Ordinarily, this would be fine... but seeing how I'm a part of this bet, it may be best to use someone else.
Thinking about it, I'd be ok with eejit only transferring 100x my bet amount (this should be up to each better) to a third party. So, if he accepts my $10 bet, I'd want him to transfer $1000 to a third party, with $2000 more payable to me within 24 hours of the victory. If he decides to only take the $5 bet I first offered, then the numbers would be $500 and $1000. Just a sign of good faith, and enough that I wouldn't get completely screwed if he decided to dcooper us.
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