No it isn't. You're betting on people you don't know and nor do you know how they play. That is the point of betting, is it not? To determine who will win based off what's given to you. If you already know who is going to win just by their name, what's the fun in it? That's just being boring and totally unfun. It's like this: "LULZ! IMMA GONNA BETS ONZ ISAI BCUZ HE IZ GEWD!!!!!!111!!111!!" And, he is going to win if it's against a bunch of n00bs. So, yay, free coins right? Yeah, totally fun, you don't get much laughing out of it because you know Isai would win and as a result aren't shouting or having as much fun as you would if you didn't know their names.
Unless by names you meant notoreity... but really, when has that ever mattered in an online game?... People steal names to become "famous" because the people they think they're up against is the real deal.
Anyway, I liked this update and might use this mode late at night if I'm too tired to play anyone.