Laying bets guide

On the Layer website, you are able to lay bets that then appear in the BETR clients. All betting functionality that is available in this server via the web interface is also avaialble via APIs. It is intended in the future to release a client that enables laying of bets independently of this server.

Laying bets on this BBN involves a number of steps:

  1. Open Better Betting Node server admin panel 
  2. You can either click the “Layer login” in the top right of your screen…

    …Or you can scroll down to “Lay a bet”

  3. You will need to create an account in order to lay bets. When you create an account the system will create a server based Ethereum account linked to your account which is used to fund the liability on your lays. Ultimately it will be possible to also lay bets from other clients with other wallets, but in this first version only server based wallets are available. Then log-in!

  4. You will need to transfer both BETR and Ether to the public address which is shown at the top of the logged in screen. Your balance will update when the transfers are complete. Ether is needed to fund the gas on transactions. Every bet involves 3 transactions – Bet (gas paid by bettor), Confirm (gas paid by layer) and Result (gas paid by layer/resultor)

  5. Once the account is funded you can select events and markets to lay. We support popular football (soccer), baseball and cricket events. More sport types will be added over time.

  6. You can use Sport and League filter to find your event. When you have selected your event, use the buttons in the right to lay ether single market in that event or all available markets in that event. Note that some markets (in-play markets) will only be available once the match has started

  7. We suggest keeping your liability limit on each market substantially lower than your overall account balance until you get some idea as to which markets are more popular

  8. BBN Layer UI uses Reference Odds from major sportsbooks – you can tweak the odds and make the prices of your offer ether higher or lower

NB! There is no cost to lay until the system confirms a bet on your behalf. At that stage your liability is calculated and the bet is confirmed providing all conditions are correct (market open, resultor correct, odds correct, sufficient funds)

  • On confirmation BETR sufficient to cover your liability are escrowed from your wallet. At the simplest level this is calculated as (odds-1)*stake but in general we are able to calculate more accurate market level liability so your escrow will reduce on a per bet basis as long as betting is in synch across all selections in a market
  • If your account has insufficient funds to confirm a bet then all your open lays will be reduced accordingly
  • Lays can be made at either a fixed price, in which case you will be responsible for updating the price as the markets move, or synched with the overall market in which case the price will change according to market sentiment
  • Markets are suspended and closed automatically as the game progresses but do be aware that a market such as 1X2 will remain open in-play so if you have elected to enter your own price you will need to update this or close the lay manually when teams start scoring
  • In this first version all resulting is done via an integrated feed. In future versions additional resulting systems will be available