Here is the current paramutuel-style republican primary betslip.

betslip

However, let's use the democratic primary for purposes of our example, because it is convenient for the screenshot we need to use below.  Let’s suppose a user were to bet that Hillary Clinton would win the Democratic nomination for President of the United States. When the bet was initially placed, people were less certain as to the outcome due to speculation that Joe Biden would run as well, and thus the bet would pay out a relatively handsome return. However, after Vice President Biden dropped out there was greater certainty that Secretary Clinton would win the Democratic nomination. Thus, a greater number of bettors wagered on her eventually winning the race, which served to drop the overall odds.

This would be extremely unfair to the early bettors, who backed Hillary Clinton at a time when her eventual winning was less certain, and thus bets have greater or lesser weight based on when they were placed, according to the following equation: 1+(.005*number of hours between the current time and the bet deadline).

Assuming you've picked the winning horse, your weighted bet is plugged into the following formula to determine your payout:

bet+[(your weighted bet) / (total weighted volume) * total volume to be split].

Please note that, though rare at Bet Moose, there are also non-time weighted parimutuel bets - this can be checked within the bet interface for any particular prediction.

Fixed Odds

Fixed odds bets, which are sparsely represented at Bet Moose, don’t change over the course of the bet. For instance, continuing to use the democratic nomination for president as our example, odds could be established at the beginning of the race for each and every potential democratic nominee. This could be done by a host at the beginning of the bet, in which case the host would be “taking the action”, while the community has the opportunity to offer odds on existing bets as well.  Let’s imagine you’d like to offer odds on Mrs. Warren winning the nominations, meaning you’d like “lay a bet” on her - or in other words you would like to bet she will not win. Bet Moose offers an easy to use method for offering the odds and amounts, shown below.

offer-odds

Hosting a Bet

To host a bet, simply login and click the "new bet" button on the homepage. You'll be taken to a bet hosting interface, within which you must input the bet, the description, the decision logic, the betting deadline and outcome date, and the bet type (Parimutuel or Fixed). If you choose the fixed odds category, you'll need to act as the house, which would require depositing an amount ahead of time to ensure potential bettors have some action. The parimutuel bet does not require any up front pay-in from the host.

Hosts are compensated with a portion of the 3% fees taken by betmoose from winning bettors, according to the following table:

Reputation Level  Payout Percentage  Requirements 
0.5%  Registration 
1 0.6% One successfully settled bet
2 0.7% Two or more successfully settled bets with 10 BTC cumulative volume 
3 0.8% Three or more successfully settled bets with 30 BTC cumulative volume 
0.9%  Four or more successfully settled bets with 50 BTC cumulative volume 
1.0%  Five or more successfully settled bets with 100 BTC cumulative volume 

Settlement Process

As host, you will be required to settle the bet according to predefined sources on a predetermined date (i.e. "who will be elected President of the United States in 2016" could use the source "The New York Times" two days after votes counted to determine the answer). Failure to report on time or accurately will result in forfeiture of a hosts payout percentage and the loss of reputation level. Furthermore, inaccurate reporting is extremely unlikely to actually work. After results have been posted, bettors have a 24 hour period to report inaccurate results, which will be checked by site monitors (who are also vigilant in ensuring results veracity.)

Mobile

While the site isn't really designed with mobile in mind, all functions can be fairly easily performed from handheld devices, though the fat-fingered amongst us might have trouble squeezing our fingers into their small little boxes. (Get your mind out of the gutter, really).

Support

Support is available via email, and they earnestly endeavor to respond promptly to inquiries from customers.

Bottom Line

We are big fans of Bet Moose. Like all bitcoin prediction market platforms, the big question mark is whether they will be able to gain enough liquidity to really have impact in the wider and currently untapped prediction market market. Even at current levels, however, Bet Moose is worth having a tinker with, definitely a fun and interactive product.

Visit BetMoose!

[back to top]