Notice: on Aug. 1st 2016 our fees will increase to 2%

FAQ

BITBET IS LIVE AGAIN !
What happened?

As of May 2016, the BitBet website is under new management: the previous owners decided to auction it off because of internal disagreements.

Before the auction began, the site was frozen:
- new bets could not be created
- betting on existing bet was not possible
- comments were however still allowed

Then, the following happened:
- detailed accounting of assets and liabilities was conducted
- bets that were closed at the time of the auction were properly paid out
- bets that still open were cancelled and all wagers were refunded
- all other creditors were paid in full
- The final settlement transaction is here:
a0f12a33413ec3a38e3ae931068febec133b083d72810fc586a8b1c5f0d7922a

Why was the site down for so long?

First, a lot of work had to happen to ensure that BitBet would be handed off with a clean financial slate. Proper accounting takes time and energy.

Second, as a result of the transition, a number of key infrastructure pieces had to be rebuilt from scratch (servers, DNS, cold/hot wallets, databases, acls), etc. This also takes time.

Third, the new operators of the site took the time to understand in depth how BitBet works and tested the new site extensively before they felt it was ready for prime time again.

As a consequence of all this BitBet went off-line for about a month, but it is now fully operational again.

Has anything changed?

Nothing has changed except for the operators of the site. The site operates exactly as before, and the policies remain identical.

One thing to be aware of: the bets that were cancelled because of the transition are still visible on the site and have all been resolved as "NO".

While this may feel inconsistent (the proper resolution should be "CANCELED & REFUNDED"), there is a limitation in the current design of the system that prevents us from doing anything else. In practice, this has no material impact as all bets placed on these have been refunded.

Will anything change?

We do plan to bring a number of improvements to the site, most notably we would like to make it more mobile friendly.

Also, and in slightly less pleasant news, we will likely have to increase the BitBet fee, to cover infrastructure costs better. However, the fee will remain the same (1%) until June 1st 2016.

Will the new BitBet live up to the standard of the old one?

We will try our absolute best to operate the site with the same integrity and reliability as the previous operators.

That being stated, we do understand that at the time of this writing (May 2016), this statement has very little value, as the new BitBet management team has yet to earn the trust of its users.

Given the nature of the site, the only way we know hw to build this is over time, via scrupulous management of the site and its security, detailed and irreprochable keeping of the books, and a strict adherence to principles of integrity and fairness.

As a place to start, the BitBet management team's identity can be verified using the GPG key with fingerprint 0xECD7837E31974995

While we will not GPG sign every message sent by BitBet, we invite our users to request such signature any time there is a doubt as to the authenticity of a BitBet message.

Finally, we invite our users to initially bet small amounts, thereby increasingly making sure that the BitBet management team is competent and trustworthy. We are not in a hurry and plan to take as long as needed to establish our reputation and earn the trust of our users.

PLACING A BET
What if I bet after a bet is closed?


BITBET WILL KEEP YOUR MONEY !!!



Do not, UNDER ANY CIRCUMSTANCES, bet after a bet is closed.

If you do this, you will lose your money, WHATEVER THE BET OUTCOME MAY BE.

This policy also applies if you somehow manage to bet after the condition of the bet has been satisfied, hoping for an easy win: YOU WILL LOSE YOUR MONEY.

A bet placed after betting closes will NOT BE REFUNDED UNDER ANY CIRCUMSTANCES.

Please understand that this policy, while it might at first seem unfair, is in place to protect both the site and the legitimate users of the site from abuse.

This policy's intent is NOT designed to take advantage of legitimate users.

What if my transaction was sent before but confirms after betting closes?

THE "LATE BET" POLICY (SEE ABOVE) APPLIES:

BITBET WILL KEEP YOUR MONEY.


To be on the safe side, please do not bet on a proposition that is going to close soon, or where the bet has already been satisfied (sometimes, bets get satisfied early).

In particular, if you send money before the bet closes and if your transaction confirms only after betting closes, you will lose your money.

To ensure that your transaction confirms in a timely manner (before bet closes), please make sure to include appropriate fees.

How do I bet on an existing bet?

. Simply click on the proposition that interests you, then click "Bet".
. You will be prompted for a BTC address where your winnings will be sent if you win.
. After that BitBet will give you another BTC address where you should send your bet.
. Please note that all addresses and all transactions will be listed on the bet page.
. As such, do not send from any address that you would like to keep private.

PLEASE NOTE:
The beneficiary address can never be changed, under ANY circumstances.
Please make absolutely sure you control the address you submit !

How long does it take for my bet to be processed?

Your bet is accepted once it shows up in the list displayed on each bet page. This occurs automatically after the transaction containing your payment receives one confirmation on the bitcoin network. There is relatively little we can do to speed things up. There is however a lot you can do. Most importantly : include a reasonable transaction fee. Also useful : make sure your bitcoin client is well connected (at least five peers), to low latency peer. Obviously, double spend transactions will never confirm at all, and will never appear on the bitbet page.

Note that it is your responsibility to make sure you are not betting on events that have already occured. For such cases, please see What if I bet after a bet is closed?

How do I create an account?

You do not need an account to use BitBet. Bitbet was in fact specifically designed to make accounts irrelevant and unnecessary.

What happens if I win?

Once a bet is resolved and payouts are sent, if you placed a bet on the winning side your winnings will be sent to the payout BTC address you provided when placing the bet. This may be an online wallet, a Bitstamp wallet, etc. Once again, when you provide this address, you should make absolutely sure you enter an address you control. Please note that all transactions will be listed on the bet page and will therefore be visible to all. Do not use an address that you would like to keep private.

What does "closed" and "resolved" mean?

All bets have a specified end time and date. At that time, the bet will be closed automatically. In some circumstances bets may be closed early, if the bet has been definitely satisfied before the specified date. For example, a bet on whether one BTC will be worth less than one LTC at any point during the month of June would normally close early July. However, should one BTC be worth less than one LTC on June 14th, the bet will close early, on June 14th.

All closed bets will be resolved by BitBet moderators, with the resolution displayed for public review for 24 hours. Any interested parties are welcome to bring any arguments against during that interval. After 24 hours, the winners will be paid and no further complaints will be considered. Please watch the bets you are interested in to make sure no errors occur.

While we make every effort to keep delays at a minimum, the misbehaviour of third parties on which bets may rely for resolution is not something we can directly control. On the general principle that people make bets in order for differences to be resolved, not deferred BitBet will cancel bets that can't stand, but will always attempt to award where an actual controversy exists. You are well advised to consider the quality of the proposed resolution source before making a bet.

The foregoing notwithstanding, BitBet will not hold bets unresolved forever.

How are winnings calculated?

Every bet has two sides. Every bettor on the winning side will receive as follows : 99% of his original bet sum (1% goes to BitBet.us) plus 99% of his bet times the total bet by the losing side multiplied by his bet's total weight and divided by the winning side total weight.

For a practical example consider the famous Josh Zerlan bet. Total losing pool was 791.28 BTC. Total winning weight was 63`783`932. Let's consider the first bet, 0.11 BTC. It got in at 99`922 weight. This bet would thus receive 99% of 0.11, so 0.1089 plus 99% of 0.11 * 791.28 * 99`922 / 63`783`932 = 0.134991959. So in total he should receive 0.243891959 (The amt listed on the site, ie 0.24389335 differs slightly. The reason is that the loser pool is listed as truncated to two decimals for space considerations, but the actual engine uses the full value. This will make us constantly if slightly underevaluate winnings.)

An important point to consider is that if the "plus" side of that calculation does not exceed the 1% charged by BitBet it is possible to win less BTC than the original bet. So for instance if someone bets 10`000 BTC and the losing side consists of 1 BTC only then the 10`000 bettor will have lost 100 BTC in BitBet fees for a maximum upside of 1 BTC (because obviously he can't win more than what the other people have bet).

The same applies for late bets, if the odds are even money (1:1) then a bet made at weight 1`000 or under is unlikely to walk away whole, even should it win. If the odds are 10:1 in favour of the winning side that weight cutoff becomes 10`000. If the odds are 10:1 against the winning side then that weight cutoff becomes 100. As a general rule of thumb the sooner you bet, the more BTC you stand to gain.

What if I created a bet address but can't bet right now?

Once you enter a receiving address and are given a send-to address, you have 3 days (72 hours) to send your bet. If your bet does not make it within 72 hours then that address will be reclaimed. BitBet will be unable to send you your BTC back, as they will have probably been allocated to someone else's bet! Always make sure that you send your first bet on a created address within 3 days of its creation.

Once you have sent your bet, that address becomes reserved for you, and will remain active for the duration of the bet. You can subsequently send more BTC in order to take the same position, they will be added (at a new weight). This should save you significant time if you are interacting with the site programatically.

Do not send BTC after betting has closed. Any BTC sent to addresses allocated to a bet after betting has closed will be kept by BitBet.

Can bets be cancelled?

Bets can indeed be cancelled, but only if BitBet judges that material changes make the bet meaningless. Once a bet is cancelled all BTC bet is refunded to the associated payout addresses - not to the originating addresses.

Bets will not be cancelled because it became impossible for one side to win - in such cases bets are closed and paid early instead. Bets will not be cancelled simply at the request of a third party, and generally BitBet will attempt to resolve rather than cancel any bets that harbor a legitimate controversy.

We do review comments made for cases where bets should be cancelled or closed early.

CREATING A NEW BET
Can I create a bet of my own?

Of course. Click on the "Add A New Bet" link. You will have to come up with a title and description, propose a Resolution Date and Bet By interval (number of days before the Resolution Date) and select the proper category.

Next, a BitBet Moderator will review your proposed bet. If the bet is acceptable as per our policies, the Moderator will establish the Resolution Date and Bet By interval (which may or may not coincide with your suggestions) and your bet will be published and funded.

Your bet being funded means that BitBet will split a total pool of 0.1 BTC (or more) between the two sides of your proposed bet. Your own address will be linked to the smaller amount. This way you can earn BTC by proposing interesting, worthwhile new bets.

There is, of course, no guarantee that BitBet will accept your bet. You can help this by funding your bet yourself, but even so we will not accept bets that fall in the bad bets category.

What bets are bad bets?

First, statements that can not univocally be established as either true or false at a certain point in the future are bad bets and as such unacceptable on BitBet. For instance, "God Exists" is a bad bet, because it can never be established as either true or false. "God will change Coke to Pepsi on August 19th, 2013" is also unacceptable, because it can never be established as true or false.

Second, any bet to do with breaking the law (specifically: murder, but also arson, theft, general destruction and mayhem) is a bad bet and not allowed on BitBet. So, bets such as "President Obama will be shot on December the 19th between 18:30:00 and 19:00:00 UTC", "The Empire State building will burn to the ground sometime in June 2013", "A crowd of at least five hundred protestors will not throw tomatoes at Nicole Kidman during the Cannes Festival" and so forth are all unacceptable.

Also, bets which are not really bets but moreover advertising, advocacy, general nonsense and such are unacceptable on BitBet.

What makes bets more likely to be accepted?

Read your proposed bet. Is it clear, comprehensible and does it make sense? Would you want to bet on this? Can you see yourself taking either side? Is resolution going to be obvious once the resolution date comes? If the answer to any of these three questions is "no", your bet likely would benefit from some refining.

Placing a bet yourself at the time of proposition (which is known as a "zeroconf bet") also helps greatly.In some cases, "zeroconf betting" is actually compulsory, specifically for sport bets. Here are the rules:

1. Sport bets will be only accepted by BitBet if they have a zeroconf (initial wager) of no less than 0.25 BTC.

2. Sport bets will have to specifically mention the GMT time the game in question ends. Check if this time is accurate before you bet. BitBet will refund late bets as of that time, irrespective of any considerations, which includes the game being extended in any way for any reason.

3. Sport bets will not be accepted more than two weeks before the event in question.

4. Sport bets will not have an end weight inferior to 10k. If the bet is submitted with a lower end weight BitBet will just use 10k.

Rules 3 and 4 are waived if you fully fund your bet (10 BTC upfront).

TECHNICAL
OTHER
Does BitBet take a fee?

Yes, BitBet will distribute to the winners of any bet 99% of all the bets and keep 1% as a fee.