Let's talk - decentralized betting/prediction market! Possibility of a next FBA!

[Shentist]

i want to talk here about a FBA for decentralized betting!

the reason it should be run on the blockchain, is because in most countries it is illegal to run it, so how can we do it on bitshares?

so, my idea here is (and question is could we build it this on bitshares)

lets assume i want to bet on the outcome of  the next presidential election. I am creating  a new account/contract and i can define under which condition anyone can join this account/contract.

i am betting 10.000 BTS that the canidate of the democrates win and now the people can now join this betting account with betting also 10.000 BTS. they need to define what they are betting for,
in the end a lot of people can join this account/contract without anyones permission.

the problem is always in the end, how the contract knows who won the election. so the contract pays a portion of the amounts out to people who are reporting the result to the account. We could
setup accounts who are interested in earning some exctra cash.

step 1: contract/account is created from the initator with some specs he set
- possible answers to choose
step 2: interested people join this contract/account and bet too
step 3: the event occurs and interested people can now send to the account the winner
step 4: after x time the contract/account now sends the winning amounts out to the contract holders
step 5 : the account sends to the reporting people their share
step 6: account/contract is closed and will not be used anymore

this is just a rough idea, but the main point here is - how we can structure a decentralized betting event without the need that someone is legally responsible for it.

feedback