Last Updated: December 12th, 2023

V1.1

Novig House Rules

GENERAL HOUSE RULES

(1) Method for calculation and payment of winning wagers

• All winning Orders are calculated based on contracts that settle to $0.01 if the corresponding outcome occurs.
• Users may request purchase of a contract through placing an Order, which may be matched against Orders from Novig’s internal market maker or other market makers. 
• Upon placement of an Order, funds will be moved from the User’s wallet into escrow.
• Upon matching of an Order, funds may be returned to the User’s wallet if the Order is matched at an improved price if the User has opted in to price improvement.
• Upon Settlement, funds may be returned to the User’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 1¢ at Settlement.
• The price of each contract is represented as a number between 0¢ and 1¢, exclusive, with three significant decimal figures (e.g. 0.230¢). Payouts are shown to the User in the Order Slip at the time of bet placement and in the User’s bet history.
• Upon placement of an Order via the Novig application, the wager amount and odds input by the user may be rounded. Such rounding will always be favorable to the user, so that when a user is buying an Outcome, the odds round to the highest internally-representable price that is less than or equal to the exact price implied by the user odds. Further, because Novig only allows whole number purchases of contracts, the Order placed will be for a size such that the total amount wagered may equal but not exceed the wager amount input by the user.
• Upon settlement and payout, no rounding occurs since a user’s Position is represented by a whole number of contracts, and since Novig internally represents balances exactly to a precision of $0.00001.

(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 24 hours. Specific sport rules supersede this rule, such as in the case of American Football, where Orders will be voided if the event is not started in the same game week.
• 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 Orders will be settled based upon 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 which 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 if 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.

(3) Method of notifying Users of odds or proposition changes

Odds are displayed to Users within the Novig application. All odds offered are subject to variation.

• If, while attempting to place an Order, the available odds move above an Order’s price, the Order may be partially matched or canceled, depending on the available liquidity.
• If, while attempting to place an Order, the available odds move below an Order’s limit price, in the User’s favor, the User will receive reimbursement for price improvement.

(4) Acceptance of wagers at other than posted terms

• If an Order 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 Order 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 Order to be valid). The User 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 Orders placed on the Novig platform will be automatically credited to the User’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 Users within 24 hours. Novig’s primary method of communication with users who have questions is via in-app chat support, facilitated by Intercom.
• Users also have the ability to email support@novig.co at any time, which is frequently monitored by the team’s internal customer service team. 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

Users 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
• VIP Preferred ACH Deposit

(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 total payout 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 offer.
• Should a bet contain a combination of offers from different sports, events, markets, and/or offer types, the system will limit the wager amount so that the maximum net payout does not exceed $1,000,000.00.
• 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 User 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 or void an Order. 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:

• Order accepted during technical problems that would otherwise not have been accepted
• Order price is lower than 0.001¢ or greater than 0.999¢
• Order on markets containing incorrect participants
• Order where the outcome was already determined
• Order placed at odds that are considerably different from those available in the general market at the time that bet was placed
• Order placed at odds which reflect an incorrect score situation
• Order placed on odds clearly incorrect given the chance of the event occurring at the same time of the bet placement
• Order placed that has incorrect payout amount
• Order where Novig continues to accept Orders in a market with potentially suspicious activity
• Order placed on an event that does not exist

Should Novig void an Order for any of the reasons listed above, Novig’s customer service team will attempt to contact the User 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 User’s sports betting account, Novig will make an adjustment to the account that may take any money relating to such overpayment at any time. Novig reserves the right to correct any Order payout resulting in an obvious error.

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

(14) Method of matching Orders

An incoming Order may be matched against one or more open Orders on the Order Book while:

• The outcome and market are open with valid non-terminal statuses.
• The outcomes associated with all matching Orders are mutually exclusive.
• The incoming Order and any open Orders have a nonzero remaining unmatched quantity.
• The sum of the prices of the matching Orders is sufficient to payout exactly 1¢ for every winning Order, regardless of the final settlement outcome.

If a User’s Order matches against one or more of the User’s other Orders on mutually exclusive outcomes, the matching portion of both Orders will be canceled and the matching algorithm will continue while the above conditions are met.

(15) Market Lifecycle

• Markets will close temporarily for 2 minutes before a game’s scheduled start time, clearing the Order Book of all open Orders.
• Markets will close permanently once a game is marked as final by Novig’s data supplier.
• Markets will settle once the game is finished and results are approved by Novig’s data supplier.
• For markets whose outcomes may be determined unequivocally before a game ends (e.g. Total markets), markets may close prior to game finish. However, these markets will settle only when results are approved by Novig’s data supplier.

(16) Rejecting tickets

• Novig reserves the right to reject any unmatched Order and to limit or change the price on an outcome in any market.

(17) Restricted Payout

Novig will allow Users to place Orders on any outcome that decreases their effective net exposure in a given market (i.e. closing a position).

• For example: if a User gets a match on an Order on the Total Over 8.5 outcome, they can place an Order on the Total Under 8.5 outcome in the same market.
• Because these outcomes are mutually exclusive and totally exhaustive, the second Order will decrease the User’s effective net exposure in the market.
• The quantity of the second Order may be partially covered by Restricted Payout, at most up to the value of their effective net exposure to the Over 8.5 outcome.

The User’s minimum Payout across all potential outcomes of a market (excluding pushes) constitutes the Restricted Payout and can be used to place Orders in that same market.

• For example: a User places an Order of $100 at +100 odds on the Over 8.5 outcome, and then places an Order of $50 at +100 odds on the Under 8.5 outcome. The User would be paid out $200 if the Over occurs and $100 if the Under occurs; in any outcome, the User will be paid out at least $100. Thus, the User would be granted $100 of Restricted Payout that can be used toward the same Total Over/Under 8.5 market.

At any point, Novig reserves the right to disable or suspend the Restricted Payout feature, even if there is liquidity in a given market.

(18) Cash Out

• The Cash Out is a feature on Novig that can be used on straight bets to lock in a profit or loss on a Position prior to the event’s outcome being determined. A user’s Position is the aggregate of all of their matched Orders in a specific market. A Cash Out in a market closes the Position and pays out the user a dollar amount tied to the current value of their Position.
• If a user makes a Cash Out request, they will be notified whether the request has been successful. The request to Cash Out is not guaranteed to be accepted and may be unsuccessful if, for example, the market suspends or the odds move before your request has been processed.
• If your Cash Out request is successful, a “success” message will be shown and the Position will be settled immediately and Payout returned to the user’s wallet equal to the amount shown on the Cash Out button. Note that this includes the original wager and the total amount returned to the user’s wallet will be the amount shown on the Cash Out button.
• Novig reserves the right to reverse a Cash Out if the Position is incorrectly settled. In the event Novig needs to resettle a bet, the new settlement may lead to changes to a user’s balance to reflect the correct Settlement. 
• If an incorrect Cash Out is made and is subsequently accepted by the user, Novig reserves the right to resettle the bet using the correct Cash Out offer. 
• At any point, Novig reserves the right to disable or suspend the Cash Out feature, even if there is liquidity in a given market.

(19) In-play wagering

• Any Order made in-play may be subject to a delay according to Novig’s discretion. Trading in an ongoing event may be partially or fully suspended, according to Novig’s discretion.

(20) Novig reserves the right to void any Order at any time, according to its discretion.

(21) Novig reserves the right to change these rules at any time and for any reason.

(22) Resettlements

• Markets are generally settled shortly after the end of the event in question. Novig may settle, or partially settle, some markets before the official result is declared purely as a customer service benefit. However, Novig reserves the right to amend the settlement of the market if:
• The official result is different to the result on which Novig initially settled the market; or
• If the whole market is eventually voided (e.g. for an abandoned event).
• Novig reserves the right to reverse the settlement of a market if a market is
• settled in error (for example, a human or technical error).
• If Novig resettles a market, this may lead to amendments being made to a
• customer's balance and/or the deduction of funds from a customer’s Account
• to reflect changes in market settlement.
• Novig will settle markets on the basis that it obtains the relevant information
• once the outcome has been determined. If this information is not obtained, or if there is an obvious error in the information, the settlement of the bet offer will be based on other public information/ official sources at the reasonable discretion of Novig.
• Novig may be required by law to seek approval with the relevant regulatory body before making any amendments to a price or bet status.

PROHIBITED SPORTS EVENTS AND WAGERS

• Novig will not offer any prohibited sports events. Prohibited sports event means any market not approved by the Division, 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 Division.
  

BET TYPES

• “Moneyline” is where it is possible to bet on the (partial or definite) outcome of a match or event.
• “Total” 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.
• If a game is halted before the minimum time has been played (all but 5 minutes at a minimum), and not completed within 24 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 and undetermined bets will be void.
• If a game venue is changed, and the home team remains designated as such, bets will stand, otherwise, 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 Spread, Moneyline, and Total markets for the full game 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 Orders on the game will be declared void. 
• If a game starts, is suspended, and then resumes more than 12 hours later, all Orders 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. This is known as the 8.5 inning rule, and applies to all markets unless otherwise noted.
• A game must be a “regulation game” for full-game Moneyline Orders to stand. A regulation game is one in which (1) five innings have been completed in full or (2) the home team has scored more runs in four and a half innings. If a game is called off before either case, then all Orders associated with the game are declared void. This is known as the 4.5 inning rule.
• 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 Orders placed on the Moneyline are defaulted to “Action.” This means that all Orders placed will stand if a pitcher change occurs. Orders 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 Order, whose period has elapsed, and results are unequivocally determined, will be settled regardless of the state of the full game or any postponement.

BASKETBALL RULES (NBA AND NCAA)

• Games must start on the scheduled day (local stadium 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 24 hours of the original start time. If a suspended game is scheduled to be resumed more than 24 hours after the original start time, all bets will be void, unless the Order 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 Order 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 unsettled 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 full game bets include overtime unless otherwise stated.
• Bets on specific quarters or halves will be graded if the period listed has been played in full.
• Forfeited games, whether won or lost, will not count as a game played or completed (or any other similar term) for Settlement purposes.

ICE HOCKEY RULES (NHL)

• Games must go 55 minutes for bets to stand. In the event a game is suspended prior to the 55th minute of play and does not resume within 24 hours, bets will be void unless the result of a market has been unequivocally determined during the normal course of play.
• All markets will be settled inclusive of overtime (including any subsequent shootout) unless explicitly stated to be settled on 60 Minutes or Regulation Time.
• In the event of a shootout, the winning team will be credited with one goal. This counts for all markets where applicable.
• Money Line/Puck Line/Total Goals/Alternates - Includes overtime and any subsequent shootout for settlement purposes. In the event of the total being the exact index quoted, bets will result in a push.
• 60 Minute Markets - Where indicated 60 minute markets exclude overtime and shootout goals. If the game goes to overtime, the “tie” selection will be the winner.
• Total Goals (Flat Line) – Settled on the total goals scored during a game. If the result is equal to the quoted index, bets will be voided.
• Period Markets - Settled on the exact score of the specified period. For settlement purposes the 3rd period does not include any overtime played.
• 1st/2nd/3rd Period Money Line - Settled on the final score of the listed period only. If the score is a tie, bets will be voided.