So, let me see if I understand the betting exchange properly.
I open a bet for PERSON 1 to win TITLE 2, someone accepts. The member accepting is betting for or against that outcome?
The member accepting the bet is called the Challenger. The Challenger is ALWAYS against the bet outcome. eg, if the bet is Raiders Win and the Raiders win the game, then the bet Owner (the one making the bet) wins the bet. If the Raiders lose, then the Challenger wins the bet. If there is a TIE, then the bet is a DRAW and the stakes are returned.
btw, there are two different ways you can create a bet.
Create a bet against a specific Member
You can challenge a specific member eg, I challenge you to a $1000 bet that the Penguins will win the Stanley Cup. It costs me $1000 to create that bet. If you accept, it will cost you $1000. If the Penguins win the Stanley Cup, then I will win the $2000 Handle. If the Penguins lose, then YOU will win.
When you have been challenged, you have the option to DECLINE. When you decline, the bet will automatically turn into an OPEN bet that anyone can claim (first one to claim gets it).
Also, after you have accepted the bet and you have permission to withdraw, you can withdraw from the bet, however, you will have to pay a withdraw penalty fee (admin option). That Fee can be awarded to the Owner of the bet or be paid to the Betting Exchange (fictitious account). After you withdraw, the bet converts into an OPEN bet that anyone can claim (first to claim gets it).
Create an OPEN bet
You can create an OPEN bet and the first person to accept the open bet is the Challenger. You create an open bet exactly like a challenge bet, cept you don't choose a specific member.
Its beyond simple, yet extremely fun (and addictive).
Also, if I open a $100 wager and 10 users accept, they all get their $100 stake back and $100 each from MY cash if I lose?
Member Betting is a one vs one ie Bet Owner vs Bet Challenger.
Sportsbook Events are where you can add outcomes that multiple members can place wagers on.