I mean for one thing the bet is just as much about the turing test as it is whether or not you believe this foundation is going to exist in 2029.
It also seems like they take all the bet money and then invest it while they're waiting to pay out. Seems like a pretty sweet deal.
We actually host some related bets and predictions, including:
"The original URL for this prediction will no longer be available in eleven years." http://longbets.org/601/
"The Long Bets Foundation will no longer exist in 2104." http://longbets.org/137/
Investing the money is definitely part of what makes this interesting. Thanks to compound interest, some truly large sums could be at stake by the time the bet is resolved. (We also couldn't do it any other way, as a number of the bettors are unlikely to be around when the bets are resolved.) The money, though, is not held directly by the Long Now. It's in a special account set up with The Farsight Fund of Capital Research and Management Company. That's mentioned here: https://longbets.org/about/ http://longbets.org/faq/
As to whether it'll exist in 2029, I'd say the odds are good. The Turing bet is a 27-year bet and we're already nearly halfway there. But if you don't think so, I will be entirely glad to bet against you. ;-)
The Long Now for years had a little museum space that got only a modest number of visitors. But conversation about the long term is their goal, and they realized that coffeehouses and bars are where a lot of good conversation happens, so they converted the museum into a cafe during the day and a bar at night.
If you're ever in San Francisco, it's a great nerdy tourist stop. It's in Fort Mason, on the north edge of San Francisco between Fisherman's Wharf and the Golden Gate Bridge.
"The Long Now Foundation itself is the brainchild of inventor and engineer Danny Hillis, who launched the non-profit to build the clock. The Long Now foundation has over 3,300 members who are supporting the project, but Bezos is by far the most prominent and seemingly deep-pocketed, kicking in a projected $42 million"
I hope they'll be with us in 2029.