put.your.money.where.your.mouth.is

This is a Web3 application to create one-on-one bets. It interfaces with a smart contract, offering the following guarantees:

  1. For the duration of the bet, the stakes are locked in. It’s impossible for either party to renege on a bet.
  2. The arbiters appointed by the bettors are the only ones who can transfer the stakes and they can only transfer the stakes to the bettors.
  3. If the arbiters don’t transfer the stakes within 31 days after the bet’s deadline, both bettors can withdraw their own stakes.

Even though arbiters don’t have full custody over the stakes, bettors should only get involved with arbiters they trust. Bad-faith arbiters can:

A Web3 wallet like Metamask is required to create and accept bet offers. Bets are denominated in xDAI, a cryptocurrency pegged to the US dollar. Obtaining it is much easier than it sounds. A tutorial can be found here.

Once a bet is offered

Bet offers are not listed anywhere. When a bet offer is created, we generate an invitation link the betmaker can share, like this:

https://mouth.is/sdf99g

Outsiders inspecting the blockchain will be able to see a bet offer originating from the betmaker’s address, but they won’t know what the bet is about without access to the link.

Once a bet is accepted

Once a bet is accepted, the arbiters gain the ability to resolve the bet. They can use their own discretion to call the bet early, and they don’t necessarily have to wait for the event deadline.

Arbiters can annul bets if they refuse to act as an arbiter for a particular bet. If a bet is annulled, both bettors get their stakes back. Arbiters might take a fee to cover transaction costs.

Sometimes, neither bettor wins. In these cases, the arbiter can annul the bet, and split the resolution fees between the two parties.

Appointing mouth.is as the arbiter

For the first few years, we’ll allow bettors to appoint us as arbiters for a flat $5 xDAI fee, subtracted from the winnings. Beware that we always annul bets on sports, horse races, private events, stock movements, terrorism and individual deaths, as well as bets with a deadline beyond 2027. We usually interpret ambiguously phrased bets in the taker’s favor whenever the ambiguity becomes relevant.

Our goal is to let people show how certain they are about their predictions for the future–we have no intention of setting up a full-fledged gambling operation.

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at 23:59:59 UTC

Anything that happens after this deadline will not affect resolution, unless the betmaker picked a poor deadline to the detriment of the taker. When betting on events that might be delayed, it is recommended to set the event deadline to days or weeks after the event’s supposed date, or to explicitly mention delays in the annulment conditions. Arbiters always have the option to call a bet early. If an arbiter doesn’t resolve the bet within 31 days after this deadline, both parties will be able to retrieve their stakes.

Resolution fee: $5 xDAI




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