Dear Sir
I am a web entrepreneur having over 4 years of experience in Web Development. Though I am new to Freelancer, I have worked with several organizations which bid on Freelancer.
I went through your requirements and the entire system can be broadly classified into 3 parts
1. Registration and Profile Management
2. Betting and Viewing the Bets
3. Payment Gateway (Paypal) Integration
Further the system will require a fool-proof testing for Payment Integration, so that it remains safe from hackers, which is the most common problem these days.
If you are interested, I shall submit you a complete Requirement Document with all possible usecases for your approval, prior to the project.
Additionally, I shall also deliver you a Design Document, so that any other developer working on it in future might find it easy to make any changes.
Thank you for your time
Regards
WIFI-ONE