WagersOnline.com

For once i got a good name for a idea...!

as the name suggests, an online wagering site, where you can put bets on anything, and using the Social Network model, invite people to accept the bets.

Somethings which need to be taken care of:

1. No Real money, because as soon as you put that in, the game becomes really complicated. What can be done is that when a user creates an account, they are given x (and here x is a big number) WagersOnlineviRtualMoney (WORMs). Use this to put the bets. 
2. This has to be plugged into an existing Social network site like FB, because only a network of friends will be able to put bets. 
3. Wagers should be time bound. 
4. There should be good categorization, why, i'll answer later. 
5. There can be a very simple model to this...no betting, just for or againsts. and the weight on either side decides the bet. So I if put in the bet, the weight is 1:0, for someone to join in against me, they would have to bet 1 WORM. and then the bet becomes 1:1. Now suppose after 10 other people, the bet stands at 3:7. So anyone joining at the 7 side will have to pay 10, but returns will only be 3 (less returns for going on the favored side), but on the other hand, guy betting for 3 side, will pay in 10, and get returns of 7.  So getting in remins the same, but paybacks varied depending on the risk you take. (but risk you take the is the same)

Monetization:

Two ways really:

1. After a minimum number of WOrM's, you can buy more money, not sure if this would be legal though.
2. Trends...imagine how good an input will the be to the physical betting industry, or for everything else. Obama will win the elections, 1000 people put in this bet, or join in, and 1000 join in against!!!