UPDATE:
I got it to work on Betaplayer after moving my test capture device (webcam, but normally would be a USB tv tuner card) from laptop to desktop! Once I did that and configured it as OddbOd had described, it worked flawlessly on the first try. Now I am stumped as to why it will work with my desktop but not my laptop as server. I have been able to use my laptop on UDP with no problems in the past (but only streaming to desktop and not PPC).