So basically the 50 points that I betted on myself, I won't be making any profit out of it? Its just adds to the pot so others can make a profit?What that statement means is that lets say there's a matchup
x vs y
10 people have bet for x.
And x wins
We will tally the 10 bets and we will have 500 points. Now each person will receive only their share of money.
If you are bet on, you will not get any extra points. Only the people who bet on you will get points. NOT YOU
So if 20 people bet on me, this adds 1000 points to the pot. Plus my 50 points. Making it 1050 points.
2 people bet on Iris, this adds 100 points to the pot. Plus Iris' points. Making it 150 points.
Total Points in Pot = 1200
Whoever betted that Iris will win, now make 1200/2 = 600 points. A 550 point profit.
Whoever betted that I will win, now make 1200/20 = 60 points. A 10 point profit.
So if I lose, then everyone that betted on me loses 50 points. And if I win, then everyone earns a 10 point profit?
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This also goes against other popular predictions. If you're all betting on the same popular person. You're basically making a much less profit than what you're betting.