iBet Terms of Service
By using this website and services ("Services") provided by us ("iBet"), you ("User") are agreeing to these terms. Please read them carefully.
We provide arbitration for User to perform peer-to-peer binary betting ("Betting"). User can create, accept, and duplicate bets that require predicting an uncertain outcome of a binary event ("Wagering"). Binary events occur or doesn't occur at a future date and time, and may include supplementary conditions set forth by the User.
Virtual credits ("Credits") are used to facilitate Betting, and are added to the respective bet prize pool. Credits are designated website tokens without intrinsic value but have unit exchange value determined by iBet.
Crypto currency ("Crypto") is used to exchange for Credits. User has the capability to deposit and withdraw Crypto from their online account ("Wallet"). Exchange rates are listed in the exchange section of the Wallet and are subject to change.
User creates a bet through Wagering by specifying conditions that determine winner ("Winner") and loser ("Loser") in respect to a future binary event. Accepting bet is agreeing to those conditions that ensue at end of the binary event ("End Date"). End Date occurs when the future date of bet, including any additional response time, is reached or both Users successfully mark Lost or Won.
Forfeit occurs when User marks Lost, or reasonably specifies otherwise as Loser, resulting in a state of losing the bet. Forfeits for both Users of a bet will result in a return of virtual credits minus house cut ("House Cut"), where House Cut is a percentage of the total bet wager paid out to iBet. Forfeits which end with one User marking Lost result in a win state for the opposing User. In this win state, Winner receives all wagered virtual credits minus House Cut.
Confidence can be determined with bet title, description, and User's trustworthiness rating ("Honesty Rating"). User's initialized Honesty Rating of 2.5 represents 50% bet risk, with higher ratings indicating more trustworthiness. Marking bets results in an increase or decrease in Honesty Rating if accurate or inaccurate, respectively. Users with Honesty Rating 3.5 or higher can accept, create, and duplicate large bets of 300 Credits or more.
We have the right to cancel any bet if conditions are not binary, too vague, promote User violence, or unreasonable to satisfy a fair bet. Canceled and tie bets will result in a return of virtual credits. Rating requirements are subject to change.
Betting arbitration is impartial and handled in-house without the use of third-parties. Arbitration requires analyzing User accounts, determining fairness, and assessing accuracy for bet remediation.
We encourage communication between the User and iBet, although final decisions of arbitration will be solely at our discretion. Arbitrations are handled in the order received, so during high volume occurrences it may take a week or more for resolution. Please review the rules and regulations listed in How Everything Works.
User's Wallet is a cloud wallet using Bitcoin and is stored via CoinPayments. We are not affiliated with CoinPayments. Wallet PIN must be stored in a safe place and User should log out to prevent unauthorized access. All transactions are final.
Privacy and Copyright
Arbitration and remediation are provided to User by iBet. Betting arbitration is deliberated without the use of third parties or precedence. All related fees for such Services may be changed at our discretion.
Alerts and notifications will be sent out in case of maintenance or situations where operations require suspension of website service.
We will respond to notices of alleged copyright infringement and terminate accounts of repeat infringers in accordance with international copyright law.
It is prohibited to self-promote with links, images, or text in bet submission and/or contact forms. Direct violation of these conditions may be subject to warning, bet forfeit, or permanent suspension.
User must contact iBet to request account deactivation. Administrators will verify user profile and review transaction logs to settle any disputes before closing the account.
Do not misuse our Services. Any attempts to interfere, alter, re-use, misrepresent, delay, or prevent operation of Services is a direct violation of iBet policies. Appropriate legal action will be taken to counter such offenses.
We may modify these terms and conditions to reflect changes in world financial markets and international law. Notices will be posted and/or sent out when these terms are modified.
The terms herein apply to the relationship between User and iBet, and do not constitute an acknowledgement of any beneficiary rights set forth by third parties.
If a particular term turns out to be unenforceable, this will not affect any of the other terms.
Last Modified: November 30, 2019