Self Governing Betting Section

Create simple self governed betting section on pancake finance.

This can include any genre, but sports and video game tournaments would be best initially. Don't allow for spreads; Just simple win or lose option.

Allow any user to create a betting contract. Contract creation would be simple....

1. Select genre - Gaming or Sports
2. Input team names and team you think is going to win
3. Input the amount you want to bet
4. Input date and time game starts
5. Submit contract into market for approval

All contracts must be submitted 3 days before a game officially starts.

For approvals, it would be simple process. Anyone with cake would be able to browse the "waiting approval section" on the betting tab and confirm on stats by checking themselves on google or other websites, if the date, team names, and time for event is accurate...then it gets approved.

The people that are approving must stake their own cake into the contract as well, to show theyre willing to backup the accuracy of the info given.

Multiple ppl can approve a contract and pool their funds together, if the contract bet is too large. For example, if a whale bet 1000 cake, then 10 ppl could approve contract with 100 cake each or one person with 1000 cake could approve it. Depends which gets filled first.

Once contract is approved, the bet will go "LIVE" and anyone can accept the opposite outcome listed on the contract. They would simply match the amount the opponent bet. Also, allow for multiple ppl to accept a bet. For example, if a someone created a contract and bet 1000 cake, then 10 different ppl could bet 100 cake each into the contract to match the bet. It all depends on how it gets filled up first, to match the bet.

Once match is over, the 2 sides that bet against each other confirm the outcome and funds go to the winner. If there is a dispute, then contract goes to dispute section, where contract outcome gets scanned by at least 25 people. If 95% of the ppl agree, then funds go to confirmed winner.

70% of the winning go to the winner 15% Burn 15% to the person or pool of ppl that approved/verified contract stats (event, name of teams, and time)

If there is dispute, then 70% still goes to winner 10% to dispute pool 10% to the person/s that initially approved contract 10% burn.