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Odds, winning and loosing

For a given bet users can select the odds for the bet. In bumpsdaq odds are represented by a single number. For a bet between two users with a given stake and odds, if the bet happens the user laying the bet pays the user backing the bet the stake multiplied by the odds. If the bet doesn't happen the user backing the bet pays the user laying the bet the value of the stake.

In bumpsdaq you can use up to three characters to set the odds, so for odds less than one you can use two decimal places (.12), for odds between 1 and 10 you can use one decimal place (6.5), for odds greater than 10 you use no decimal places (33).

To make an outcome bet, you must make a deposit. This helps the problem of people not having the money to pay up when the bet is decided. If you are backing a bet, you pay the stake as a deposit. If you are laying a bet with odds less than one, you pay stake*odds as your deposit - your potential loss from the bet. With odds greater than one you only pay the stake as deposit.

If you win the bet you will then receive your winnings plus your deposit. If you lose the bet, you have already paid your loss, unless you are laying a bet with odds greater than 1. In this case you will have to make an additional payment.

Listed for each bet is the potential liability - the amount you have to pay if you lose the bet, and the potential gain - the amount you gain if you win the bet. These take into account the deposit paid.

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