FAQ

Most people use Fairlay to place bets on sport events or horse races. The most popular sports are soccer, tennis, sports and baseball. Further popular events are elections and politics bets in the News section. If you feel an important market is missing you also have the possiblity to add any market instantly without review for free. We have also introduced the option to create and manage your own LMSR Market Maker. Also available are Dice markets with a very low house margin and an exchange from BTC to four other major crypto currencies with 0% fees. If you want you can access our old interface on old.fairlay.com but there won't be any warranty or guarantees on it's usage because we won't support and update it anymore. If there is a vulnerability the risk is entirely upon the user.

There are several ways to contact Fairlay.

- For general help, market related issues and suggestions how to improve the site please use the public support channel on the website.

- For private support and private account related issues we will offer a fee-based customer service via the website. We will announce it soon.

- Until the end of 2017 we will keep the uservoice support on old.fairlay.com open.

- If you cannot access the support on fairlay.com but require assistance please send an email to [email protected]
Please note by contacting us through this email you agree that we will deduct a fee of up to 5mBTC per ticket from your account.

- For business enqueries please contact us via [email protected] Customer service is never provided here.

- VIPs may contact [email protected] support free of charge at any time and receive support directly from the Fairlay management.

In the Sport, Live, Horse Racing, Exchange and Dice sections we take 0% fees. In the News section we only take a commission of 2% on your net winnings of the whole market. 50% of all generated fees go to the creator of the market. The commission is shown on each mmarket page.

The minimum withdrawal amount is 1mBTC and the fee is 0.5mBTC per transaction.

The minimum deposit amount is 1mBTC (any value below that will be ignored) and the fee is 0.2mBTC per transaction. For deposits to the SegWit based address (starting with 3) and altcoin deposits there is no deposit fee.

The withdrawal fees can be found on the withdrawal page.

SegWit is a new address format introduced in August 2017 with slightly lower fees. For you there is nothing to worry about. You can deposit Bitcoin to both addresses (legacy and SegWit) regardless from which address you are sending from. We recommend the SegWit address for all deposits below 500mBTC.

From June 2018 onwards inactive accounts (no login in the last 24 months and no active order) pay a monthly maintenance fee of 1mBTC.

Choose your odds and the amount of mBTC you want to wager and submit the prediction. Please note:
- Any manipulation of lines is strictly forbidden. All bets must be done in good faith.
- Bets placed on non-live markets after they started are subject to be voided. Knowingly betting on non-live markets after the corresponding event already started is regarded as fraudulent activity.

Normal orders (MakerTaker) are instantly matched when there is a counter bet waiting in the orderbook that matches the odds you're using for your prediction. If there isn't enough volume to cover your stake the remaining amount stays open adding liquidity to the orderbook and waits for another bet that matches your odds in order to get fully placed.

Taker orders (Fill or Kill) only matches if there's a counter bet that matches your odds waiting in the orderbook, if there isn't enough volume or no orders have the the necessary odds the unmatched amount is automatically cancelled.

Lets say you place a prediction of 10,000 mBTC on a market with 2% commission and your odds are 2.5. Your winnings are 10,000 * 2,5 = 25,000 mBTC.
We directly subtract a fee of 2% from the net winnings. The net winnings are 15,000 mBTC. 15,000 * 2% = 300.
So you will be credited with 25,000 - 300 = 24,700 mBTC. Please note that we don't take this fee in the sport and fun category.

When a market is closed, predictions can no longer be placed. The resolution date is the date when the outcome of the market is determined.
But be careful: some predictions can already be determined even if the resolution date or the closing date is not yet reached.
E.g., will a certain YouTube video have a number of views until a given date - so whatever you place a prediction on - make sure that there is a chance that it will happen.

In case of any unresolvable dispute between a user and Fairlay, Fairlay will accept arbitration from independent, well known, trustworthy entities in the Bitcoin space to settle the issue. Both parties have to agree to the arbitrator in advance. The arbitrator will also determine the party who has to pay the arbitration costs.
Fairlay reserves the right to freeze funds from any client who is suspected of any illegal activity or major misconduct. This includes line manipulation, match fixing, betting fraud and money laundering. In such a case Fairlay will also accept arbitration.

Any user can place as much open orders as he pleases. Before any orders are matched we will always do a check if both users have enough available balance. If one user does not have the required funds, he has to pay a penalty of 0.1mBTC and his bet will be automatically cancelled and not matched. All users are required to make sure that they can have a sufficient high available balance all the time in order to avoid the penalty.

Most wrong settlements are automatically corrected within 20 hours after settlement. Some markets need manual review or manual settlement. Please wait 20 hours before contacting support in the public support channel.
Wrong settlements must be reported within 3 days from the date the bet in questions has been graded. Fairlay reserves the right to refuse to honor claims after this period.
Always include a link to the market when you report a wrong settlement.

After your deposit is included in a block we still need up to 5 minutes to make sure, that the block is not orphaned.
Also note, that your balance does not update if you do not browse the site. You can force an update of your balance anytime if you place a small (open) order on any market.

If you are sure that a deposit is missing despite having more than 3 confirmations, please contact [email protected] and provide a link to the missing transaction on a block explorer. Please note by contacting us through this email you agree that we will deduct a fee of up to 5mBTC per ticket from your account if we should not be responsible for the problem.

All withdrawals up to 5 BTC within a 24 hour period are usually instant. In times of very high demand it can take up to 24 hours.
For larger withdrawals please try to use an address you have used many times before to speed up the process. Larger withdrawals are usually processed within 24 hours but may take up to 72 hours in rare circumstances.

We recommend that you always withdraw to an address you control. If you receive an unconfirmed transaction you can use the Child pays for Parent (CPFP) method to get it confirmed faster. Just spend the unconfirmed output again with a higher fee and all transactions should get confirmed quickly.

If you place a bet in this type of market your stake will be split in two. For example, in a game between Real Madrid and Barcelona with spread of +1.75, if you place a bet of 100mBTC on Real Madrid you're actually placing 50mBTC on Real Madrid at spread +1.5 and 50mBTC on Real Madrid at spread +2.0.

Every time when a horse withdraws from a race and it's winning chances are greater than or equal to 2.5% a reduction factor is introduced, which is an estimate for the winning chances of the withdrawn horse. All odds of all bets that have been matched so far will be reduced by the reduction factor.
For more information please read the betting rules linked to in every market description.

All our markets can only be resolved to one winner. In the very rare case that there should be a shared first place amount several runners, we will void the whole market unless this case is handled in the description.

We use UTC aka GMT. To facilitate use we also display how much time is left until resolution - so you don't have to care too much about time zones.

It is 14sDvFCA2AVio47ogwpjuhkD12MN2E2zJ6.
The sum of all issued credit to our customers will always equal the amount of Bitcoins in that address. For advanced users a real time proof of reserve is already implemented in our sample client on Github. This proofs mathematically that Fairlay is always holding more than 100% of all customer funds in cold storage.

You need to make sure that your balance is below 500mBTC. Than use the lost password option that is available when your are logged out. If you account should have more than 500mBTC, please contact [email protected] (requires a 5mBTC fee) to request a manual cashout to an address you have used before.

Please contact our customer service via Uservoice. If it is a really urgent and crucial matter, you can also automatically stop all withdrawals. Whenever the address 1B9UmvQSeRkpAotgZbc7TZTaup7zxrwJ3Y has a balance of 10 mBTC or more no withdrawals for any user on Fairlay will be processed. Any deposit to that address will be returned to one of the sender's addresses.

1st) We can put a special security flag on your account. This cannot be undone and would mean:

- that you can not add any additional withdrawal addresses via our website
- that you cannot make any transfers to other users
- that you cannot put maker bets on the market
- that you can only match bets with our trusted market makers
- place no more than 5 bets on any market within a 72 hour period

If you want us to so, please contact our customer support.


2nd) You can place bets, manage your account and make withdrawals via our API. This means that everything you do must be signed by your private key. Additionally we can permanently set your native Fairlay account to read-only.

This would mean that you can no longer place bets, make withdrawals or payments or create new API accounts via our website.

Please contact us for any help you may need.

For privacy and security reasons, new deposit addresses are not generated on our webserver. There is a very easy workaround if you still like to use one: create a new instant account and deposit funds there. As soon as the deposit is credited, you can send a payment to your old account!

A future market (also known as CFD or Contract For Difference) is an agreement between two peers where both exchange the difference in value of a financial product between where a trade is entered and exited. It’s a tradable instrument that mirrors the movements of any underlying asset.

This kind of prediction market creates a derivative in which you can speculate on a future price of any given asset, such as BTC, USD, China GDP, S&P 500 YoY growth, Nintendo earnings per share, etc.

The settlement is determined by the price at the resolution date taking the source from the description and following our index policy settlement.

The contract settlement is distributed pro-rata in mBTC to the participants of each trade.

The holder of a short position on any future market gets the following winnings on settlement:
order_amount * (order_price - settlement_result)

The holder of a short position on any inverse future market gets the following winnings on settlement:
order_amount * (order_price / settlement_result - 1)

Example of an Inverse Future Market:

User Alice wants to sell 5 mBTC at a price of 1000 BTC/USD on an BTC/USD inverse CFD market (in theory Alice now owns 5 USD and 0 mBTC).
Assume that the market settles to 400 BTC/USD (in theory Alice now uses all her 5 USD to buy BTC back at a price of 400 BTC/USD - she therefore gets 12.5 mBTC).
She leaves with a winning of 7.5 mBTC. This is what is simulated with the settlement formula: winnings = 5 mBTC * (1000 / 400 - 1) = 7.5 mBTC

- As soon as the underlying settlement index of any future market is outside the market boundaries for more than 5 consecutive minutes, the market will settle to the corresponding boundary.

- If any settlement index of any future or inverse future market is manipulated at the resolution time, the resolution time may be moved. In that case a random time in a time frame of 6 hours starting at resolution time will be used.

- The BTC settlement will be based on the BLX index (bravenewcoin.com/markets/) in case there’s any issue such as down time or market manipulation we reserve the right to use the XBX index (tradeblock.com/markets/index/) for settling the markets.

- Altcoins settlement will be based on the corresponding Poloniex prices, in case there’s any issue such as down time or market manipulation we reserve the right to use the XBL index (bravenewcoin.com/markets/) for settling the markets.

- If both BTC indexes are not available or were manipulated, we reserve the right to calculate our own index. In that case we’ll take the average excluding the highest and lowest price of the following exchanges: BTC-e, Bitfinex, Bitstamp, itBit, OKcoinUSD, Coinbase.

In case of a chain split, we will make an announcement about it before the split happens. Fairlay will make both versions of Bitcoin available for withdrawal in case of the SegWit2X hard fork.

If there is a market about price predictions of Bitcoin, the sum of both hard forks is taken into consideration for the settlement as long as the market was created before the split and there is nothing else announced in the market description.

We usually only try to have markets, that have all possible winners listed. If necessary, it has to have a runner called "Other".
If you should find any market that is not "whole" , i.e. missing certain cases or runners, please forward it to our moderators and they will close it to not allow further betting.
From a technical point, our moderators are only able to select either a winner or make the market void in general. The option to set all runners to lost is not provided.
Markets are created by lots of different users and sometimes are no accurately describing every possible case. We do our best to grade these markets according to our best knowledge even if runners or special cases are missing. If one of the provided runners wins, we settle to this runner. if a runner wins that is not listed and the case is also not listed in the description, it will be settled to void.

If your Country or City is not allowed, please note that we do not accept customers and block IPs from the following regions: New York, Washington, Costa Rica
Fairlay allows you tip other people (with or without account) on twitter and all reddit subs

To get started you need to register your Social Media account in the Developer section. Consider setting a daily spending limit.

If you like to tip someone on reddit, you can do so by replying to his post and paging the user /u/fairlaytip. You can tip in all supported currencies.

Examples:

/u/fairlaytip have some Litecoin. 0.1 LTC
/u/fairlaytip Dash has very low fees. Try it out 1 mDASH
/u/fairlaytip 300 bits for you.

On twitter you need to reply to the receiver and to @FairlayTip

@FairlayTip 1mDASH @realdonaldtrump It's awesome!
@FairlayTip 2 mBCH @adam3us
Here are 300 bits @emo_jamie_dimon via @FairlayTip

No - you always place predictions against other users. So every prediction must find a counterpart. If no one is willing to take the other side, you will get your stake back without any deductions.

The turnover is based on the matched amount. Its calculation depends on the odds chosen.

Odds > 2

If you choose odds > 2, the turnover is the amount you placed.

Example: [email protected] ON

Placing a prediction ON the outcome with an amount of 10 mBTC at 3.0 odds.
Turnover == amount placed == 10 mBTC

Odds <= 2

When the odds are <= 2.0, the turnover is the minimum possible profit.

Example: [email protected] ON

Placing a prediction ON the outcome with an amount of 10 mBTC at 1.5 odds.
Turnover == Profit == amount_placed * (odds - 1) == 10 * (1.5 - 1) == 5 mBTC

Same goes for AGAINST bets, the only difference is that the odds are converted before we decide if we should take the profit or the amount placed.

Our cold storage address is 1KFDjiwW3jTRyubWFgkgp9sXuxEq8wmuYq.
The sum of all issued credit to our customers will always be less than the amount of Bitcoins in that address.

At Fairlay we provide mathematical proof that we hold over 100% of all customer funds in cold storage. To verify this you need the following:

- the Fairlay DotNet Client (https://github.com/Fairlay/FairlayDotNetClient)
- your exact total balance in mBTC
- the balance of our cold storage address in mBTC (at time of writing 1274000)
- the current top hash from https://twitter.com/FairlayPReserve (may not be older than 10 minutes)
- your API ID (can be retrieved via https://fairlay.com/developer/proof-of-reserves/ and also be changed via the API)

Now use the DotNet Client and call the following:

bool fundsVerified = await privateApi.VerifyProofOfReserves([your exact total balance], [your API ID], [current top hash], [cold storage balance]);

We use a modified version of Merkle Sum Trees to perform the proof. If the test passes you are guaranteed that your balance is uniquely included in the cold storage funds.

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