Announcing Voltz Bet for the 2024 American Elections
I'm excited to introduce Voltz Bet, a betting platform for the 2024 American Elections. This is a pari-mutuel betting system, where the prize is determined based on the total amount wagered by all participants. The payout is calculated mathematically, rewarding participants based on their share of the pool in a transparent way.
How It Works
At Voltz Bet, the outcome of your bet is determined not only by whether your candidate wins but also by how much you and others have wagered. This means that the more strategic your bet is in relation to the pool size, the greater your chance of walking away with a prize.
You can simulate in advance how much your bet would return at that moment, based on the bets already placed, by using the betting calculator.
The payment of bets is processed through the Lightning Network, and the infrastructure is provided by Voltz Wallet. Learn more at: https://lnvoltz.xyz.
Prize Calculation Explained
Once you place your bet, here’s how your prize will be calculated if your candidate wins:
Key Variables:
- amount: How much you bet.
- candidate: The candidate you bet on (Trump or Kamala).
- total_trump: Total amount bet on Trump.
- total_kamala: Total amount bet on Kamala.
Without Bonus (Standard Prize)
If your candidate wins, your prize is calculated as follows:
- prizeWithoutBonus = ((opponent_total * 0.85) / total_for_your_candidate) * amount + (amount * 0.85)
Where:
- opponent_total: Total amount wagered on the losing candidate.
- The 0.85 multiplier deducts a 15% fee.
With Bonus (Double Prize)
If you qualify for a bonus, the calculation is:
- prizeWithBonus = ((opponent_total * 0.85 * 2) / total_for_your_candidate) * amount + (amount * 0.85)
Example of Prize Calculation:
Let’s say:
- You bet 1,000 satoshis on Trump.
- Total pool for Trump is 10,000 satoshis.
- Total pool for Kamala (losing candidate) is 5,000 satoshis.
Without Bonus:
- Your share in Trump’s pool = 1,000 / 10,000 = 10%
- Your part from Kamala’s pool = 5,000 * 0.85 * 0.1 = 425 satoshis
- Recovering 85% of your wager = 1,000 * 0.85 = 850 satoshis
- Total received: 425 + 850 = 1,275 satoshis
With Bonus:
- Your share from Kamala’s pool = 5,000 * 0.85 * 2 * 0.1 = 850 satoshis
- Recovering 85% of your wager = 1,000 * 0.85 = 850 satoshis
- Total received with bonus: 850 + 850 = 1,700 satoshis
Conclusion
- Without the bonus, your total prize is 1,275 satoshis.
- With the bonus, your prize increases to 1,700 satoshis.
Important: The house always wins. A small fee of 15% is deducted from all winnings, and participation is entirely at your own risk. See the terms on https://bet.lnvoltz.com/terms.
Note: I am an amateur developer with limited front-end knowledge, but I am doing my best to deliver a good UX and UI. Currently working on optimizing the mobile experience.