As of late, we at lounge have noticed that there is still some confusion with our betting system. In hopes to be more transparent with our beloved betters, we at LoungeVC have decided to implement a few changes and to clearly clarify how the betting system operates. To become more transparent. Lounges fee is 15% of the amount you bet and we will make sure to show it on the post match topic. Due to some confusion, we have decided to NO longer present odds as they change to prevent people from being misled. However, we will only present the final odds once the bets are closed alongside the vig% which lounge takes per match. The same system remains, we will just approach it differently: Betting minimum is $500,000 and there is no maximum so go wild Odds are changing whenever people bet. This is why we will only post the final odds after the bets have been closed. We will still display the player names and the amount they bet. Our smarter betters can calculate the approximate odds from there You can either WIN or LOSE with the system, it completely depends on who you bet for. This means if a lot of people bet extreme amounts bets on one team. There is a chance you might lose money rather than make. To clarify. The only scenario where you Lose money is in an extreme case where people bet extreme amounts on one team. The odds will go below 1,00 for the favored team if and only the total pot is at least 6 times the amount of the other. The odds are determined by the amount people bet. If you need more information look up parimutuel betting. EXTREME CASE EXAMPLE: LOSING MONEY Total pot team A: $300,000,000 Total pot team B: $50,000,000 Then the odds for Team A will be 0,98. This means if you had bet $1.000.000 on Team A, then you will only receive $980,000 This is an extreme case, meaning the likelihood of it happening is very low. GAMBLING REGULATOR: Group Management will act as a gambling regulator. Since the odds are not being constantly updated, we are aware that some people might think we are fixing the winnings in our favour. Which we are NOT doing. The Group Management have open access to our books and reviews them.
