The project is a very basic concept. The app would consist of as follows: Say you are sitting around with friends watching the NBA Western Conference Finals between the Golden State Warriors and the Houston Rockets. One of your friends says, "Anybody wanna bet me $5 that the Warriors win, and you think the rockets are gonna win so you take that bet, but say nobody has cash. This is where the app comes in. On friend would go send the other friend a request where they make the bet official on the app to pay each other after the game.
You could also post random bets that random people can click on and bet against you.