Fairlay is a definite change of pace from your usual Bitcoin sportsbook. This is because it is not a sports book at all. Fairlay is a user-generated prediction market. Prediction markets work differently from sportsbooks, but they have the same basics about wagering on a future event. Launched back in 2013, Fairlay has developed into an impressive Bitcoin prediction market site for people to play at. Find out in this Bitcoin sports review what Fairlay has to offer.
For the users
The main idea behind Fairlay is that people can make their own wagers. For example, you want a bet on a particular team winning or a specific event happening. It can be any topic under the sun. All you need to do is enter a title, create a description, set the closing and resolution date, and then submit the prediction. You will also get to set the odds. People can then take you up on your bet. If you do not want to make a prediction, you can just participate in betting.
The core of the experience is how easy it is to navigate the site. Though the site has no tutorials, it should be easy enough to understand how things work. It also helps out that the site is laid out clearly so there is less confusion. There is even an FAQ to explain everything.
The simplicity carries over to the betting. You can simply choose a yes or no option when buying shares. You can also micro-manage your odds with some tweaking and if you’ve learned from your experience. Bettors will easily start getting into buying shares and starting bets. If you get confused, the site also has a very active forum so you can ask for clarifications.
Fees and free
Fairlay is pretty reasonable in its fees of 2% cuts from winning bets. The calculation according the FAQ, works like this:
Let’s say you place a prediction of 10,000 mBTC and your odds are 2.5. Your winnings are 10,000 * 2,5 = 25,000 mBTC. We directly subtract a fee of 2% from the net winnings. The net winnings are 15,000 mBTC. 15,000 * 2% = 300. So you will be credited with 25,000 – 300 = 24,700 mBTC. Please note that we don’t take this fee in the sport and fun category.
Besides that everything else is free.
Having bettors set the odds and bets is an original idea, but keep in mind that this is a Bitcoin prediction market. Besides that, Fairlay gives players a solid betting platform and reasonable fees. Overall, players should give it a try if they want to experience something different.