Bets of Bitcoin is a website where you can bet on upcoming real world events. Events can be anything from elections to product launches. Every bet is a statement on the outcome of these events. Bettors bet on if the statement will turn out to be true or false, in other words they agree or disagree with the statement. After the event, site moderators decide if the statement turned out to be true or not. Bets on the losing side is distributed to winners, statement submitter and the site.

Bitcoin is a peer-to-peer digital currency. It can be used anonymously and with very low transaction fees. It is not controlled by a central authority and total bitcoins that will ever be issued is limited. For more information see WeUseCoins website or read the official FAQ.

You need two things to bet on a statement. First you need to register a free account. Second you need to deposit some bitcoins to the bitcoin address you are given. Then choose a statement to bet and fill out the form on the right hand side of the statement page. Currently minimum bet is 0.1. Don't forget, early bets win more.

Available statements are the ones available for betting, that is they are approved by the moderators and deadline hasn't passed yet.
Waiting statements are the ones which passed their deadlines, after the event date they will be decided and closed.
Closed statements are the ones which passed their event dates and decided by the moderators.

Green bubble represent the amount of agreeing bets.
Red bubble represent the amount of disagreeing bets.
Gray bubble represent the time remaining until the betting deadline.

Deadline day is the last day bets are allowed.
Event day is the day statement refers to.
Deadline must be at least one day, at most four weeks before the event day. All dates refer to end of day Eastern Time.

To promote early bettors on a statement, we distribute 45% of the lost bets such that early bettors get a larger share. Each bet is time weighted and get a share from this portion proportional to the weighted value. Weight of a bet is simply the minutes between the time of the bet and betting deadline. For an example, see the answer of "How are the losing bets distributed?".

Betting involves balancing two incentives. Waiting for the deadline may give you extra information about the upcoming event, but early bets earn a higher weight. So bet as soon as you are confident about the result, bet more for higher profits. Also you can always add more bets later on.

You need to bet before the bet deadline. After the deadline all bets are closed and we wait for the event date. When the event date pass, site moderators decide if the statement turned out to be true or false. Bets on the incorrect side is distributed among winners, statement submitter and site. If the statement turns out to be true or false before the deadline, bet deadline is changed to the end of previous day and bets are closed.

Here is the breakdown of the distribution:
45% goes to the bet winners proportional to their bets.
45% goes to the bet winners proportional to their weighted bets.
5% goes to the user who submitted the bet.
5% goes to the site.

Here is an example:
Let's say total of 10 btc is lost on a statement and there are three users who won:
User A bets 1 btc 6000 minutes before the deadline (weighted bet of 6000), she is also the submitter.
User B bets 3 btc 1000 minutes before the deadline (weighted bet of 3000)
User C bets 1 btc at the last second (weighted bet of 0)
4.5 btc is distributed proportional to bets:
User A gets 0.9, User B gets 2.7, User C gets 0.9.
4.5 btc is distributed proportional to weighted bets:
User A gets 3.0, User B gets 1.5, User C gets 0.
User A also receives 0.5 commission as a submitter.
So in total:
User A profits 4.4, User B profits 4.2, User C profits 0.9, and site profits 0.5.
Obviously every winner also receives back the bet they put.
Take home message: Bet early, win more.

If the moderators eventually decide that statement turned out to be undecidable (e.g. sports event is canceled), they will call it a draw and everyone will get their bets back without any commissions.

Yes, as many as you want. You can even bet on the opposite side if you change your mind and want to recover your possible lost.

You can use our submit page. Just fill out the form and click submit. There is a submission fee of 0.1. Also you need to take a side, by placing a bet on the statement.

Most important thing is to make it unambiguously decidable. Giving an official source for decision is a huge plus. You should give background and current opinions about the subject in the description. While choosing the statement, look for controversial topics, so that there will be bets on both sides and your chances of getting a higher commission increases.

Your deposit address is on your profile page. Using your bitcoin software you can send bitcoins to your account. Bitcoins will be available for betting and withdrawal when they are confirmed by the bitcoin network.

As any other transaction in the bitcoin network, your deposited funds need to be confirmed. You should be able to see your unconfirmed transaction in your transaction history in a few minutes. They should be available in ten to twenty minutes.

Set a withdrawal address and fill out the withdrawal form. Your bitcoins will be send instantly. You can see the details of the transaction in your transactions list on your profile page.