With the recent announcement of the Lucky Bit Tournament, a lot of users are asking how they can participate without 0.1BTC to wager. I'm very proud to re-introduce the Lucky Bit Betting Pools! Old users may remember this from some of Lucky Bit's earlier promotions, but things are going to be a little different now so I'll explain everything from the ground up.

Let's play as a team!

Maybe you don't want to risk 0.1 on Lucky Bit to enter - or maybe you don't have enough, and you still want to support the promotion. That's okay, you're not alone! By working together, you can enter the contest without as much risk and split any prizes you win. The idea is fairly simple: people put together their coins, it is wagered on Tournament Day, and whatever resulting payments sent to the pool are distributed proportionally to the people that entered the pool.

What's a Gambit?

A gambit is a predetermined strategy for a game that ignores any results that may occur during play. For example, in chess, sequences of your first three moves are called gambits because they (mostly) do not react to your opponent's moves. For our purposes, a gambit is a chosen method of betting 0.1BTC on Lucky Bit. Some people might want to play different gambits - I will offer a couple basic ones, but it is a community decision as to how you want to bet, and if a pool can't assemble 0.1BTC it will not be played! Each pool address represents a gambit, so you can pick your play (within reason). If several people express interest in a gambit, then I will open that pool for you!

Slices of the pie

Since each pool has a specific target of exactly 0.1BTC, the amount to buy in must be limited. Each pool will have a "share size" which is the minimum amount you must send to enter that pool. Send exactly a multiple of the share size when entering only - any amounts that are left over will not count toward the pool and will be kept as a fee donation. For example, a pool with a share size of 0.01BTC would have room for ten shares. If Alice sends 0.04, she gets four of the ten shares, or 40% of whatever the pool wins. If she sends 0.042, she still gets four shares and the leftover 0.002 will be kept.

Mistakes happen

It is more or less inevitable that somebody will make a mistake send, so be aware of how they will be handled! If you mistakenly send a fraction of a share, that money is not refundable. If you send a full share that puts the pool over 0.1BTC, the share will be refunded minus 0.0001 return fee. If you send a full share and fractional amount that puts the pool over 0.1BTC, the fraction will be kept and the excess share will be refunded. Two fractional amounts do not add up to a whole share; there is no leniency here. Seriously, fractional sends totally mess up my accounting, and they are only worth their value in my time if I keep them.

If a pool doesn't reach 0.1BTC, the shares will be refunded minus 0.0001 return fee.

On with the show!

I'll have one pool open right away, and accept gambit nominations. To nominate a gambit, just describe the gambit (method to bet 0.1BTC) in a reply here! Please account for wagering exactly 0.1BTC, plus a suggested share size if you feel it is important. If someone nominated a gambit you like, please quote it to second the nomination - two seconds will create a new pool!

Nominations close at 1 May 23:59:59. Seconds and pool entries close at 2 May 22:30:00 to allow 90 minutes for betting and entries. Refunds will be processed after payments, on 3 May. ALL TIMES UTC

Completed Pools

Share size: 0.005BTC
Gambit: 0.1BTC on Blue
Address: 16KQvj26S1mwgjHJN1LkCY4LsWHJzBe5Ph
Results: x1.1 for 0.01BTC profit

Share size: 0.01BTC
Gambit: 0.02 on Yellow, five times
Address: 12Ssh475WrDehMfPtXZoxsZ5yvUoBQBXiQ
Results: 4x0.3, 1x1.4 for a loss of 0.048BTC

Share size: 0.005BTC
Gambit: 0.1BTC on Promo
Address: 1EZgsg9FdPNp9LM8UdLcZgXu4Nribh2a4
Results: x1.5 for a 0.05BTC profit