1. Core dates
Close date: the last date/time new bets can be placed.
Event date: when the real-world event is expected to happen.
Settlement date: when BetNet finalizes market outcome and accounting.
2. Market statuses
DRAFT: proposed, not open to participants.
PREBET: commitments are collected while launch criteria are pending.
ACTIVE: market is live and accepts eligible bets.
LOCKED: betting is closed before the event date/time; no additional bets can be placed.
IN_SETTLEMENT: event has ended and outcome verification is running (data checks, arbitration intake, or adjudication workflow).
RESOLVED: outcome set and balances distributed.
CANCELLED: market voided and participants refunded per policy.
EXPIRED: pre-launch conditions not met before expiry.
Typical lifecycle: PREBET → ACTIVE → LOCKED → IN_SETTLEMENT → RESOLVED. For many Class A markets, IN_SETTLEMENT may be short; Class C markets may remain in IN_SETTLEMENT while arbitration is completed.
3. Market classes
Class A: objectively verifiable outcome with strong public data source and low interpretation risk.
Class B: generally verifiable outcome that may require interpretation or supplemental evidence.
Class C: custom/subjective or higher-dispute-risk outcome requiring stricter arbitration budgeting.
4. Creator reward rules
If you create a market, you may earn a share of the total stake:
Class A and Class B (non-arbitrage resolution): creator reward up to 1.0% of total stake.
Class B (arbitrage resolution) and Class C: creator reward 0.5% of total stake.
The remaining creator-allocation budget in arbitrated Class B and Class C flows is reserved for arbitration costs.
5. Ambiguity and cancellation rights
If source data is ambiguous, contradictory, unavailable, or compromised, BetNet may cancel any market in any status. When canceled, participants are refunded according to the cancellation policy in effect for that market flow.