Bets are binary in type to restrict outcomes as either true or false. A sample bet could be "Lakers will win their next game August 25th", in which any person accepting this bet could choose one result of a team losing or winning.
Outcomes of each bet will be determined by the iBet.vegas administrators. As specified in our Terms of Service, final bet outcomes will be verified and determined as fair by the administrators.
Payouts are sent immediately after a bet ends and administrator verification is completed. Cash App is preferred to transfer winnings in Bitcoin.
All winning bets will be deducted 25% as commission to iBet.vegas.
Once bets are placed and bettors paired, funds are required to be transferred to iBet.vegas. Placed bets are non-refundable, with the exception of affected bets due to unforeseen circumstances. An example would be "The Laker's game was cancelled due to bad weather", which would be grounds for a refund.