RE: Betting with Bookie: Stake and Liability
#1 Is Bookie up and running, so anyone signing up can back/lay a bet if we head on over there?
#2 Can Steemians fund their Bookie accounts with Steem currency? (aka, does Bookie provide a Steem-to-bitcoin exchange?)
Reason we ask #2, is bc a lot of people here don't have a great means of getting bitcoins without paying fees which are so large, that Bookie might as well charge 25% vyg on bets.
Lastly, "back" and "lay" are easy concepts, what's hard is that Americans don't understand what they mean wrt to a given market. An american is familiar with "bid" and "ask", but back and lay are like renaming left and right. the main concept is that "bid" is oft confused with what someone can pay to own the stock, when instead it represents the best bid on the market currently. It's counter-intuitive, but "bid" actually means the price at which you can SELL, and "ask" actually means the price at which one can BUY. THAT is why people get confused.
With full knowledge of the concept you're describing, if we went to Bookie or BetFair and looked at masters odds for a golfer to win the whole thing, we'd still have to remind ourselves which one is the odds we're going to actually GET when buying a share in Jordan Spieth (the Lay) and which ones are the odds which are fantasy (the back).
So it's not just back and lay that're confusing Americans, it's also the reverse-intuitiveness of which one is the buy price and which one is the sell price.