What I was thinking is this:
-I create a website where people can create there own bets.
-User A creates a bet with an expiration time (Packers vs Redskins for 2 bitUSD by 10pm 1/10/2016)
-This bet is displayed on the website for anyone to take (only 1 user can take the bet for 2 bitUSD)
-Once the bet expiration time expires, an email notification is sent to each player to settle there bet within 24hrs
-If both players agree on the winner, the money is released from escrow, and sent to the winning player. Each player can rate each other as well.
-If players disagree, the bet is randomly sent to a UIA holder to make the determination, The UIA holder receives 10% of the bet for work done. Basically 2 of 3 escrow.
-The UIA holder can also rate each player.
-The UIA would hold value because of it's ability to settle bets and make money. UIA holders would also be incentivised to make correct decisions in order to attract more players and settle more bets correctly.
I know there are some holes in this, and I believe it needs to be at least somewhat centralized. Please point out any improvements or show stoppers you see in this.