5.1 Colossus Bets may at any point during the Game Period offer Players the opportunity to cash-out the whole or a portion of a ticket which may still, potentially, contain a winning Line (“Live Ticket”). For Syndicate Tickets (described in more detail at clause 6 below) only the Syndicate Captain will have the ability to cash-out.
5.2 The availability of cash-out offers can never be guaranteed and during periods when typically cash-out offers would be available cash-out offers may be unavailable or inaccessible for technical, operational or any other reason. Periods during which cash-out offers will typically be available include after the conclusion of one Leg in a pool and before the commencement of the next Leg (although for multi-leg horse and greyhound racing place pools cash-out will not be offered before Leg 3 has been completed), at the end of the day’s play in a sport such as golf or tennis, or for some sports including soccer, during the half-time period in any given Leg. For the avoidance of doubt, cash-out offers will be unavailable for single-Leg pools and during live play in a relevant event.
Pricing a Live Ticket
5.3 In its offer to purchase a Live Ticket (“Offer”) Colossus Bets shall provide to the Player an offer price to purchase any 10% increment of the Live Ticket up to 100% (“Offer Price”).
5.4 The Offer Price shall be determined by Colossus Bets acting at its sole discretion.
5.5 Offer Process
- The Player will be notified of an Offer via his/her Account.
- Following receipt of an Offer, the Player shall have the period between the making of the Offer by Colossus Bets and the lapsing of the Offer to decide whether to ACCEPT the Offer (C) or REJECT the Offer (D). Colossus Bets reserves the right to revise or withdraw an Offer that has not been accepted. All Offers automatically lapse on commencement of the next period of live play.
- If the Player accepts an Offer for 100% of a Live Ticket all rights in the Ticket will be assigned to Colossus Bets and the Offer Price shall be transferred into the Player’s Account as soon as is reasonably practicable. See clause 5.7 below on selling a portion of a Live Ticket.
- If the Player rejects an Offer (or takes no action in respect of the Offer) the Player will retain full ownership of the Live Ticket and accordingly retain his/her chance to win or share the relevant prize funds.
5.6 For the avoidance of doubt, once a Live Ticket is fully cashed-out you will no longer be able to win any amount in respect of that ticket. If any Bets on that ticket are ultimately successful, Colossus Bets will be entitled to the relevant Win Pool dividend (together with any Consolation Pool dividends) that you would have been entitled to had you not sold the Live Ticket.
Cashing-out a portion of a Live Ticket
5.7 Where a Player accepts an Offer from Colossus Bets to cash-out a portion (“Portion”) of a Live Ticket rather than the full 100% of the Live Ticket, all rights in the Portion will be assigned to Colossus Bets and the Offer Price will be transferred into the Player’s Account as soon as is reasonably practicable.
5.8 The Player shall retain ownership of the remainder of the Live Ticket and if the Live Ticket is successful the Player will be entitled to such percentage of the amount of the Win Pool (together with the same percentage of any Consolation Pools) applicable to his/her retained share of the Live Ticket.
Worked Example:
Player A cashes-out a 20% Portion and subsequently a 30% Portion (so 50% in total) of a full unit Live Ticket. The Live Ticket is a correct prediction of the scores of all Legs in the Game Period which proves to be a winning Bet for the purposes of the Win Pool. There is one other full unit Win Pool winning Bet in the Game (held by Player B).
The net Win Fund holds £1,000,000.
Win Pool: £1,000,000 ÷ 2 (as 2 winners) = dividend of £500,000
50% of £500,000 (Player A’s retained share in Live Ticket) = £250,000
Player A’s Win Fund share: £250,000
5.9 Where an Offer which has been accepted by a Player (in full or in part) has been made by Colossus Bets based on erroneous information (for example based on a half-time score being 0-0 when the score is in fact 0-2 or based on the first past the post ‘winner’ in a horse race who is subsequently demoted) or as a result of a technical failure, Colossus Bets reserves the right to void any such Offer or to adjust the cash-out amount payable. Any such adjusted cash-out payment will be based on the accurate score/result at the time of the erroneous Offer being made and the consequent revised value of the relevant ticket at that time.
5.10 Where an Offer which has been accepted by a Player (in full or in part) has been made by Colossus Bets on the basis that all scheduled Legs in a pool will be completed (and therefore any guarantee and rollovers are factored into such an Offer), but all such Legs are not completed, Colossus Bets reserves the right to adjust the cash-out amount payable. Any such adjusted cash-out payment will be based on the revised value (given the amounts available to be won in the applicable pools and the revised likelihood of success) of the relevant ticket at the point the Offer was made.
5.11 If a pool is voided in its entirely, all Offers accepted by Players in such a pool will be voided.
