Yeah that is definitely one way to describe it. I imagine at first it would just focus around two people with different views on a future outcome wagering a certain amount of sats. It is done publicly via nostr so that it is clear to everyone if the bet was paid out or not. If not people will not want to bet with the person who refused to pay up, but if they did pay up then others would happily bet with them in the future.

I also think at first it could be used between trusted parties, like instead of nostr:npub14mcddvsjsflnhgw7vxykz0ndfqj0rq04v7cjq5nnc95ftld0pv3shcfrlx and nostr:npub16le69k9hwapnjfhz89wnzkvf96z8n6r34qqwgq0sglas3tgh7v4sp9ffxj recording their bets in a notes app, this nostr app would be a much better experience. Or instead of nostr:npub1qny3tkh0acurzla8x3zy4nhrjz5zd8l9sy9jys09umwng00manysew95gx and nostr:npub1guh5grefa7vkay4ps6udxg8lrqxg2kgr3qh9n4gduxut64nfxq0q9y6hjy having to remember they made a bet that ends in four years, it would just be stored in this nostr app and remind them when the time comes.