What does "-1.5" after a team's name mean?
It is called "spread". It levels the playing field, making betting on either the favorite or the underdog equally attractive.
E.g., Paris-1.5 vs. Berlin+1.5, if the final result is Paris 2 : Berlin 1, then after the spread, the result is Paris 0.5 : Berlin 1 or Paris 2 : Berlin 2.5, people bet on Berlin+1.5 win.
How does the whole thing work?
- For every sports event, we deploy several "smart contracts", which is a piece of code, onto Ethereum.
- The code is publicly available on Ethereum. No secret. See "Contract Code".
- We publish the address of each contract here.
- You directly send Ether to the address corresponding to the outcome of your choice to place a bet.
- Wagers are held by the contract representing the game.
- After the event ends, we send the result to the contract.
- The contract then determines winners.
- After we verify everything is correct, we request the contract to distribute returns.
What if something really wrong happens?
If we notice anything violating fairness and integrity, e.g., someone's bet goes through after the event started, the contract will be canceled. Ether of a canceled contract will be returned in full.