How does the betting work?

Question

Betting on GTA Online seems to be pretty temperamental. At the start of a race or deathmatch I may put some money on. Some times I’ll put the whole available amount ($10,000) on, but when the session launches I’ll get the, “Not enough bets placed” message. Some times, I can put just $100 on I’ll then see at the end of the match how much I made/lost based on the odds and whether the player I bet on won or lost.

So what is the prerequisite for a bet to go through? As it doesn’t seem to be the monetary amount. Do a certain number of players need to place bets , meaning if I’m the only one betting it doesn’t bother?

Answer 1

Betting for a match must have 2 bets placed on 2 different players or the bets wont count

the above bolded is most important.. as you are able to bet on your friends not just yourself for winning... If everyone bets on one person they bets wont count.. if everyone but one person bets on the same person while the other guy bets on himself the bets will count.

Betting odds

The betting odds are an interesting one. If everyone bets on themself it will be 50/50 for the betting odds but as soon as more people bet on the same people the spread will change depending on how much this person has bet on him

example

If you bet 100$ on someone and they win with 50/50 odds you will get 80$

If you bet 2500$ on someone and they win with 50/50 odds you will get 1000$

Now if 2 people bet on1 guy while the other guy bets on him self this is how the payout will be

the guy who bets 100$ on himself will have 33/1 odds and make 3300$

the guys who bet 2500$ on the same person would still only get 1000$ for winnings

So for a bet to work in the match there must be bets placed on at least two players

Betting odds are determined by how much money is getting bet on each player the more money bet on one player = more money won for a bet against that player

This is from here but there's no more info there unfortunately.