The interesting thing about this is that all the logic happens onchain. This is why OP mentions that this is the first truly decentralized bet of this kind, bec

The interesting thing about this is that all the logic happens onchain. This is why OP mentions that this is the first truly decentralized bet of this kind, because everything is happening on top of the Bcash decentralized protocol. TL;DR: A very simple smart contract running on the Bcash network.