Rules of Play
These rules form part of Midbet Terms & Conditions and all definitions used are as set out in that document. We make every effort to ensure that our rules are fair and transparent.
We operate a pool based betting system which means users are playing against each other, NOT against Midbet. The markets are questions created by our team of Admins also referred to as Market Makers that allow you to bet against other users.
Pool betting involves placing a stake on one of two (or more) outcomes for a given event. The events can be single maps or matches between two players or teams, or could be the outcome of an entire event. For example, “team A vs team B” you can choose one of two sides to place a wager on to win. Your winnings are calculated as a percentage of the total wager on the team you chose. That percentage is your winning (minus the rake) from the opposing option(s). When there are more than two outcomes to choose from, the winnings are the sum of all the losing outcomes bar the single correct one minus the rake. Pool bets that do not end in a single outcome (i.e. draws or canceled) are refunded without a rake being taken.
You receive a percentage of the pool proportional to how much you contributed to the correct answer (option). We charge a commission on the winning pool. For example:
- You wagered €5 on the correct option
- The market (including you) put a total of €500 on the correct option
- The total pool was €2000 (the total amount wagered on all options)
- Our commission here is €% of the winning pool (2% of €2000 = €40)
- This leaves a total remaining pool of €2000 - €40 = €1960
- You get 5/500 = 1% of €1960 = €19.60
- You contributed €5 of the total €500 wagered on the correct option so you will get 5/500 = 1% of €1960 = € the €5 of 19.60
Winnings are transferred into the user’s account once the market has been settled. This usually occurs within a few minutes of the event occurring. Commission amounts will vary based on the type of pool, but will be shown clearly at the top of each pool’s clarifications. For any single option if our commission causes the amount won to become less than the amount you wagered, the amount wagered on that option will be returned. The rounding of winnings is done to the penny.
In a BO3 wager, there are two teams, so two possible outcomes. Ten users wager on the two teams, each user wagering €4.00 on each team. In this example Team A wins, thus:
|Team A||% of pool||Team B||% of pool||Win|
Rake = 10%.
User winnings = (total winnings - rake) / percent of winning option for each user (20% each in this example).
€20 - 10% / 20% = €3.60.
Return to Players 1 through 5, wager + winnings = €4.00 + €3.60 = €7.60.
We offer two types of markets
Pre-game markets known as PrePools where users can wager before the tournament, series or match begins. These markets include but are not limited to:
- Who will win a tournament
- Who will win a series
- Who will win a match
- Who will draw first blood
- First to 10 kills
- First to lose tier 1
These markets will be closed once the game starts and will be settled once the event has occurred.
In-play pool. Markets will appear on screen and users can wager on the options provided. The market can be closed at any time by a Market Maker and are usually live for anywhere between 15 seconds and 90 seconds. Users are given a 5 second warning before the market closes. These markets include but are not limited to:
- Next tower
- Next Nashor
- Gold Worth
- Boss Timing
- Round Winner
Once the event occurs our software identifies the answer and notifies the admin who will verify it before settling the market.
Life Cycle of a Market
All markets go through 3 stages during their life cycle.
- Open - The market is currently live and users can submit their wagers on the options they believe will occur.
- Closed / Pending - Users can no longer place bets on the market. During this time, we are waiting for an event to occur that will give us the answer.
- Settled - The answer has been provided and winnings have been paid out.
Markets will be settled as soon as possible after the event has occurred, while considering delays between the stream and our data feeds. Errors may occur during each stage of the market which may lead to the market becoming void. If a market is void all wagers will be refunded in full, no commission will be charged.
A market can be voided at any time by an admin for reasons including, but not limited to:
Error with the phrasing or timings of the market. For example:
- The current game time is 45:00 and the following market is opened, "Will we see Roshan killed before 35:00?"
- This is erroneous as the question is asking about a game time that has already passed. Once the error has been identified the market will be void.
The event occurring (on any source, for example in stream or on Dota TV) while the questions is live. For example:
- A team reaches 5 kills while the following market is Open, "what team will be the first to get 5 kills?"
- As the answer is known the market will be void.
Something occurring that prevents the answer from being identified with absolute certainty. For example:
- "Who will have more kills at 38:00" was asked, however, the game ends at 35:00.
- Even if one team clearly seemed to be the favorite, it cannot be known with 100% certainty what the answer would have been. Thus, the market will be void.
- Midbet considers the game to be over during professional games when the losing team calls GG or when the ancients falls, whichever happens first. During streamer games, the game is considered over when the ancient falls.
- In situations where we are unable to settle a market due to an error with data feeds or reasons outside of our control we will use publically available information, such as replays, to help settle the market. This will take substantially more time than normal and if the answer cannot be identified within 48 hours the market will be void.
- In situations where markets are opened pre game and a team withdraws from the tournament or series the market will be void. In cases where the team was one of multiple choices all money wagered on that team will be refunded.
If it is possible to settle a market with 100% certainty, it will always be settled. For example: The following market was pending "What will the total kill count be at 25:00?" with the options:
- < 30
- >= 30
But the game ended at 24:30 with a total kill count of 40. Given that the kill count cannot decrease, we are able to know the answer to that market with absolute certainty. This market would be settled not voided.
Errors in Settling
Should a market be settled incorrectly we reserve the right to make an appropriate adjustment to user’s Account Balances to correct such errors. If a user has insufficient funds to make the adjustment, the user agrees to make the necessary funds available to correct the error as soon as practically possible.
Should a market be settled early (in error), the market will be "scrubbed", whereby paid out winnings will be returned to the pot to later be settled correctly.
Striking a Bet
As the markets are pool based, users are playing against each other, NOT against Midbet. Our betting mechanism means the potential payoff of your wager is not fixed until the market is closed. We provide you with the percentages the market has wagered to help you understand how the rest of the market has wagered. These numbers will change while the market is open.
Your wager will not be recorded until you press "Bet", the order reaches our server and we confirm you have enough funds in your account. At that point the wager will be submitted to the pool and will show up in both your Transaction history and the My bets screens.
In some instances, particularly where a user has a slow internet connection and submits a wager close to the market closing, a wager will not be successful. If this occurs, a notification will appear above the bet slip notifying you that the wager has been unsuccessful. A user can submit as many wagers to the pool as they like while the market is open. However, once a wager is submitted to the pool it cannot be withdrawn. Once the market is closed, no more wagers will be accepted.
Unselected Winning Answers
If no wagers have been placed on the correct answer but wagers have been placed on other options for the market, then the market will be void and all users will be refunded their wager.
We will decide what events or tournaments we will create pools for on a case by case basis. This will be driven by our ability to get sufficient data on the underlying event and our assessment of the integrity of the individuals holding the event. Should the integrity of an event or tournament be called into question we will investigate these claims before making a decision whether or not to proceed with taking bets.
When covering a streamer on twitch or any other video streaming platform we will ask questions about the game being played on the stream. If the person playing on the channel is not the streamer or the person switches during the game, all wagers are still valid.
Abandoning / Rage-quit
The moment a streamer abandons a game, this is considered the end of the game and all markets left unsettled will be void in the same manner as markets left unsettled at the end of a professional game.
If the streamer abandons before the first 10 minutes of the game, all Game Winner markets will be void. If the streamer abandons after the first 10 minutes of the game, all Game Winner markets will be settled as a loss to the streamer.
The Streamer game will continue up until the streamer themselves quits or the game ends. If any member of their team or the opponents team leave before the end of the game, markets will still be valid.