Last Updated: October 25th, 2023

Novig House Rules

GENERAL HOUSE RULES

(1) Method for calculation and payment of winning wagers –

• All winning wagers are calculated based on contracts that settle at $0.01
• Patrons may request the purchase of a contract by placing an order, which may be matched against orders from other patrons or Novig’s internal market maker.
• Upon placement of an order, funds will be moved from the patron’s wallet into an internal escrow wallet.
• Upon matching of an order, funds may be returned to the patron’s wallet if the matched order reduces a patron’s position or is filled at an improved price.
• Upon settlement, funds may be returned to the patron’s wallet if their position has nonzero settlement value. Each contract of exposure in favor of an outcome that occurs, or against an outcome that does not occur, will be worth $0.01 at settlement.
• The odds wagered for each contract are represented as a number between 0 and 1, exclusive, with three significant decimal figures.  Standard payouts are shown to the patron on the order slip at the time of bet placement and in the patron’s bet history. Any subsequent deductions (e.g. if the Dead Heat Rule applies), will be shown to the patron in the bet history after settlement of the wager.

(2) Effect of schedule changes –

• Markets, where the event is rescheduled before the start of the event, will be voided if the rescheduling moves the event more than 48 hours for all sports other than American Football. For American Football, wagers will be voided if the event is not started in the same game week (see American Football Section below for more details).
• If a match is interrupted or postponed and is not continued within 48 hours after the initial scheduled date, betting will be void.
• If a match is declared “official” by the league’s governing body, then wagers will be settled based on the official determination of the league.
• If a competition is otherwise not fully completed and the eventual market winner is unknown, all bets will be declared as voided or canceled.
• Markets that refer to whether a team/participant will reach a subsequent phase of the competition (e.g., Playoffs) will be settled as void should there be any changes to the format/number of participants scheduled to contest that particular phase or that particular phase is not played at all unless an outcome based on the market connotations at time of bet publishing has already been determined and the change in number of applicable games bears no influence on the outcome of the offer.
• A bet made as a parlay shall remain valid notwithstanding a game or an event that is part of the parlay bet being void.
  

(3) Method of notifying patrons of odds or proposition changes – Odds are displayed to patrons within the Novig application. All odds offered are subject to variation. Upon verification of their account, patrons are encouraged to accept favorable odds movement. Thus, if odds change in the favor of the patron while attempting to place a wager, the patron may accept the updated odds. However, if the odds change against the favor of the patron while attempting to place a wager, the wager will be rejected. Regardless of any potential odds movement, the final odds of the wager will be reflected in the patron’s Order Slip after placement.

(4) Acceptance of wagers at other than posted terms – If a wager has different terms or settlement rules than those covered within this House Rules document, the settlement rules will be clearly shown within the application at the time of bet placement either within the market title (e.g., to win the NFL MVP Award excluding certain players, MLB wagers that are conditional upon a certain pitcher starting) or via a rules popup within the application (e.g. Player must start for wager to be valid). The patron is to be aware of all conditions, rules, and stipulations affecting any market in which they wish to bet.

(5) Expiration of any winning ticket – Winning wagers placed on the Novig platform will be automatically credited to the patron’s account immediately upon settlement and therefore do not expire.

(6) Lost ticket policy – Novig only offers internet sports wagering in Colorado. As such, all tickets are secured securely in Novig’s system and cannot be lost.

(7) Method of contacting the Sports Betting Operator for questions and complaints – Novig can be contacted at the following email address for any questions or complaints: info@novig.co. Novig typically responds to questions from patrons within 24 hours. Novig’s primary method of communication with customers who have questions is via in-app chat support, facilitated by Intercom. Customers also have the ability to email support@novig.co at any time, which is frequently monitored by the team’s internal customer support team. However, Novig will respond to any complaints within at least 10 business days from the time in which the complaint is received.

(8) Description of prohibited sports betting participants –

A prohibited sports betting participant must refrain from engaging in sports betting in the state of Colorado and must disclose his or her status as a prohibited sports betting participant to Novig. Failure to comply with the provisions of this rule may result in disciplinary action up to and including criminal prosecution. Novig considers those individuals defined as Prohibited Sports Betting Participants following the rule 44-30-1506, C.R.S.:

• Any individual placing a wager as an agent or proxy, other than those individuals involved in contests and/or weekly picks approved by the Division pursuant to Rule 6.20;
• Any person who is an athlete, coach, referee, or player, in, or on, any sports event overseen by that person's sports governing body based on a list provided to the applicable Sports Betting Operation by that person’s sports governing body through the division;
• A person who holds a position of authority or influence sufficient to exert influence over the participants in a sporting contest, including, but not limited to, coaches, managers, handlers, or athletic trainers based on a list provided to the applicable Sports Betting Operation by that person’s sports governing body through the division;
• A person under the age of 21;
• A person with access to certain types of exclusive information on any sports event overseen by that person's sports governing body based on publicly available information, or based on a list provided to the applicable Sports Betting Operation by that person’s sports governing body through the Division.

(9) Method of funding a sports wager – Patrons may only place a wager on the Novig app with a funded account or via promotional funds. Users can fund their Novig account via the following methods (note: not all methods will be available upon launch, and are dependent upon approval and tenure of operations):

• Credit/debit card
• ACH transfer
• Apple Pay
• PayPal
• Venmo

(10) Novig only offers internet sports wagering in Colorado, as such all tickets are secured in Novig’s system and cannot be redeemed via mail.

(11) Maximum payouts –  

• Novig reserves the right to limit the net payout (the payout after the stake has been deducted) on any bet or parlay of bets at the time of bet placement.
• Minimum and maximum wager limits vary depending on the sport, the type of competition, and the type of bet offered.
• Should a bet contain a combination of offers from different sports/categories/matches and/or offer types, the system will limit the wager amount so that the maximum net payout does not exceed $100,000.00.
• All bet selections are subject to pre-imposed limits set solely at Novig’s discretion.
• For maximum payouts, limits are only established through limiting the amount of a sports wager at placement and cannot be applied to reduce the amount paid to a patron as a result of a winning Sports Wager.

(12) "Obvious Error" –

• In case of any obviously incorrectly displayed or calculated odd, Novig reserves the right to cancel a wager. Incorrectly displayed or calculated odd is defined as being clearly incorrect and verifiable by comparison to alternative prices in the general betting market. Examples of Obvious Errors include, but are not limited to:
• Wager accepted during technical problems that would otherwise not have been accepted;
• Wager on markets containing incorrect participants;
• Wager placed at odds that are considerably different from those available in the general market at the time that bet was placed;
• Wager placed at odds which reflect an incorrect score situation;
• Wager placed on odds clearly incorrect given the chance of the event occurring at the same time of the bet placement;
• Wager on an accumulative Order Slip which includes two or more offers where the outcomes might turn out to be related.

• Should Novig void a wager for any of the reasons listed above, Novig’s Customer Service team will attempt to contact the patron with an explanation of the decision.
• Should an error occur from an incorrect result, and the incorrect result leads to an overpayment of funds or winnings to a patron’s sports betting account, Novig will make an adjustment to the account that may take any money relating to such overpayment at any time.

(13) Novig, as the licensed Internet Sports Betting Operator, is responsible for receiving and addressing any patron disputes that should arise as a result of wagers placed on the platform.

PROHIBITED SPORTS EVENTS AND WAGERS

• Novig will not offer any prohibited sports events. Prohibited sports event means any market not approved by the CoDOG, a wager on a high school sports event, a video game that is not sanctioned by a sports governing body or equivalent as an electronic competition, or proposition bets on collegiate sports events
• Placing electronic wagers from outside the state of Colorado is strictly prohibited.
• Persons under the age of 21 are prohibited from opening an account with Novig, placing wagers, and collecting winnings. Additionally, any person who is prohibited pursuant to 44-30-1506, C.R.S., any individual whose participation may undermine the integrity of the betting or the sports event, or any person who is prohibited for other good cause, including, but not limited to: any individual placing a wager as an agent or proxy; any person who is an athlete, coach, referee, player, in, or on, any sports event overseen by that person's sports governing body based on publicly available information; a person who holds a position of authority or influence sufficient to exert influence over the participants in a sporting contest, including, but not limited to, coaches, managers, handlers, or athletic trainers; a person with access to certain types of exclusive information on any sports event overseen by that person's sports governing body based on publicly available information, or a person identified by any lists provided by the sports governing body to the Division are prohibited from creating a Novig account without express permission from the CoDOG.
  

BET TYPES

• “Moneyline” is where it is possible to bet on the (partial or definite) outcome of a match or event.
• “Over/Under” is where it is possible to bet on the (partial or definite) amount of a predefined occurrence (e.g. points, runs, rebounds, etc.). Should the total amount of the listed occurrences be exactly equal to the betting line, then all bets on this offer will be declared void.
• “Spread” is where it is possible to bet on the margin of victory for a team in a game, or a subset of a game. The margin of victory is defined as the difference between the two teams’ scores. Betting lines denoted by “+” indicate that the listed occurrence is for the listed team to win, or to lose by a margin of victory at most the number of points preceding the “+”. Betting lines denoted by “-” indicate that the listed occurrence is for the listed team to win by a margin of victory equal to or more than the point value preceding the “-”. Should the margin of victory of the listed occurrence be exactly equal to the betting line, then all bets on this offer will be declared void.

AMERICAN FOOTBALL RULES (NFL AND NCAA)

• Games must start in the same scheduling week of the league (for NFL, the scheduling week is Thursday-Wednesday, local stadium time; for NCAA, the scheduling week is Tuesday-Monday, local stadium time) for bets to have action.
• “5-minute rule”--if an event has been called prior to 55 minutes of run time, all wagers on the full game market are to be voided.  
• If a game is halted before the minimum time has been played (all but 5 minutes at a minimum), and not completed within 48 hours of the scheduled start date, bets will be void, unless the specific market outcome is already determined (unless otherwise stated).
• If a game is halted at any time, and replayed in full, all full game or undetermined bets will be void.
• If a game venue is changed, and the home team remains designated as such, bets will stand.
• If a game venue is changed, and the home and away team listings are reversed, bets placed on the original listing will be void.
• In 2-way markets, games can result in a push, unless otherwise stated.
• All bets include overtime unless otherwise stated.
• Forfeited games, whether won or lost, will not count as a game played or completed (or any other similar term) for settlement purposes.
• Any bets on spreads, moneylines, and totals for the full game and 2nd half of games include overtime scoring. Bets for the 4th quarter do not include overtime scoring.
• Bets on specific quarters or halves will be graded if the period listed has been played in full.

BASEBALL RULES

• The following rules apply to all baseball events offered on the Novig exchange.
• Games will settle with outcomes according to the relevant league or competition’s governing body.
• If a game does not start on the officially scheduled day (local venue time) as published by the associated league or competition, all wagers on the game will be declared void.
• If a game starts, is suspended, and then resumes more than 12 hours later, all wagers on the event will be declared void.
• Unless stated otherwise, all game results become official only following the completion of the entire baseball game. A completed baseball game entails either a) at least 9 innings of play or b) 8.5 innings of play in the event the home team is leading going into the bottom of the 9th, in which case the home team is declared the victor.
• The above clause, as well as part b, should be known as the 8.5-inning rule. The 8.5-inning rule also applies to all live markets.
  If a game is called off before 5 innings of play, or 4.5 if the home team is in the lead, then wagers associated with the game are declared void.
• Extra innings will be included for settlement in all games where extra innings are played
• Forfeited games, whether won or lost, will not count as a game played or completed (or any other similar term) for settlement purposes. Consequently, all bets on a forfeited game will be void.
• Moneyline bets will be honored using the “Action” rule. Action: All wagers placed on the moneyline are defaulted to “Action.” This means that all wagers placed will stand if a pitcher change occurs. Wagers will be honored at the odds at bet placement and settled as normal, even if a pitcher change moves the pregame odds.

• All markets which have a time period attached to the wager, whose period has elapsed, and whose results are unequivocally determined, will be settled regardless of the state of the full game or any postponement.

BASKETBALL RULES (NBA AND NCAA)

• Game must start on the scheduled day (local stadium time) or within 48 hours of the scheduled start time, for bets to have action.
• Bets on games suspended after they have started will have action as long as the game is resumed within 48 hours of the original start time. If a suspended game is scheduled to be resumed more than 48 hours after the original start time, all bets will be void, unless the wager has been unequivocally determined prior to the game’s suspension
• If a game is terminated before becoming official and is not scheduled to resume from where it was halted, all bets will be void, unless the wager was already determined (e.g. a first-half bet will stand if the first half is completed, even if the game is suspended prior to the second half being completed).  
• If a game is halted at any time, and replayed in full, all full game or undetermined bets will be void.
• If a game venue is changed and the home team remains designated as such, bets will stand.
• If a game venue is changed and the home and away team’s listings are reversed, bets placed on the original listing will be void.
• In 2-way markets, games can result in a push, unless otherwise stated.
• All bets include overtime unless otherwise stated.
• Forfeited games, whether won or lost, will not count as a game played or completed (or any other similar term) for settlement purposes.