So you see a smart contract available for sports betting - called Hunchmoney or something like that. Let's say you endorse it and put a little ether into your hunchmoney wallet or buy a few hunchcoins. Imagine watching a sports event and having a hunch about the next set of downs or the next quarter or half. Imagine selecting players and the actions you anticipate they will perform - configuring your hunch. Imagine betting an amount of ether that reflects your confidence in your prediction. Imagine a crowd of bettors - just like you - watching the same game. Imagine an algorithm that tallies all the bets of the crowd for the time period you selected. Imagine a service that polls statistical data records captured as the game proceeds from the "approved" sports association. Imagine the payout being calculated per time period by an algorithm that compares winning hunches to losing hunches and calculates a distribution of your winnings or losses according to the tallies of the all bets and the size of your bet against the crowd.
It can't be gamed. The data is public and auditable. Your bet is on the blockchain. The total bet of the crowd is on the blockchain. The winning bet configuration is on the blockchain. The size of the crowd for that particular bet is on the block. The crowd sets the odds - no need for an odds maker. No need for minimum or maximum bets. Transaction costs are minimal.
If you are a developer with one or more of the coding skills required to bring it to life - let's do this thing. It may well become one of the "killer" apps for Ethereum.
