the group of guys I watch the PPVs with have a pretty fun betting system. its secret ballot and each fight you have until the bell to get your picks in.we pick who we think will win,what method(just from TKO,submission,or decision)and what round. 2 points for the right fighter,1 each for round/method. person with the most total at the end gets the pot.( for us,usually 5 bucks each with about half a dozen dudes watching.)
in case of tie,its to whoever is still in it to pick either chopping the pot,or letting it go to a dark match.
of corse side bets abound as well. I have 20 on sherk and if the fedor/couture fight happens this year,I have 100 on fedor.