Alice and Bob want to bet on how many blocks the bitcoin network will produce in a certain period.
On 2021/01/21 12:00:00 (1579608000) at block 667016
Alice: I bet there will be 2016 blocks produced in the next 2 weeks. In other words the chaintip will be equal or higher than 669032 by 2021/02/04 (1580817600).
Bob: I believe that it will produce more than that.
Both of them agree on an amount and send funds to a 2-of-2 multisig controlled by both of them.
If Bob is right, the block height (669032) will happen before the date Alice mentioned (1580817600) so Bob gets a payout transaction sending funds from the multisig to him with a block-height-locktime of 669032 .
And Alice gets a transaction sending funds from the multisig to her with a timestamp-locktime of 1580817600.