Poolbet is an innovative new concept, combining the best of cryptocurrency, sports betting, and fantasy sports. It offers a unique opportunity for bettors to play in a competitive environment without fear of losing large amounts of money. By taking advantage of Pool Together's powerful framework, Poolbet offers a lossless betting league for friends or competitors to compete for large sums of money. Similar to fantasy sports, Poolbet is organized into leagues. Users will join a league and pay the ante to join. This ante will go into the pool, managed by Pool Together to gain interest over time. During this time, members will place bets on games they believe will make them money. They are allowed a certain amount of bets a week, and cannot take bets back after they are placed. After a game is decided, the winnings will be transferred to the user's account. Please note: bets are not placed with money, and instead are all worth one "bet" unit. The odds are then calculated on that one unit and deposited as such into the user's winnings. At the end of the time period, the user with the highest amount of units in their profile wins the interest accrued by the pot. All other players get their money back. (With larger sums, it is possible to implement second and third place prizes.)
How It's Made
Unfortunately as we did not finish the project, we do not have it finished. However, we planned on implementing PoolTogether's prize strategies to reward the best better (stored in the smart contract) with the interest made from the pool itself. We intend on finishing the project and building implementations to use a different selection of sports and betting styles. We planned on using the PoolTogether contracts to accrue interest and dish out to winners at the end of the time period. Most data structures and implementations are simple structs and dicts. We were able to get a basic outline for our project, but were not able to complete the details of implementation.