Ok, so I have seen this on other forums and it works.
What is this about? As its name implies, its a place when you can bet with other users.
What can I bet? Niwas, avatar change, sig change, make the loser post all their posts in X color font, etc.
On what do I bet? Anything you want, sports, what will happen on E3, games, etc.
How do I do it? You just say "Anyone wants to bet X on Y?" and then someone else says "I do" and that's all.
What if someone doesn't do what they had agreed to? I will make em do it
Thats pretty much it.
So, anyone wants to bet an avatar change on the World Cup?