The conditions are public and (as far as I know) immutable, though. Getting language lawyered is part of the risk of taking such bets, which is why it's probably a bad idea for most laypeople to do it, except if they're hedging some other investment or something similar.
i think its supposed to be fun and if you get rules lawyered then you get to complain about it and have people agree with you at parties that you should have won the bet
i dont think it is intended to be used as a meaningful investment platform, or even a serious gambling establishment like an actual casino.
its whole angle is "wouldnt it be funny if you could bet on ____" and then you can
