We require an online betting exchange that will allow bettors to bet on all cricket (WCC World cup/IPL etc), Soccer and Special events such as "Will Radioactivity from damaged nuke plants cause 5% dip in GDP of Japan in 2011-2012?" through Binary options.
The exchange has to be functionally a recursive, real time betting web service capable of streaming real time sports data from 3rd party exchanges using their APIs and external event feeders such as enetpulse.
Bet placements will be simplified and metaphorically represented as a bettor’s bets are encapsulated by high-level objects called binary options that registered customers/bettors will be able to instantiate or create on demand based on a sports event or special events unlike existing online exchanges.
A Binary option asks a question e.g. "Will Dhoni(Indian cricket captain) be able to score 50 in the first 10 overs?" A binary option has two possible set of values i.e. it could either be Yes=100 or No=0. In case of Yes=100 value will be assigned and winners backing it will get back the money wagered multiplied by no of odds. for example [url removed, login to view] or 4x. Similarly those who layed (said No) it will loose their wagered money because No=0).
The dynamics of decimal odds will keep changing subject to placement of a minimum bet of $25(for one binary option) and a maximum bet of $40,000 at a time by a single bettor. Each binary option has fixed value of $25. A customer can buy multiple binary options up to 1600 binary amounts to the tune of $40,000 at a time provided he has got enough balance in his Customer Account.
Value of decimal odds varies from [url removed, login to view] to 25x depending on how many customers/bettors are backing/betting on an event and how many are opposing i.e. laying the same event. Less the number of backers for an event compared to the no. of layers, the pay off odd for backers will increase say from 2x to 5x and similarly for layers the pay off will decrease because there are less money to be earned from other side(total volume of bets on a particular event).
Farther, betting will be metaphorically represented as Binary Options and and an objectified bag/cart/briefcase/account to reflect an individual bettor's bets as well as his cash position+won/lost bets+money(e.g. $10,000) in stake in realtime.