something similar to [url removed, login to view]
pls find details below:
The program should run like party poker. It should be a downloadable application that is available on our website and downloads to you desktop.
Once you launch it, it should ask for your user name and password - if you dont have one, it should send you to our website link where you can create one. Once created, you should be able to upload money into your account using a credit card or whatever. You MUST put the money if first, and then you can start betting.
Once you log-in, a window will come out, similar to partypoker, with different choices or where you can go - so a list of the major sports. Once you click one of these links, it will then take you to a sub field from which you can go into exactly what you are looking for.
In the beginiing, before we have a lot of users, the subfields will be broader. For example, we would have NFL football on the left. Once clicked, it would take you to a page that showed you all the teams. Click one of those, and it shows you all the different bets available for the team.
At this point, there should be a page that lists all the current available bets. You can click on one and it will show you the terms of the bet. You can then accept or reject. If accepted, that bet is taken out of the "available bets" and money is deducted from both accounts of the two guys betting. We take a fee for engaging. Once that event is over, the bet is settled and one guy gets the money put into his account.
The "available bets" will be created by users. We should create a standard template form so that if a user clicks a link "Make a Market" or something, all he has to do is enter things like "what event are you betting on", who will win, by how much....etc...he will enter his idea into a standard form and then submit it. It then floats in the pool of available bets so anyone can come and take the other side.
Some of the 'special features' i think the program should have, is a customisable homepage - so you can tell what teams you are interested in and those come up as soon as you login. maybe we want to have auto-emails when a bet is won or lost. also, i think what would be way cool, is we could charge users a fee ($20/month or something) for access to a "market research" tab, where we can show charts of how markets have moved over time... for example, you want to bet on the world cup finals, a week before the game, people were betting that italy wins by one, next day, by 2, next day, france expected to win, at half-tme, france expected to win....etc....all this data could be put into a chart automatically and people could pay to see how the bets have trended and what volume there is.
I think the specials could generate some really good incremental revenue. the most iportant thing is obviously the integrity of the system. problems i foresee that we have to understand, is that we will have to have an official "settler" for each bet. we cant let people bet on ANYTHING, like i wanted originally, because someone on our side needs to decide who wins each bet - therefore we can only allow offical statistics to be bet on.