Quick Overview (How to Play)
- Players can see the different VPFs available and decide if to participate in this specific VPF.
- Users commit money to their desired VPFs specifically to one or more of the eventual outcomes
- The sum of all of the commitments from all the players within the VPF makes up the Pooled Fund.
- The VPF closes at the pre-scheduled closing time (NO MORE BETS). This is always before the Event outcome time. Your potential winnings for a correct bet is now known
- At event outcome time, the winning outcome becomes known
- The VPF Pooled Funds are distributed amongst the winners taking into account the Rewards Multiplier recorded at the time that the bet was made.
- This set of terms and conditions govern the use of the CloseCross Gaming Rule Guide. When placing a bet with CloseCross, the player is therefore agreeing that the player has read, understood and will be adhering to these Terms and Conditions including the general Terms and Conditions at any time applicable to CloseCross.
- The use of this Gaming Rule Guide is subject to the regulations imposed by the Isle of Man Gambling Supervision Commission (GSC).
- Any dispute relating in any way to the use of this Gaming Rule Guide should be emailed to [email protected] Should the reply not be considered satisfactory, a request for confidential arbitration can be sent to the Isle of Man Gambling Supervision Commission (GSC). Their decision shall be binding and may be entered as a judgment in any court of competent jurisdiction.
- CloseCross (“CC”) (as defined in the User Agreement) reserves the right to make changes to the site, betting limits, payout limits and offerings.
- CC may update, amend, edit and supplement these Terms and Conditions at any time.
- Any reference in these Terms and Conditions to words/objects that appear in singular also applies to plural. References to gender are non-binding and to be treated for information purposes only.
- CC reserves the right to block any betting account if it feels there may be suspicious activity. In this case CC may ask the owner of the account to provide further information for background checks.
- CC reserves the right to restrict or deny access, totally or partly, to the user account, at its own discretion.
- "Error" is a mistake, misprint, misinterpretation, mishearing, misreading, mistranslation, spelling mistake, technical hazard, registration error, transaction error, manifest error, force majeure and/or similar. Examples of errors include, but are not limited to:
- bets accepted during technical problems that would otherwise not have been accepted;
- bets on markets containing incorrect participants;
- Outcome options being clearly incorrect given the chance of the event occurring at the time the bet was placed.
- "Influence Betting" is an act, prohibited by CC, where a player, or parties acting in association with a player, can influence the outcome of an event - directly or indirectly
- “VPF” or “Virtual Prediction Floor” is the term used to describe a game.
- The Platform consists of a graphical user interface (“GUI”), which facilitates a user interacting, using their registered user account/profile, via an ERC20 compatible digital wallet (a “Wallet”) and a state channel (the “Betting Account”), with the VPFs hosted in the smart contracts developed and deployed by CloseCross Limited on the Ethereum Blockchain’s Mainnet.
VPF (Virtual Prediction Floors) Definitions
- The Platform allows users to participate in prediction markets (“VPF” or “Virtual Prediction Floors”) curated by CloseCross about topics of interest to persons in the financial, gaming, sports, economic and political industries. These topics of interest are known as “Underlying Elements”.
- Any given underlying element has different outcomes at different points in time. These different points in time associated with variable outcomes are called “Events”.
- A Virtual Prediction Floor is based on an Event. Each VPF has its own unique identifier. For example Dow jones in 1week, Dow jones in 2Months, Gold in 24hours, Leading UK PM candidate in 1week, ChelseaFC score against BarcelonaFC at end of game.
- A VPF consists of: an underlying element; open date/time; closing date/time; outcome date/time; outcome time; outcome options; Rewards Multiplier starting value; and primary and secondary data source providers. All VPF related data is the same for all players that can view or interact with that VPF.
- “Underlying Elements” can relate to, but not limited to; sports events, casino games, political events, topical events and financial assets.
- “Open date/time” is the date/time that the VPF will begin.
- “Closing date/time” is the date/time that the VPF will no longer accept bets (“commitments”).
- “Outcome date/time” is the date/time in which the VPFs outcome results will be known.
- “Outcome options” are the finite options that can be true for that Underlying Element at Outcome Time and that the user can select to place a bet on. Outcome Options are mutually exclusive i.e. no 2 options can overlap
- “Rewards Multiplier Starting Value” is the value in which the Rewards Multiplier will start. Each VPFs Rewards Multiplier starting value is specific to that Event.
- VPFs can be one of the following statuses: “Opening Soon” (Visible on the platform but Open data/time has not reached - Open for bets); “In Progress” (Open date/time has reached but the Closed date/time has not - Open for bets); “Closed” (No More Bets); “Validation Phase” (Outcome Date/time has reached - ensuring that Outcome is correct and all Bets were legitimate and accepted) ; “Resolved” (validated outcome and pooled funds distributed).
- Players can place bet for a VPF up until the Closing time. No more bets from any player are accepted after Closing time
- At VPF outcome date/time, the results of the Underlying Element will be known. Results are not published to the VPF until they are manually approved by a CC admin, the VPF will be in “Validation Phase”
- All VPFs contain a Reward Multiplier with a starting value specific to that event. This multiplier is a reflection of the risk/reward in predicting any outcome at the event outcome time. The earlier someone bets the higher risk they are assumed to be taking on and hence the higher reward
- Such a reward multiplier is always higher than 1 at VPF opening time and always goes down to 1 at the VPF closing time.
- Reward multipliers will be at MAX when the VPF is “Opening Soon”.
- When the VPF is “In progress” (open), the reward multiplier will begin to decline.
- The mechanism ensures that no player receives money less than what they put in to the event that they predicted the outcome correctly for
- The Platform sources Underlying Element based data from reliable 3rd party providers. Each data provider is backed up by a secondary data provider within the same data categorisation in the unlikely case that the primary data provider may fail.
- All data for Open values and Outcome values are approved by an admin of the platform and are only released to the VPF once such approval is received.
- Users are provisioned with a “Wallet” upon successfully completing registration checks: KYC, AML, CFT.
- The Wallet is owned and operated by the user, who holds the private key and password and is never stored on the platform itself.
- The Wallet uses USDC tokens on the CloseCross platform
- USDC is a stable coin which is mapped to the US Dollar (“$” OR “USD”). The USDC token is said to be 1:1 to the US Dollar but this rate can fluctuate to a fraction below 1 or a fraction above 1. The GUI will represent these tokens throughout the platform using the dollar (“$”) symbol. This is for simplicity and does not represent the actual dollar value of the token.
- Transactions occur between the Wallet and “Betting Account”
- The User may “Deposit” USDC tokens to their Wallet from an external source, either a 3rd party wallet or exchange.
- The User can “Withdraw” their USDC tokens to an external wallet or an exchange, whichever is appropriate.
- Using these Wallet tokens ( or “Funds”), the user can “Topup” their Betting Account ready for placing bets in VPFs. Some Topups may be subjected to further verification checks
- Betting account topups below a certain threshold may be chargeable to the player. Fees vary depending on the ethereum blockchain transaction fees.
- The user can perform a “Transfer” to send any Funds from their Betting Account back to their Wallet. Some Transfers may be subjected to further verification checks
- Transferring money from the Betting Account to the Wallet may be chargeable to the player when there have been less than a certain amount of cumulative bets made historically. Fees vary depending on the ethereum blockchain transaction fees
User Betting (How to play)
- Players must top-up their betting account from their wallet in order to make bets on VPFs. The maximum amount available for any bet is always equal to the balance in your wallet
- Bets can be any amount the player feels comfortable with, subject to possible KYC, AML, CTF checks.
- Players can commit Funds to VPFs as long as; they have the available Funds within their Betting Account, they have not reached their stop loss limit, they have not temporarily or permanently stopped their account, they have not reached their betting limit.
- Placing a bet is done by entering a value into one or more of the Outcome Options and clicking “Commit” (“Bet”).
- Upon placing a bet, a Betting Receipt is issued. Betting Receipts contain; timestamp of when the bet was placed, how much was placed, the Multiplier at the time of committing and the chosen Outcome Option
- All player bets (total amount and aggregated number of bets) are visualized to other players via the “Crowd Wisdom Chart” across each Outcome Option.
- All players bets, within a VPF, together create the collated “Pooled Funds” (“Total Committed Funds” or “TCF”), which will be redistributed amongst the winners at Event outcome time. This amount is always updated in real-time as bets are accepted, with the pooled funds rising.
- Upon VPF outcome approval (“Resolved”), the winners will now be known and therefore will trigger the settlement mechanism, see section 8.
- CC will charge a facilitation fee to the Total pool of each VPF at outcome time. The fees can vary depending on the VPF itself.
- All bets made in time before the closing of the VPF, which meet our MLRO and regulatory standards, and are not awaiting any further user checks, will be issued with a receipt confirming the acceptance of the bet into the VPF, this is referred to as a “Betting Receipt” or “Bet Receipt”.
- A bet is not validated until the player is given a Bet Receipt. In cases of uncertainty about the validity of a bet, the player is requested to check the “Open Bets” section of the platform, or contact Customer Service.
- Betting receipts contain: timestamp of when the bet was placed; how much was placed; the Reward Multiplier at the time of committing; and the chosen Outcome Option. Multiple bets on the same VPF will result in a Betting Receipt for each bet.
- Once accepted, a bet will remain valid and cannot be withdrawn. It is the responsibility of the player to ensure details of the bets placed are correct.
- Under no circumstance will CC accept any responsibility for any mistakes (perceived and actual), deriving from either Errors as listed under Section 3, Clause 3.1, or any other reason.
- Should a dispute arise about the acceptance (or lack thereof) of any transaction in the players account, the transaction log database will be the ultimate authority in deciding such matters
Cancellation (voiding) of bets
- Once the user has placed a bet and a receipt has been issued, the user can no longer cancel that bet.
- The platform may cancel specific bets in the event that:
- User is attempting to bet higher than what is allowed
- User is flagged during AML checks and a bet needs to be stopped for regulatory and compliance reasons
- VPF specific - In the event that an Underlying Element is cancelled/removed, all players will get their money back. E.g. a football match is cancelled due to unforeseen circumstances, a stock exchange remaining closed due to unforeseen circumstances
- System wide - If for any unforeseen reason our systems are compromised to an extent where it is deemed that games may not be executing as designed (hacking attacks, acts of god, etc), then all VPFs will be frozen and investigated and could be closed with the result of returning all money to players.
- The settlement mechanism will automatically split the total pool of the VPF amongst the winners taking into consideration how much each winner placed on their bet and what the reward multiplier was at the time of the bet.i.e. the more you put and the higher the reward multiplier at the time, the more you win!
For example, if player A and Player B both commit the same amount to a VPF on the same winning outcome however Player A placed their bet earlier than player B, then Player A is entitled to a larger share of the winnings than Player B since they took a larger risk in their prediction (being earlier) and this is reflected in the Rewards multiplier being larger for Player A.
- Upon final resolving of the VPF (winnings being distributed), the results of the Bet placed can be seen in the “Betting History”.
- Players that lose in a VPF will only lose the amount they placed into that VPF. You cannot lose more than you put in!
- Players that win in a VPF will always take away a minimum of what they put in. You cannot take away less than you put in!
- In the case that there are no winners in a VPF, i.e. all players participating in that VPF had placed bets on a losing outcome, then all players will get their money back
- In the case that there are no losers in a VPF, i.e. all players participating in that VPF had placed bets on the winning outcome, then all players will get their money back.
- Winnings are put back into your Betting Account.
- You can transfer these funds back to your privately owned wallet at any time.
Setting system limits (safety guards)
- Set Loss Limit - Players can set themselves a loss limit that they are comfortable with losing within a defined period. The Loss limit will add up all the losses made in resolved VPFs within the period chosen and will reset back to zero at the end of this period. Any open bets will not be counted in this loss limit. If the player wants to increase this limit, changes will take 24hours to process.
- Set Bet limit - Players can set themselves a limit on how much they are comfortable to bet within a defined period. If the limit is reached, the player will not be able to place any further bets. If the player wants to increase this limit, changes will take 24hours to process.
- Time-Out - Players who wish to take a short break from the platform, up to 6weeks, can set their time-out and will not be able to log into the platform during this period.
- Self exclusion - Players who wish to take a longer break from the platform, any time from 6months to 5years, can set their exclusion time and will not be able to log into the platform during this period.
- Account Closure - If a player no longer wishes to use the platform, its features or to be contacted by CloseCross again, they can request for an immediate account closure. This will remove access to the user account and will also mean that the player will not be able to create an account in the future.
Financial Market betting
In financial betting, the players will be betting on one of more of the potential outcome price brackets for an underlying asset or a value outcome range if measured in percentages. Players can bet on ‘absolute’ or ‘relative’ outcome values, where the absolute value is the actual price of that asset at outcome time and relative is the percentage increase or decrease in relation to the asset price at open time.
- Outcome options will be presented as Price Brackets or Outcome ranges
- Outcome options are given as ranges and cover the entire possible spectrum of the asset price at outcome time
For example, if GOLD price at open time is $100, Price Brackets would be
[-100% → -5%],
[-5% → -3%],
[-3% → 0%],
[0% → 3%],
[3% → 5%],
[5% → ∞]
[$0 → $95],
[$95.01 → $97],
[$97.01 → $100],
[$100.01 → $103],
[$103.01 → $105],
[$105.01 → $∞]
- Each Outcome option will cover a unique set of values and will never overlap. Where the price bracket shows a range, the left hand value actually represents the ‘>’ (greater than) value of that number.
E.g. [3% → 5%] actually means (>3%) → 5%.
- VPFs will Close (stop accepting bets) at a time before the actual Outcome time (between 15% to 35% of the entire VPF duration as measured between Opening time and Closing time).
- All VPF open date/times will have an associated open value which is the price of the asset at that time. The % up or down in the outcome options is with respect to the open value. i.e. if the open value of Gold is $100 and I predict at outcome time it will be 10% up, then I am essentially predicting that the price of Gold will be $110 at outcome time.