it was fun to put $0.50 on a game I normally wouldn't watch and tune in with a real rooting interest. i never bet more that $1 on a game because I knew that I would really dislike losing 'real money'.
the fact was that the stakes were completely irrelevant to me. the value came from definitively and publicly taking a side. if you're the fan of a team, you do this in every game. but with these little bets it's a way to sign-on for a little slice of being a fan in every game.
and that got me thinking that there's potentially a different type of gambling app that ignores the money and is more of a social/prediction-making platform. people love chasing worthless internet points (reddit upvotes, HN karma, etc), so why not build a platform that gives you points for betting?
you could let a chunk of the population scratch the itch they get to gamble without creating financial risk. they can still brag about their wins.