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Here we will see in a generalized way how the platform works.
Upon entering BettyBets the user has the option to create a new bet or to participate in bets generated by other users.
The creator of a bet must predict the outcome of an event whose result will be publicly known, for example: "Such and such team will win such and such match".
In turn, the creator will choose between "YEAH!" and "NAHH!".
The bets have 2 dates: The closing date and the end date.
Closing date: This is the date until when you can bet, i.e. after that date the bet will no longer be publicly seen and you will not be able to participate in it.
End date: It is the date on which the outcome of the event is already defined.
Bets go through 2 stages of moderation:
Approval - Moderators will decide with their vote if the bet is valid to be published on the platform. Definition - The moderators must establish whether the predicted premise was fulfilled or not, i.e. whether it was "YEAH!" or "NAAH!", or whether the bet resulted in a tie because it was not possible to define the outcome of the event in a suitable way.
As soon as a bet is created and approved, it will be published on the platform and will only count the amount of BETTYS wagered by its creator. This is the initial pool.
Players who wish to participate may choose to affirm the outcome predicted by the creator by playing the same or deny it by playing the oposite.
Once the bet has been finalized and moderated, the platform will pay out its share to each player who has won.
The distribution of the prize is proportional to the bet placed, i.e.: If the user's bet constitutes 10% of the amount wagered on the winning outcome, he/she will receive what he/she wagered plus 10% of what was wagered on the losing side after commissions have been deducted.