Your logo will be replacing the logo currently there. The logo needs to contain the name "BetCast" and ideally will have some sort of icon next to the name, as the current logo does. Of course, we'd be open to a logo that incorporated some design/imagery into the "BetCast" name (ie, like "A to Z arrow" in Amazon's logo, or the arrow embedded in Fedex's logo.)
Ideally the icon/imagery in the logo would be related to European sports or sports betting (ie, no poker chips or American football images.) It may be nice if it also included some imagery around the "social graph" since this is a social network. View Facebook's homepage for an example of an illustration of the social graph - the dashed lines connecting faces around the globe. (Note that the social graph imagery is much less important than the sports betting imagery, so do not worry if it doesn’t fit into your logo.)
The logo needs to be professional and not too childish, so it will still appeal to serious sports bettors. But it needs to be fun and not stodgy, since we'll be targeting a younger demographic that uses many Web 2.0 services.