Winning a bet doesn’t always lead to a profit in the game. We’re going to be taking a look at how the betting system works & why we sometimes lose gold even though we win the bet.
Here’s a video I made on this topic:
Betting can be done in rounds 3, 4 & 5 of the champion league event
Let’s take a look at a simple example to understand how the betting system works.
Let’s say there are 2 players A & B who make it to the finals and let’s say that A gets a total of 2000 bets and B gets a total of 3000. Each bet costs 10 gold or 1 vote ticket. Let’s assume all players use gold to bet in this example. So the players bet a total of 20,000 gold on A and 30,000 gold on B. Ideally, the total gold collected (i.e. 20,000 + 30,000 = 50,000 gold) should be distributed among the players who bet on the winner of the match. However, that’s not the case in the game. Whenever players place a bet in the game, they lose 20% of the amount they bet. So, in this case, the gold collected would be 40,000 (50,000 – 20%) and not 50,000.
Now if A wins the match, the prize of 40,000 gold will be distributed equally among the 2000 bets that A got & players would get 20 gold per bet and in case B wins the match, the prize of 40,000 gold will be distributed equally among the 3000 bets that B got & players would get 13.33 gold per bet. Now since a bet costs 10 gold, the players end up getting more than they bet in both the cases. (since 20 & 13.33 are both more than 10)
Now let’s take the same example again but with different number of bets.
Let’s say A get’s 4900 bets and B get’s only 100.
The prize pool is again 40,000 gold since there are again 5000 bets in total
In case A wins the match as expected, the prize pool of 40,000 gold will be split equally among the 4900 bets that A got & the players would get around 8.16 per bet. Since a bet costs 10 gold, players who bet on A will actually end up losing gold. This happens because the amount bet on B is not enough to cover the amount of 20% deducted from the amount bet. In order for you to break even, Player B would need to get at least 25% of the bets that player A got. So, in the above example, if player A had 4000 bets and player B had 1000, players betting on A would get 10 gold per bet if A won. That is, they would neither gain nor lose anything. This means that you will gain from betting on player A only if player B has more than 25% of player A’s bets.
So, next time you decide to bet on a player you’re confident about, make sure you check how many bet’s his opponent opponent has. If his opponent has less than 25% of his bets then don’t even think about betting on the player you’re confident about unless you want to lose gold. So, a good betting strategy would be to wait until 5 minutes before the match begins to place your bets so that a lot of other players would have finished placing their bets by this time & you can decide whether you should bet or not.