This Prediction Market Terms of Service (the “Terms”) applies to all Prediction Market (as defined below) traded on the Toobit platform (the “Platform”).
Any capitalized terms not otherwise defined herein shall have the meaning given in the Toobit Terms of Use (as amended from time to time, the “Terms of Use”). In the event of any inconsistency, these Terms shall prevail.
These Terms supplement and form part of the Terms of Use. By trading Prediction Market on the Platform, you acknowledge that you have read, understood, and accepted these Terms and the Terms of Use.
1. Definitions and Interpretation
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Agreement: Collectively refers to the Terms of Use and these Terms.
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Prediction Market: A market offered by Toobit that allows users to participate in outcome-based event predictions.
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Market Option: A selectable outcome within a Prediction Market.
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Event Resolution: The final determination of the outcome of a Prediction Market, as determined by the Platform.
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Event End Time: The time at which a Prediction Market closes and no further participation is permitted.
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Total Prize Pool: The total amount contributed by all participants in a Prediction Market.
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User Stake: The amount committed by a user to a selected Market Option.
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Payout Amount: The amount payable to eligible users following Event Resolution, calculated according to the applicable payout methodology.
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Settlement Value: The final amount distributed to a user after Event Resolution.
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Reference Source: The data source(s), information provider(s), or methodology used by the Platform to determine the official outcome of a Prediction Market.
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Winning Option: The Market Option determined by the Platform to be the correct or prevailing outcome upon Event Resolution.
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Platform Fee: The fee charged by the Platform in connection with Prediction Market participation and settlement.
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Daily Participation Limit: The maximum daily participation amount permitted per user, as determined by the Platform.
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Open Position Limit: The maximum number of active Prediction Market positions a user may hold, as determined by the Platform.
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USD Stablecoin: USDT or other USD-denominated stablecoins supported by the Platform from time to time.
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UTC Day: A continuous 24-hour period commencing at 00:00 UTC and ending at 23:59:59 UTC.
2. Accessing Prediction Market
2.1 You may submit orders to open a Prediction Market through the Platform. Toobit has no obligation to accept any order and does not guarantee execution.
2.2 When placing an order, you must select the Expiration time, which cannot be modified once confirmed. The Potential Payout Amount will be displayed before confirmation.
2.3 You must pay the Premium, which will be automatically deducted from your account. Orders will be rejected if your account balance is insufficient.
2.4 Submission of an order constitutes your agreement to pay the Premium and acknowledgment that you fully understand the associated risks.
2.5 You must not circumvent the Daily Cap or Open Position Limit set by the Platform. Orders exceeding these limits will be automatically rejected.
2.6 The Platform may impose a price limit (i.e., maximum Premium) per Prediction Market. Orders above this limit will be rejected.
2.7 Toobit shall not be liable for any failure, delay, or error in execution caused by technical issues, network latency, or force majeure events.
2.8 Prediction Markets are only available to eligible users. Users may not access or use Prediction Market from restricted jurisdictions. Any violation may result in suspension or termination of services and closure of relevant contracts.
3. Settlement
3.1 Each Prediction Market will be automatically resolved and settled by the Platform after the applicable Event End Time within a reasonable processing period.
3.2 The Settlement Value shall be determined by the Platform in accordance with the official Event Resolution results and the applicable payout methodology, including but not limited to the following principles:
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Users who selected the Winning Option may receive a Payout Amount derived from the Total Prize Pool after deduction of any applicable Platform Fee;
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Users who selected a non-winning Market Option may not receive any payout;
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In the event of a cancelled, invalidated, or unresolved Prediction Market, the Platform may determine, at its sole discretion, to refund User Stakes in whole or in part.
3.3 Any Settlement Value payable to eligible users will be automatically credited to the relevant user account after Event Resolution and settlement completion.
4. Fees
4.1 The Premium represents the full cost of entering into an Prediction Market. The amount will be displayed before order confirmation.
4.2 The Platform may charge fees for other services (such as withdrawals or funding), as published by the Platform from time to time. Toobit reserves the right to adjust such fees.
5. Risk Disclosure and Consent
5.1 You acknowledge and agree that:
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(a) Outcome-Based Participation: Prediction Markets are based on the outcome of future events, and payouts depend on the final Event Resolution determined by the Platform.
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(b) Risk of Loss: Participation in Prediction Markets involves risk, and you may lose all or part of your User Stake if your selected Market Option is not the Winning Option.
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(c) Settlement Mechanism: Settlement and payout calculations are conducted automatically by the Platform in accordance with the applicable Event Resolution and payout methodology.
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(d) Market and Event Risk: Event outcomes may be affected by market conditions, external developments, unexpected incidents, inaccurate public information, or other factors beyond the Platform’s control.
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(e) Investment Responsibility: You are solely responsible for your own decisions and participation activities. Toobit does not provide investment, legal, tax, or financial advice.
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(f) No Ownership Rights: Participation in a Prediction Market does not confer any ownership, governance, equity, or other rights relating to any underlying asset, event, organization, or subject matter.
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(g) Counterparty Risk: Toobit acts as the platform operator and settlement administrator. In the event of insolvency or operational failure, users may face delays, partial recovery, or loss of funds.
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(h) Regulatory Uncertainty: Prediction Markets may be restricted or prohibited in certain jurisdictions. You are solely responsible for ensuring that your participation complies with applicable laws and regulations.
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(i) Operational Risk: System interruptions, technical errors, delays, cyber incidents, network congestion, incorrect data feeds, or force majeure events may affect market availability, order processing, Event Resolution, or settlement outcomes.
5.2 This risk disclosure does not constitute investment advice, legal advice, or a guarantee of profit or risk limitation.
5.3 You should only participate in Prediction Markets using funds you can afford to lose.
5.4 You confirm that you possess the necessary knowledge, experience, and risk tolerance to participate in Prediction Markets. If you do not fully understand or cannot accept the associated risks, you must not participate in Prediction Markets.
6. Amendments
6.1 Toobit may list or delist Prediction Market, or discontinue related services, at any time without notice.
6.2 Toobit may amend these Terms (including parameters, limits, or calculation methods) at any time, effective upon publication on the Platform. Continued use of the Platform constitutes your acceptance. If you disagree, you must immediately cease trading.
7. Disputes, Governing Law, and Arbitration
Complaints, arbitration agreements, governing law, and class action waiver provisions under the Terms of Use shall apply to all disputes related to these Terms.
8. Prevailing Language
In the event of any inconsistency between translations of these Terms and the English version, the English version shall prevail.
9. Entire Agreement
These Terms constitute the entire agreement between the parties with respect to Prediction Market. No oral or written warranties, representations, or undertakings may be relied upon unless expressly set forth herein, except in the case of fraud.
