Resolution policy
Every market states, from the moment it opens, the criterion that decides each outcome and the source where the result is checked. Resolving a market means applying them.
- winning outcome
- 1
- fee on winnings
- 3%
- to file a claim
- 48 h
Who resolves
Markets are resolved by Vaticino, applying the written criterion and checking the stated source. It is not a matter of opinion: when the criterion and the source are well defined, resolving is a verification.
The creator of a market does not resolve it, because they hold chips in it. Markets are not resolved by a vote of users either.
Closing
A market closes on the date set when it was opened. From then on no bets or sales are accepted, and the price stays at the last one traded.
If the result becomes known before that date, Vaticino closes the market at that moment, so that nobody can bet on an outcome that is already decided.
Payout
One outcome wins, and only one. Bets on it collect what they hold; bets on any other outcome collect nothing, and what was staked on them stays in the market to pay the winners.
- Winnings are paid as soon as the market resolves, without waiting for the claim period.
- A fee of 3% is charged on the profit of each winning bet: what it collects minus what was paid for it. Losing bets pay no fee.
- What is left after paying the winners goes to the creator of the market, together with what remains of their depth.
Voided markets
A market is voided when it cannot be resolved:
- the source gives no result;
- the result matches none of the outcomes;
- or the question turns out to be ambiguous.
When a market is voided, every operation in it is undone, as if it had never existed. Each user gets back what they put in, fees included, and the creator gets back their full depth. Whoever sold at a profit or collected winnings returns them; if their balance does not cover it, the difference is recorded as a debt.
A market can be voided while open, after closing or after it has been resolved.
Corrections
If a result turns out to be wrong, Vaticino resolves the market again with the correct outcome, either on its own initiative or after a claim. Chips paid in excess are taken back and paid to whoever was owed them. If a user no longer has the chips to return, their balance goes negative: the debt is settled by what they collect afterwards, and while it lasts they cannot bet.
Anyone who bet in a market, and its creator, can dispute its result within 48 hours of the first resolution. See Claims.