Frequently Asked Questions
Every question posed by SportsSwaps is known as a ‘Swap’. Some swaps have simple yes or no answers, while others can have multiple possible answers.
Some swaps end on a specific date listed in the Rules. Unless otherwise specified, these swaps will be considered closed at 11:59:59 p.m. ET on the end date listed. Many other swaps have no specific end date. Instead, they close when the question posed by the swap (most likely the game or match being played) has ended. SportsSwaps reserves the right to close swaps at any time, including earlier than a specified end date if, in our judgment, the conditions to decide the outcome have been met.
The Rules describe the specific criteria that SportsSwaps will use to determine how a swap should resolve and, therefore, which shares to pay out when the swap closes. It is essential that you read them carefully and understand them fully before making any trade.
No. Our multiple-contract markets are structured so that there can never be more than one contract that resolves to ‘Yes’. It is possible, however, for all contracts in a market to resolve to ‘No’, depending on circumstances. Single-contract markets always resolve either to ‘Yes’ or to ‘No’.
The price listed after the latest price represents the change from what the price was 10 minutes before. Every 10 minutes, a new price will be the standard (whatever the price is at that time) and latest price will change based on that price.
We are pleased to offer the Disqus comments feature on every market page so that traders have the opportunity to talk to one another. SportsSwaps removes comments that violate the terms of service (such as those containing inappropriate or offensive language or content) if we become aware of them. SportsSwaps does not screen comments for accuracy and takes no responsibility for the information, opinions or advice that may be provided by traders. As the disclaimer at the top of each comment section makes clear: The Disqus comment section is for informational purposes only and should not be relied upon when making any decision to buy or sell shares. SportsSwaps does not monitor, evaluate, or assess the accuracy of comments. Traders should seek out independent, verifiable information before making any investment decision.
The latest price is determined by the most recent trade made between two players. Very often, traders will want to buy or sell shares at a price slightly higher or lower than the most recent trade.
Knowing exactly when to buy and to sell is the essence of trading, and it’s as much art as science. Generally speaking, it makes sense to look for markets that you think are mispricing the chance of an event taking place. If you think the price is too low, buy ‘Yes’. If you think it’s too high, buy ‘No’. You could consider selling your shares if the price moves towards what you think is the right probability, or if events cause you to reconsider your judgment of the right price. Whatever you do, just make sure to manage your risk so that if you turn out to be wrong about a few things, you don’t end up losing more than you feel you can afford.
If your prediction is right, we’ll redeem your shares for $1 each, less our fee on the profit you have earned.
If you’re convinced you’re right about an outcome in a market, you may want to wait until the closing date to maximize your winnings. But nothing is certain and doing well at SportsSwaps will generally involve watching prices carefully and selling your shares at the time that is right for you.
Yes. In fact, SportsSwaps depends on traders offering prices for others to match. If you don’t see a price you like, name the price and quantity you’re looking for and we’ll register an ‘open’ offer on your behalf.
When, according to www.flashscore.com, the conditions for settlement of a swap have been met, or when a prescribed end date has passed, SportsSwaps will suspend trading activity pending confirmation of the circumstances and market rules. The question will normally stay active for 10 minutes after a game has been completed. Users who are holding winning shares will then be instantly paid out. In rare cases, where the circumstances are ambiguous or the settlement criteria are not readily available, it can take longer. Once the review is complete, all contracts in the market are formally closed. SportsSwaps redeems each winning share in each contract for $1. All other shares have no value. A calculation of the amount credited to your account will appear in your trade History.
You can remove your offers on the Buy Offers and Sell Offers tabs under each individual contract.
You must have sufficient funds available to cover your offers in any individual contract. If you try to place an offer in excess of your available funds, SportsSwaps will reduce your offer to the point at which you are able to pay.
More than likely, your open offers have been reduced because your available balance declined, either because you withdrew funds from your account or made other purchases. Remember that you have to have sufficient funds available to match your open offers in any individual contract. You were able to cover your offer at the time you placed it, but couldn’t do so once your available balance declined.
Prices at which you have offers open are marked in blue. If you would like details on where your offers sit relative to those of other traders at a particular price, click or tap on price in question.
Yes. You can make multiple offers across markets and contracts so long as your available balance is sufficient to cover your open offers in any individual contract. Of course, once one offer is matched and your available balance declines below the amount of your outstanding offers, your other offers would be reduced.
Any time you sell a share/shares for a higher price than you paid, we charge a fee of 10 percent of your profit. There is no fee if you sell your shares at the same price that you paid or at a lower price. There is no charge to open a SportsSwaps account or to deposit funds. Fees at the time of withdrawal are 3%.
You can buy or sell shares, deposit or withdraw funds on SportsSwaps at any time with the exception of 4:00 a.m. to 4:30 a.m. ET. Trading may be suspended during this half-hour period to allow us to perform routine maintenance. You can still log into your account, view your holdings and cancel offers during the daily maintenance period. SportsSwaps reserves the right to suspend trading in any market at other times at its sole discretion.
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