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YBet_eu
FAQ
What is this site about?
On YBet you can bet on events across a variety of categories ( sports, finance, etc. ).
All the events are YES/NO questions and you have to choose YES or NO and place your bet on the answer you chose.
Example event: Will the gold price be higher than $50,000 per Kg this year?
If you think it will then place your bet on YES, otherwise pick NO.
Each event has an expiration date, at which the answer to the question is revealed and no more bets can be accepted.
You can bet anonymously and without registration/login. How can that be? Placing a bet is so simple that no account is required: when you place a bet, you send a Bitcoin deposit to a unique Bitcoin address we create for you, that will be uniquely tied to the Bitcoin address on which you want to receive your winnings. That's about it. Please read the next FAQs below to learn more.
What is Bitcoin?
Bitcoin is the new trend for sending payments. It is a widely used electronic payment method over the Internet, it lets people send money directly to each other without having a bank or intermediary that can control the money. Pretty much like cash, but over the Internet.
You keep your Bitcoin money in your PC or mobile and make transactions from there to other people directly into their computers or phones, thanks to the many wallet apps and programs available ( Electrum, Coinomi, FreeWallet, etc. ).
Alternatively you can have your Bitcoins in an online wallet website like Blockchain.info or Coinbase, but this is considered less secure even though it's a little easier.
The easiest way to get Bitcoins is to buy them from exchanges like Bitstamp or directly from other people. Another way to get them is mining, but this is out the scope of this FAQ. For more info about Bitcoin, please browse the Official Bitcoin Forum or watch this video
What is Bitcoin?
What are the Altcoins?
The so-called Altcoins are newer digital money currencies alternative to Bitcoin. They work exactly like Bitcoin, as they started up as being simple clones of it with some improvements, like faster transactions and lower transaction fees.
Litecoin is an example of Altcoin.
How can i place a bet?
Click on a bet event from the home page, you will get to the bet details page. From there, fill this info:
- Your Bitcoin* account address: we need that to be able to send your winnings back to you. You can find out which is your Bitcoin address by opening your wallet software/app, which will show your address usually under the "Receive" section.
- Your Pick: choose YES or NO
Finally send the Bitcoins you want to bet to the account we provide you at the next step. This Bitcoin address is monitored by us and is linked uniquely to you and your bet, so that we know that all the Bitcoins received by that address are the ones you are placing for your specific bet.
Your Bitcoins will be kept there until the answer to the event question is known and you eventually will receive your winnings.
*this applies to the other supported currencies as well, like Litecoin
Are there any fees?
1% of your bet amount will be deducted by YBet.
Are there bet limits?
Minimum bet amounts are shown below, for each currency. If your bet is below the minimum it will be rejected and we may decide not to refund you.
BTC 0.010000
LTC 0.010000
BCC 0.000200
BTG 0.000500
DSH 0.000050
Is there a time limit to send my coins?
When we ask you to send the coins you want to bet to a deposit address, you don't have a time limit to make your transaction. You can send the coins whenever you want as long as we receive them before the event expiration.
If we receive your coins when the event is already closed, your bet is not valid and we may decide not to refund you if your action was intentional, because it is unfair behaviour that can be detrimental to other players and the website functioning.
How much am i going to win?
A winning calculator is available for you to use before you place your bet, but keep reading if you are interested in knowing how it works.
Odds are calculated with a "parimutuel" scheme: winners will get back their wager plus the losing bettors' wager. So they are not being payed with the bookmaker's own money but by the players that lose.
The losing bettors' total wager will be distributed to each winner in a way proportional to his bet amount and the time left before the event expires. So if a winner placed his bet earlier, he is going to get a bigger return than if he placed it later.
This is because it is harder to predict the outcome of an event with big anticipation rather than doing it just before the event happens. Think about a sports match: knowing the players' health state a few hours before the match gives you a useful information that can help you predict the match outcome, while knowing their health state one month before does not help.
Let's define your bet "Weight", a number between 0 and 1, for expressing this concept: if you place your bet before the other bettors, your weight is higher than if you do it after them and so you have a higher winning potential.
Weight = RemainingTime / TotalTime
Where RemainingTime = time span, in seconds, from the moment you placed your bet until the event expiration
And TotalTime = total event duration in seconds
Example event: Will the gold price be higher than $50,000 per Kg before next year?
Event start: 2017-10-01 00:00:00 GMT
Event expiration: 2018-01-01 00:00:00 GMT
Then TotalTime = Total event duration in seconds = 92 days x 24 hours x 3600 seconds = 7,948,800 seconds
If i place my bet at date 2017-10-04 00:00:00 GMT, there are 89 days left, that is 7,689,600 seconds
Then my Weight=7,689,600 / 7,948,800 = 0.96739
Suppose that:
- i have bet 1 BTC on YES
- another bettor, Joe, bet 0.1 BTC on YES, and his bet has Weight 0.5
- 3 other people bet 1 BTC each on NO
- the event outcome will be YES, so that me and Joe are the winners
How much is my net win? The formula to be calculated is:
Net Win = LosingBet x MyWeightedBet / SumWeightedBets
Where LosingBet = sum of amounts bet by the losing bettors, minus fee = 3 BTC - 1% fee = 2.97 BTC
MyWeightedBet = MyBet x MyWeight / TotalWinnersWeight
MyBet = the amount i placed = 1 BTC
MyWeight = my Weight already calculated = 0.96739
TotalWinnersWeight = sum of all the winners' weights = 0.96739 + 0.5 = 1.46739
SumWeightedBets = sum of all the winners' weighted bets, calculated like MyWeightedBet
Now let's find MyWeightedBet = 1 x (0.96739/1.46739) = 0.65925 BTC
Let's calculate it for Joe as well. Joe's WeightedBet = 0.1 x (0.5/1.46739) = 0.034 BTC
So, my Net Win = 2.97 x 0.65925/(0.65925+0.034) = 2.82434 BTC
I am going to receive back 1 BTC (my bet) plus the Net Win calculated above. What about Joe?
Joe's Net Win = 2.97 x 0.034/(0.65925+0.034) = 0.146 BTC
So Joe is going to receive back his bet (0.1 BTC) plus his Net Win 0.146 BTC
NOTE: you will only win the coins from the losing bettors that used the same currency as yours. For example if you bet with BTC and you win, you will receive coins from the losing bettors that placed a bet with Bitcoin, but not from the ones that placed a bet with Litecoin or other currencies. So it's like the bettors are divided into independent groups, each group using a different currency, and the bettors in each group are challenging each other but don't play against other groups.
Are currency conversions done at payout time?
No, there is no currency conversion to be done.
If you win, you only win the coins from the losing bettors that used the same currency as yours.
For example if you bet with BTC and you win, you will receive coins from the losing bettors that placed a bet with Bitcoin, but not from the ones that placed a bet with Litecoin or other currencies.
So it's like the bettors are divided into independent groups, each group using a different currency, and the bettors in each group are challenging each other but don't play against other groups.
Can i create betting events?
Yes, actually all bet events are user-submitted ! Go to the Create Event section from the top menu to submit your own bet event. YBet moderators will review it before publishing it on the home page. In order for it to be approved:
- the probability of YES and NO must be sufficiently balanced, that is the YES outcome must not be much more likely to happen with respect to the NO outcome, nor vice-versa.
- the event expiration date must be reasonably distant in the future, the only exception being the very popular events that can attract many punters even in the short term
- indicate a reliable and unbiased source that is going to provide the outcome. Example: if it is about the price of a currency, indicate a major forex exchange to be used as the price reference
- in general, the outcome should be easily verifiable
What are OPEN, CLOSED and RESOLVED events?
When an event starts accepting bets, it is marked as OPEN. After its expiration date it is CLOSED and bets are not accepted anymore. After then the outcome of the event is published and it turns into RESOLVED. Finally the payouts are sent to the winners.
When will i get my winnings?
From the time that an event becomes RESOLVED, the payouts are usually sent within 1-2 hours.