Under What Circumstances Will ToteDaddy Void Or Suspend A Bet?
ToteDaddy reserves the right to suspend any events it deems to be inappropriate, including but not limited to events which ToteDaddy deems to:
- Encourage or promote criminal activity or social disorder
- Encourage or promote gambling to minors
- Encourage or promote gambling to problem gamblers
- Have been created in bad taste (for example including pornography, hate speech or foul language)
- Have been created for the sole purpose of advertising or “spamming”
All users are encouraged to report any such events to ToteDaddy admin, which will take any necessary actions. Users are advised not to place bets on any event which they believe is likely to be suspended.
Should an event be suspended, the details of the event will no longer be visible to users. All bets placed on a suspended event will be refunded (less ToteDaddy’s 5% Admin Fee).
ToteDaddy will void any bets made by users which ToteDaddy learns are under the age of 18, as per our Terms & Conditions.
ToteDaddy will void any events where punters claim that the bookie has posted incorrect results, and ToteDaddy cannot reasonably and reliably ascertain the correct results.
ToteDaddy will not void any bets or events under any other circumstances, unless there are special reasons to do so. This will be determined on a case-by-case basis, after any other possible resolutions are explored.
Wednesday, November 25, 2009
What Happens If There Is No Winner For An Event?
What Happens If There Is No Winner For An Event?
If there were no punters on a winning selection, the total pool less the bookie’s fee (0 to 95% of the total pool) will be kept by ToteDaddy.
If there were no punters on a winning selection, the total pool less the bookie’s fee (0 to 95% of the total pool) will be kept by ToteDaddy.
What Happens If The Bookie Does Not Post Any Results?
What Happens If The Bookie Does Not Post Any Results?
If the bookie does not post results by the scheduled time, all bets from that event will be refunded to the punters. ToteDaddy will also automatically report negative feedback on that bookie, stating that the bookie did not post results in a timely manner.
If the bookie does not post results by the scheduled time, all bets from that event will be refunded to the punters. ToteDaddy will also automatically report negative feedback on that bookie, stating that the bookie did not post results in a timely manner.
How Do I Know The Bookie Will Post The Correct Results?
How Do I Know The Bookie Will Post The Correct Results?
ToteDaddy cannot guarantee that each bookie will always post the correct results. However, ToteDaddy does provide a feedback system for punters to rate bookies once an event has finished. Punters can choose to leave either positive or negative feedback on the bookie, with their comments.
If a punter believes that a bookie has posted the wrong results, they are encouraged to leave negative feedback on the bookie as soon as possible. Should sufficient concerns be raised by punters, ToteDaddy staff will attempt to ascertain the correct results and correct where possible. If the correct results cannot be determined from a reliable source by ToteDaddy staff, the event will be voided.
Before placing a bet, punters can check the past feedback on that bookie. ToteDaddy recommends that punters only place a bet once they are satisfied with the bookie’s past performance.
ToteDaddy cannot guarantee that each bookie will always post the correct results. However, ToteDaddy does provide a feedback system for punters to rate bookies once an event has finished. Punters can choose to leave either positive or negative feedback on the bookie, with their comments.
If a punter believes that a bookie has posted the wrong results, they are encouraged to leave negative feedback on the bookie as soon as possible. Should sufficient concerns be raised by punters, ToteDaddy staff will attempt to ascertain the correct results and correct where possible. If the correct results cannot be determined from a reliable source by ToteDaddy staff, the event will be voided.
Before placing a bet, punters can check the past feedback on that bookie. ToteDaddy recommends that punters only place a bet once they are satisfied with the bookie’s past performance.
When Are Winnings Paid Out?
When Are Winnings Paid Out?
When creating the event, the bookie needs to set the date and times for:
- When the event will close to new bets. This should be a time before results could potentially be known.
- By when the results will be posted. This should be a time after results should be known, and by which time the bookie should have reasonably submitted results.
Results can only be posted between these two times. These times are displayed on all event pages.
As an example:
Bill creates an event based on who will win the local darts tournament at his local pub. There are 6 contestants, which means the event has 6 selections.
The tournament starts at 7pm on August 16th 2008. Bill therefore decides to close the event to new bets at 6pm on August 16th 2008.
The tournament is estimated to end by 10pm on the same night. Bill therefore decides to post results by 3pm on August 17th 2008 (the next day). This gives Bill plenty of time to find out the results, and to log-in to ToteDaddy to post the results.
When creating the event, the bookie needs to set the date and times for:
- When the event will close to new bets. This should be a time before results could potentially be known.
- By when the results will be posted. This should be a time after results should be known, and by which time the bookie should have reasonably submitted results.
Results can only be posted between these two times. These times are displayed on all event pages.
As an example:
Bill creates an event based on who will win the local darts tournament at his local pub. There are 6 contestants, which means the event has 6 selections.
The tournament starts at 7pm on August 16th 2008. Bill therefore decides to close the event to new bets at 6pm on August 16th 2008.
The tournament is estimated to end by 10pm on the same night. Bill therefore decides to post results by 3pm on August 17th 2008 (the next day). This gives Bill plenty of time to find out the results, and to log-in to ToteDaddy to post the results.
How Are Odds Calculated?
How Are Odds Calculated?
Odds as seen on a ToteDaddy event which is still open for betting are in real-time, and will change depending on the bets placed on each selection. Once the event has been closed for betting, the odds are finalised.
Odds are calculated based on how much has been bet on that selection, less deductions for bookie fee (between 0 to 95% of total pool) and ToteDaddy’s Admin Fees (5% of total pool). This is calculated by:
(Total event pool – 5% ToteDaddy Admin Fees – 0 to 95% User “Bookie Fee”) ÷ Total amount bet on selection = Potential winnings per $1 bet on selection
As an example of how this works:
The total pool for an event is $100. Only 3 participants have bet on the event:
- Mark has bet $20 on Selection A
- John (the bookie) has bet $50 on Selection B
- Amy has bet $30 on Selection C
- Nobody has placed any bets on Selection D.
John, as the bookie, has decided to set aside 3% of the total pool as the bookie fee. The total pool of $100 will be paid out as follows:
- $5 kept by ToteDaddy as Admin Fees
- $3 kept by John as bookie fees
- $90 split between the winners
On the event page, this will be shown as a 92% payout percentage.
The odds displayed on the event page will be:
Selection A ($20 total bet):
($100 x 92%) ÷ $20 = $4.60
Selection B ($50 total bet):
($100 x 92%) ÷ $50 = $1.84
Selection C ($30 total bet):
($100 x 92%) ÷ $30 = $3.06 (rounded down to nearest $0.01)
Selection D ($0 total bet):
($100 x 92%) ÷ $1 = $92 (this figure is theoretical assuming $1 already bet, even though there are no bets actually placed).
Selection B will be shown to be the “favourite to win” as it has the most amount bet on it.
Let’s assume that these are the positions at the time the event closes, and Selection A is the winner. Mark will therefore win $20 x $4.60 = $92.
Should Selection D be the final winner, without any bets placed on it, ToteDaddy will keep the winnings.
Continuing the example:
Let’s say that, before the event was closed, Lisa also decided to bet $50 on Selection A. This brings the total pool to $150. The odds displayed on the event page will then immediately change to reflect the new status, after Lisa has placed her bet:
Selection A ($70 total bet, between Mark and Lisa):
($150 x 92%) ÷ $70 = $1.97 (rounded down to nearest $0.01)
Selection B ($50 total bet):
($150 x 92%) ÷ $50 = $2.76
Selection C ($30 total bet):
($150 x 92%) ÷ $30 = $4.60
Selection D ($0 total bet):
($150 x 92%) ÷ $1 = $138 (this figure is theoretical assuming $1 already bet, even though there are no bets actually placed).
Selection A will now be shown as the new “favourite to win”.
If Selection A is the winner, the winnings will be split between the winners (Mark and Lisa).
Mark will win $20 x $1.97 = $39.40
Lisa will win $50 x $1.97 = $98.50
In this example, Mark’s winnings from his $20 bet have been reduced due to the additional bet placed by Lisa. It is important to remember that the displayed odds only reflect the current pool, and will change based on any new bets.
Odds as seen on a ToteDaddy event which is still open for betting are in real-time, and will change depending on the bets placed on each selection. Once the event has been closed for betting, the odds are finalised.
Odds are calculated based on how much has been bet on that selection, less deductions for bookie fee (between 0 to 95% of total pool) and ToteDaddy’s Admin Fees (5% of total pool). This is calculated by:
(Total event pool – 5% ToteDaddy Admin Fees – 0 to 95% User “Bookie Fee”) ÷ Total amount bet on selection = Potential winnings per $1 bet on selection
As an example of how this works:
The total pool for an event is $100. Only 3 participants have bet on the event:
- Mark has bet $20 on Selection A
- John (the bookie) has bet $50 on Selection B
- Amy has bet $30 on Selection C
- Nobody has placed any bets on Selection D.
John, as the bookie, has decided to set aside 3% of the total pool as the bookie fee. The total pool of $100 will be paid out as follows:
- $5 kept by ToteDaddy as Admin Fees
- $3 kept by John as bookie fees
- $90 split between the winners
On the event page, this will be shown as a 92% payout percentage.
The odds displayed on the event page will be:
Selection A ($20 total bet):
($100 x 92%) ÷ $20 = $4.60
Selection B ($50 total bet):
($100 x 92%) ÷ $50 = $1.84
Selection C ($30 total bet):
($100 x 92%) ÷ $30 = $3.06 (rounded down to nearest $0.01)
Selection D ($0 total bet):
($100 x 92%) ÷ $1 = $92 (this figure is theoretical assuming $1 already bet, even though there are no bets actually placed).
Selection B will be shown to be the “favourite to win” as it has the most amount bet on it.
Let’s assume that these are the positions at the time the event closes, and Selection A is the winner. Mark will therefore win $20 x $4.60 = $92.
Should Selection D be the final winner, without any bets placed on it, ToteDaddy will keep the winnings.
Continuing the example:
Let’s say that, before the event was closed, Lisa also decided to bet $50 on Selection A. This brings the total pool to $150. The odds displayed on the event page will then immediately change to reflect the new status, after Lisa has placed her bet:
Selection A ($70 total bet, between Mark and Lisa):
($150 x 92%) ÷ $70 = $1.97 (rounded down to nearest $0.01)
Selection B ($50 total bet):
($150 x 92%) ÷ $50 = $2.76
Selection C ($30 total bet):
($150 x 92%) ÷ $30 = $4.60
Selection D ($0 total bet):
($150 x 92%) ÷ $1 = $138 (this figure is theoretical assuming $1 already bet, even though there are no bets actually placed).
Selection A will now be shown as the new “favourite to win”.
If Selection A is the winner, the winnings will be split between the winners (Mark and Lisa).
Mark will win $20 x $1.97 = $39.40
Lisa will win $50 x $1.97 = $98.50
In this example, Mark’s winnings from his $20 bet have been reduced due to the additional bet placed by Lisa. It is important to remember that the displayed odds only reflect the current pool, and will change based on any new bets.
How Do ToteDaddy Events Work?
How Do ToteDaddy Events Work?
All events on ToteDaddy are tote-based (also known as pool) bets. This means that punters bet on the selections offered, and the total pool (less deductions) is divided amongst the winners once the results are known.
What makes ToteDaddy unique is that it is the users who create the events (referred to as the “bookie”). When creating an event, the bookie needs to set:
- What the event is all about
- What the betting selections are
- When the event will be closed to betting
- When the results for the event will be posted and winnings paid
- How much the bookie wants to set aside as a “bookie fee”. This amount can be between 0 to 95% of the total pool, and is deducted from the total pool and paid to the bookie.
- Which selection is the “Bookie’s Pick”. The bookie must bet a minimum of $10 on the Bookie’s Pick to get the event started.
Once the results are known, the bookie for that event will post the results, at which point winnings are paid out.
It is important to remember that all event information, including the criteria for selecting the winner, is provided by the bookie of this event. Please ensure that you understand the criteria the bookie is using to determine the winner, and that you are satisfied the betting selections and closing time are correct and fair, BEFORE betting on this event. It is the responsibility of the bookie to submit correct and timely results for all events they create.
All events on ToteDaddy are tote-based (also known as pool) bets. This means that punters bet on the selections offered, and the total pool (less deductions) is divided amongst the winners once the results are known.
What makes ToteDaddy unique is that it is the users who create the events (referred to as the “bookie”). When creating an event, the bookie needs to set:
- What the event is all about
- What the betting selections are
- When the event will be closed to betting
- When the results for the event will be posted and winnings paid
- How much the bookie wants to set aside as a “bookie fee”. This amount can be between 0 to 95% of the total pool, and is deducted from the total pool and paid to the bookie.
- Which selection is the “Bookie’s Pick”. The bookie must bet a minimum of $10 on the Bookie’s Pick to get the event started.
Once the results are known, the bookie for that event will post the results, at which point winnings are paid out.
It is important to remember that all event information, including the criteria for selecting the winner, is provided by the bookie of this event. Please ensure that you understand the criteria the bookie is using to determine the winner, and that you are satisfied the betting selections and closing time are correct and fair, BEFORE betting on this event. It is the responsibility of the bookie to submit correct and timely results for all events they create.
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