Terms & Conditions
Pre-Launch BETA Contest Terms and Conditions
Date last modified: 26 November, 2019
Contests are being conducted for the purposes of “beta testing” technology to evaluate the Tradesports platform and user experience. Contest participants are awarded prizes solely on their participation in the contests and their comparative performance against other participants.
Important - please read:
- No purchase or payment is permitted or required to participate
- All contest currency is “Virtual” and has no “real world” or cash value, is non-transferable and cannot be purchased
- Participants cannot wager any actual currency or item of value
- Odds of receiving any prize is based on the number of participants
- Void where prohibited
These Terms and Conditions govern the relationship between any person who uses (user) the Tradesports' sports-trading exchange (Exchange) – including any eligible participant (participant) in the Tradesports Pre-Launch Beta Test Contests (contest or contests), and the operator of the contests; Tradesports Technology Holdings, Inc. (Tradesports).
The contests give participants the opportunity to receive up to $3,000 USD per contest in exchange for their efforts in beta testing the technology platform operated by the Tradesports (the full prize schedule for the beta testing contests is detailed in Section 6 below: Prize Schedule). There is no entry fee and there is no obligation to play. Participants can win prizes by realizing more virtual trading profit on the platform than other contest participants in each contest. The platform is a peer-to-peer marketplace where users can trade “betting contracts” based on real-world sporting events and other real-world events with other users. The Exchange is available only at: https://www.tradesports.com/.
Each contest is open to natural persons who are at least twenty-one (21) years of age and reside in the United States – with the exception of Washington State, where participation is prohibited. Each contest is limited to a maximum of 1,000 participants. Participants must meet all eligibility requirements in order to participate. The contest is void where prohibited. Employees of Tradesports are ineligible to win any prize, but may use the Exchange for testing or recreation.
3. Agreement to these Terms and Conditions and the Official Contest Rules
Participation in the contests or using the Exchange constitutes the user's full and unconditional agreement to, and acceptance of, these Terms and Conditions, the official Contest Rules (Official Rules) and the decisions of Tradesports, which are final and binding. Receiving a prize is contingent upon adherence to all requirements set forth herein. These Official Contest Rules can be seen at: https://www.tradesports.com/contest-rules
4. Rules of Play
- To participate in the contests or to use the Exchange, users must register for a NEW Tradesports contest account. This new account is associated with this contest series only and must have been opened after November 1, 2019. Contest Participants may only open one account.
- After registration, a user's account will be opened, and once they have entered a contest on the Exchange they will receive virtual game currency to be used for the duration of that contest only.
- All participants in a contest will receive the same initial amount of virtual currency to play that contest.
- On the Exchange, users can buy or sell simulated betting contracts predicting an outcome in an unknown future event – for example: Will the Giants beat the Jets. For each opened position, the buyer of the simulated betting contract pays the seller the matched price of the contract. All contracts will settle at either 0 (if the outcome of the proposition is NO) or 100 (if the outcome is YES). Participants may hold their open positions until the conclusion of the event and settlement of the contract, or close out their position with another trade before the event is over.
- Opened positions may be held until the conclusion of the event and settlement of the contracts, or may be XXX
- To open a long (or buy) position, participants submit an order to buy contracts at a specified price and select a quantity of contracts they wish to buy. To sell (accept) a bet, participants submit an order to sell contracts at a specified price, and select the quantity of contracts they wish to sell. If a bid price matches an offer price the orders for that contract will be matched and a betting position is opened. There is no guarantee that an order will be matched., and any order may be matched in part. Tradesports may act as a market maker to provide trading liquidity to a contest.
- When positions are opened, an amount of virtual currency will be frozen to cover the maximum potential loss for that position. Those virtual funds cannot be used for trading until they are unfrozen.
- When positions are closed, an amount of virtual currency will then be unfrozen. This amount is based upon the difference between the entry point of the position and the exit point of the position.
- Participants realize virtual currency gains or losses on positions (as marked to market) and completed trades. To close an open long position, participants submit a sell order. For a position originally sold (a short position), participants submit a buy order. Positions will only be closed if a closing order for that position is matched, or at the conclusion of the event when the contracts are expired at either 0 or 100.
- All positions remaining open at the conclusion of an event will be matched automatically by the Exchange at a price of 0 if the event concludes with an outcome of NO result or at a price of 100 if the outcome is YES – based upon the final and official outcome of the real-world event.
- The participants with the highest virtual currency balances at the end of a contest will receive prizes as specified for that contest.
- Tradesports has the right to suspend or cancel positions and trades at its sole discretion – including if an event is cancelled or a circumstance arises which causes the Trdesports to believe that the outcome of an event is uncertain or illegitimate.
For more details on how to use the Exchange, see HERE.
5. Prizes Available
Participants' knowledge of sports, accuracy in predicting probable outcomes, and skill at pricing and trading contracts based upon events are key factors in determining their ability to win a contest.
6. Prize Schedule
The prize schedule for the nine (9) contests that will be part of beta-testing is as follows:
- Contests 1-5: $1,000 USD in prizes per contest
- Contests 6-8: $1,500 USD in prizes per contest
- Contest 9 (Super Bowl contest): $3,000 USD in prizes
- Total prizes to be awarded: $12,500 USD
Winners will be solely responsible for any Federal and State taxes on prizes received.
All prizes won will be paid to participants no later than 45 days after the end of a contest. Bank checks for payment of prizes will be endorsed in favor of the registered Tradesports account registrant, in the name provided at registration, and will be sent to US addresses only.
Participants who do not comply with these official rules in their entirety are subject to disqualification. A potential winner may be required to show proof of being the owner of the email address used to register. Tradesports is not responsible for lost, late, incomplete, invalid, illegible or misdirected attempts to register for the contest – which may be deemed invalid at the sole discretion of Tradesports, or for any error, human, technical or otherwise. Tradesports reserves the right in its sole discretion to disqualify any individual it finds to be tampering with the operation of any contest, or to have provided any false or inaccurate information. All instructions and notifications will be delivered in English. Potential winners are subject to verification. Tradesports is not responsible for any change of email address and/or other contact information of participants. Potential winners may waive their right to receive a prize.
A user agrees to release and hold harmless Tradesports (as the operator of the contests) and each of their respective subsidiaries, affiliates, suppliers, distributors, advertising/contest agencies, and each of their respective parent companies and each such company's officers, directors, employees, and agents (collectively, the Released Parties) from and against any claim, liability, or cause of action arising from the use of the Exchange, participation in a contest, or receipt, non-receipt, use or misuse of any prize.
10. General Conditions
Tradesports reserves the right to terminate, amend, suspend or modify any contest in whole or in part, at any time and without notice or obligation, if in Tradesports sole discretion, any factor interferes with its proper conduct as contemplated by these official rules – including but not limited to application of local law, infection by computer virus, tampering, unauthorized intervention, fraud, technical failures, or any other causes which corrupt or affect the administration, security, fairness, integrity, or proper conduct of the contest. Tradesports reserves the right, in its sole discretion, to disqualify any individual who tampers with the entry process. Any attempt by any person to deliberately undermine the legitimate operation of any contest may be a violation of criminal and civil law, and, should such an attempt be made, Tradesports reserves the right to seek damages from any such person to the fullest extent permitted by law. Tradesports’ failure to enforce any term of these official rules shall not constitute a waiver of that provision or of any other provision of these Official Rules. Except as to the simulated nature of this contest, the invalidity or unenforceability of any provision of these Official Rules shall not affect the validity or enforceability of any other provision. If any provision of the Official Rules is determined to be invalid or otherwise unenforceable, then the Official Rules shall be construed in accordance with their terms as if the invalid or unenforceable provision was not contained therein. A user shall not take any action or make any statement to disparage or adversely affect the name, reputation or goodwill of any of the Released Parties.
11. Limitations of Liability
Except as provided by applicable law, and as specifically set forth below for individual jurisdictions, the Released Parties are not responsible, to the extent permitted by law, for: (a) any incorrect or inaccurate information, whether caused by a user, printing errors or omission or by any of the equipment or programming associated with or utilized in the contest; (b) technical failures of any kind, including, but not limited to malfunctions, interruptions, or disconnections in phone lines or network hardware or software; (c) unauthorized human intervention in any part of the entry process or the contest; (d) technical or human error which may occur in the administration of the contest or the processing of entries; or (e) any injury or damage to person or property which may be caused, directly or indirectly, in whole or in part, from user's use of the Exchange, participation in the contest or receipt or use or misuse of any prize. No more than the maximum stated number of prizes will be awarded, and fewer may be awarded. In the event that production, technical, programming, or any other reasons cause more than the stated number of prizes as set forth in these Official Rules to be available and/or claimed, Tradesports reserves the right to award only the stated number and amount of prizes by a random drawing among all legitimate, unawarded, eligible prize claims. NOTHING IN THESE OFFICIAL RULES SHALL DISCLAIM, LIMIT, OR EXCLUDE LIABILITY FOR ANY LIABILITY THAT MAY NOT BE DISCLAIMED, LIMITED, OR EXCLUDED PURSUANT TO APPLICABLE LAW.
TO THE EXTENT PERMITTED BY THE MANDATORY PROVISIONS OF APPLICABLE LAW, a user by accepting these Terms and Conditions, and Tradesports, agree to the following dispute resolution procedure: In the event of any controversy, claim, action or dispute arising out of or related to the contest, or the breach, enforcement, interpretation, or validity of these Official Rules or any part of them (Dispute), the party asserting the Dispute shall first try in good faith to settle such Dispute by providing written notice to the other party (by first class or registered mail) describing the facts and circumstances (including any relevant documentation) of the Dispute and allowing the receiving party 30 days in which to respond to or settle the Dispute. Notice shall be sent (1) to: Tradesports Technology Holdings, Inc., Beta Test Contest, Attn: Legal or (2) to the user at an address provided to Tradesports by the user for purposes of settling the Dispute. Both the user and Tradesports agree that this dispute resolution procedure is a condition precedent which must be satisfied prior to initiating any arbitration or filing any claim against the other party.
To the extent a user cannot resolve any Dispute through informal dispute resolution procedure described above, the Dispute shall be resolved through binding individual arbitration. The user agrees to give up his or her right to go to court to assert or defend his or her rights under these Official Rules and with respect to any Dispute. The user and Tradesports expressly delegate to the arbitrator the authority to determine the arbitrability of any Dispute, including the scope, applicability, validity, and enforceability of this arbitration provision.
A user may begin an arbitration proceeding by sending a letter requesting arbitration to: Tradesports Technology Holdings, Inc., Beta Test Contest, Attn: Legal. The user agrees that the arbitration shall be conducted by the American Arbitration Association ("AAA") pursuant to its Consumer Arbitration Rules ("AAA Rules"), as modified by this Arbitration Agreement. The AAA Rules are available on the AAA's website www.adr.org, or by calling the AAA at (800) 778-7879. In the event the AAA is unavailable or unwilling to hear the Dispute, the parties shall agree to another arbitration provider. Payment of all filing, administration and arbitrator fees will be governed by the AAA's applicable rules. Tradesports waives their right to seek attorneys' fees and costs in arbitration. A user may choose to have the arbitration conducted by telephone, videoconference, based on written submissions, or in person in New Jersey. Waiver of Right to Bring Class Actions and Representative Claims. All arbitrations shall proceed on an individual basis. The arbitrator is empowered to resolve the Dispute with the same remedies available in court, however, any relief must be individualized to the user and shall not affect any other customer. The user and Tradesports, agree that each may bring claims against the other in arbitration only in their respective individual capacities, and in so doing the user and Tradesports hereby waive the right to a trial by jury, to assert or participate in a class action lawsuit or class action arbitration (either as a named-plaintiff or class member), and to assert or participate in any joint or consolidated lawsuit or joint or consolidated arbitration of any kind. If a court decides that applicable law precludes enforcement of any of this paragraph's limitations as to a particular cause of action, then that cause of action (and only that cause of action) must remain in court and be severed from any arbitration.
Other Terms. This Arbitration Agreement shall be governed by, and interpreted, construed, and enforced in accordance with, the Federal Arbitration Act. The terms of the Arbitration Agreement provisions shall survive after this Agreement terminates or your use of the Exchange ends. Except as set forth above, if any portion of this Arbitration Agreement is deemed invalid or unenforceable, it will not invalidate the remaining portions of the Arbitration Agreement. ANY DEMAND FOR OUT-OF-POCKET COMPENSATION MUST BE FILED WITHIN ONE (1) YEAR FROM THE END OF THE CONTEST PERIOD, OR IN ACCORDANCE WITH THE LAW OF LIMITATIONS AS APPLICABLE LOCALLY, AND THEREAFTER OR THE CAUSE OF ACTION SHALL BE FOREVER BARRED. All issues and questions concerning the construction, validity, interpretation and enforceability of these Official Rules, or the rights and obligations of the user and Tradesports in connection with the contest, shall be governed by, and construed in accordance with, the laws of the State of New Jersey without giving effect to any choice of law or conflict of law rules (whether of the State of New Jersey or any other jurisdiction), which would cause the application of the laws of any jurisdiction other than the State of New Jersey. Some jurisdictions do not allow for limitations of certain remedies or damages and so this provision may not apply to all users.
13. Contest Results
Requests for the official winners list should be sent to:
Tradesports Technology Holdings, Inc.
121 Hawkins Place #142
Boonton, New Jersey 07005
Requests for the winners lists must be received within sixty (60) days after the close of the contest period. Requests received after this time will not be honored.
14. Use of Tradesports Software and Other Intellectual Property
Tradesports grants users a non-exclusive, non-transferable license to use the software powering the Exchange (software) solely as provided herein. Title to the software shall remain the sole property of Tradesports (or its assignee), including all patents, copyrights and trademarks.