Is it just me, or are the betting rules on Bets of Bitcoin, er, incomprehensible? It takes the worst form of betting - parimutuel betting in horse racing - in common use in America, and adds a bunch of arbitrary time based rules to adjust how bitcoins are spread among the winners. In order to actually make a bet there, I would have to estimate:

1. The probability of an event occurring.
2. An expectation of the amount of betting to occur on the other side of the bet.
3. An expectation of the amount of betting to come into my side of the bet until the period when the bet closes.
4. The actual time distribution of bets on my side for both existing bet sums (this information is not disclosed), and forthcoming bet sums.

I'm fairly certain this is the worst betting scheme I've ever seen, and I'm somewhat suspicious of it given the general sketchiness of the bitcoin community (partially offset by the revealed incompetence of the bitcoin community). One notable casualty of this system is the ability to convert their betting information into informational probability estimates of the event occurring.