FAQ

What is MicroBet?

MicroBet is a bitcoin prediction and betting game that lives on top of the Lightning Network.

It's a simple yet exciting game, you have two ways to play:

  • You can make your prediction about sports events and wait for other users back or lay it.
  • You can back or lay the others players bets.

After the event where you're participating the backers or layers get all satoshis divided equally amongst each participant.

What is Lightning Network?

Often referred to as the off-chain scaling approach, Lightning Network is a second layer built on top of the bitcoin blockchain that allows for instantaneous and almost feeless bitcoin transactions.

Why Lightning Network payments instead of regular bitcoin transactions or credit card?

The Bitcoin network support 7 transactions per second, this is a big scalability issue that Lightning aims to resolve, Lightning can support millions transactions per second. There are almost zero processing fees with lightning since all users compete to route payments.

Credit card and payment processors such as Visa take anywhere from 2-5% per transaction. Credit transactions are processed instantly because you are on credit with a centralized system, but they actually take much longer to clear and verify.

What is a "back"-bet?

A "back"-bet is a common sports bet where you put your stake on a certain outcome of a bet. You're betting for something. If you bet 100 satoshis on France wins to Croatia 1 - 0 on the world cup final, you win the amount of your stake times the odds.

The difference to a regular sports bet is that your bet is not against the book-maker but against another betting user.

What is a "lay"-bet?

This is a bet where you don’t bet on a specific outcome of a game but you bet against it.

By setting a "lay"-bet you get a better chance bet. As you bet against a prediction.

What are simple and exact prediction?

When you create a prediction you can choose between tell which would be the exact score of the game or set the spread on favor of one team, or just to tell if it ends tied.

Let's see an example:

On a prediction Brazil - Haiti → BRA +1, which means, Brazil wins with one goal or more, historically Brazil have a superior team than Haiti, it's evident that Brazil have serious chance to win, so not much people would want to bet against this prediction and the creator of this prediction only will get the money back.

To make a more interesting prediction for the same game we have to play with the odds, this way people will be attracted to enter, we can make it this way Brazil - Haiti → BRA +4 now we have more chance to loose of course, but that's what can attract other players to lay against it.

When we make an exact prediction we have more opportunities to loose cause there's a lot of combinations of how a game could end and that's what attract user to lay that prediction, but also that's what put more satoshis on play for you to win, if you are lucky.

How can I play?

It's very simple, to create a prediction just select the event on the list and fill the form with what you think will be the final result, after submit the form a Lightning Network Payment Request will be displayed, you have three ways to pay it, you can scan it using your mobile Lightning Network wallet or if you have a Lightning Network wallet installed on the same device, tap/click on the blue open button and this will try to open your default lightning wallet, or if you have positive balance on your account just simply tap/click on the green pay button.

To back/lay an active prediction, just tap/click the button on the game card you want to enter, back is the green button and red is for the lay button.

What are those numbers on the game card?

Where you see you'll see the number of backers and the backers percent, on the you'll see the number of layers and the layers percent.

Inside the green button you'll see the backers winning percent and inside the red button you'll see the layers winning percent.

What are the minimum and maximum bet amount?

The minimum bet is 100 satoshis.

The maximum bet is 100,000 satoshis.

How can I withdraw my winnings?

As soon as you have a positive balance, you will see the "Withdraw" button.

When withdrawing your earnings from MicroBet a fee of 1% is deducted from the user balance.

Simply enter a Lightning Payment Request for the amount you want to withdraw and you're all set!

If I lose my session I lose my balance?

No, You can recover your session and your balance associated just entering the Proof of your Payment (PoP), don't worry, it's in your lightning wallet, you can find more information here