A great idea j-t (I think you've been reading my notes).
I've been working on this concept for a while now - no reason
it wouldn't work on the internet, either.
You could bet the next point, or, as I would prefer, the final
outcome, but always in real time. You could do the same thing
in the MIDDLE of a horse race or football game, too.
If the audience was large enough, the computer 'book' could constantly
adjust the odds in real time.
I would LOVE it.