Fairlay Sportsbook Review
Do you want a change of pace? Then you might want to check out Fairlay.
Fairlay is a user-generated prediction market. This differs from a traditional bitcoin sportsbook in a couple of ways:
- All bets are created by users like you and me.
- There’s a larger variety of themes. You can bet on politics, current events, bitcoin prices, social media, TV, and more.
- The odds fluctuate based on how people vote (like parimutuel betting). Sportsbooks typically use a fixed betting format.
If you read our BetMoose review – Fairlay is just like them, only with fewer predictions to bet on.
They founded the company in 2013, and opened their site for Beta in mid-February. Since then they have acquired 1,000 users, tracked more than 8,000 bets and have had more than 50 predictions to bet on.
It looks like they’re off to a great start.
But numbers can be misleading. So let’s take a look at their site in finer detail. We want to determine if it’s going to be worth it for you to check them (especially compared to BetMoose).
Established year: 2013
US Players: Yes
Cashout times: Fast
Other crypto currencies accepted: None
PROS VS. CONS
Works well on all mobile devices
Quick response to support requests
Site navigation could be improved
Not many promotions
Creating A Prediction, Options & Fees
Like BetMoose, Fairlay lets you create your own predictions. Do you think bitcoin will rise/drop in value by the end of 2014? Do you think the Cavaliers will win the NBA Championship?
Then create a prediction and others will bet on it.
The process is different from BetMoose. Fairlay will need to approve your prediction first. Here’s how you create it:
- Enter a title.
- Create a description.
- Add a closing date (when the last bet can be made).
- Enter a resolution date (when the prediction can be settled).
- Add a source link (this is a resource that people can read to determine what they think the outcome will be).
- Choose a category (is this sports, news, finance, etc).
Then submit the prediction.
If you have any questions about the process you can contact Fairlay at email@example.com.
Betting On Predictions
What if you don’t want to create a prediction?
That’s okay. You can bet on predictions instead. Here are some of the choices you have:
- Bad news
- Satoshi Nakamoto
- Edward Snowden
There are fewer options than BetMoose. But since they’re in Beta I expect them to add more markets in the near future.
What’s interesting about some of their bets is that they’re out as long as 3 years. That’s a long time to wait – you have to wonder what the bitcoin market will look like then – or if it’s even around.
The one complaint I have is that betting on a prediction isn’t straightforward. You can choose either side (yes/no), your own odds or use their advanced form to micro-manage your odds.
So it would be helpful if they had tutorials that explained how this all worked. They have an FAQ page, but I don’t feel like it’s thorough enough.
It’s a cool idea, though.
The fees seem to be decent too. They take a 2% cut only from winning bets. Here’s how they explain it:
Lets 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.
Everything else is free.
The Good –and- The Bad
So what else should you know before signing up?
The Good Stuff
- They have a forum. It looks like it’s mostly used for feedback. But their staff appears to be quick and responsive.
- The site is mobile responsive – kind of. It could use some work. About 90% of the site is responsive, whereas the rest of it doesn’t fit the screen well or has text shooting off in some random direction.
The Bad Stuff
- Their homepage is a mess. It could use some structure. Maybe some categories so you can quickly find the types of bets you want to make.
I’m sure I could find more, but since they’re new I want to cut them some slack.
Yay or Nay On Fairlay?
There are some things I don’t care for. For example, the mobile responsiveness could use some tweaking. Some instructions would be helpful. And I think it’d be a good idea to add the standard legal pages.
But, other than that, they have a solid, proprietary platform, a neat idea and reasonable fees. I’m interested to see where they’re at in a year or so.
But for now, I give them a B rating.