Bets can be of Four Types :
This has a choice of multiple possible Answers with a single Correct Answer. The Correct Answer preset at the time of Bet creation
Yes Way/No Way Bets
These Bets are based on Opinions. Persons who are wagering will agree or disagree with the Topic and at the end of the Bet, the side with the most wagers will be the winning side.
Future Event Bets
Future Bets have a predictable outcome and it involves guessing the outcome of some Event that will take place. For these Bets, the end date is usually immediately after the end of the Event. The Bet creator will enter the Correct answer after the Bet ends and the winners will then be determined automatically based on the answer entered.
This type of Bet has the form of a queation with a Single correct answer.
Wagering can be fixed or Variable :
Fixed Wager - You amount of Points you place on the Bet is the amount you will win/lose
Variable Wager - These kind of Bets have odds (eg three to one). The amount of Points you win/lose is a multiple of the Odds and the amount of Points you placed on the Bet.