– Answer: Crypto betting sites typically void bets and refund stakes for cancelled events. They may have specific rules for different scenarios, like postponements or partial completions. Some sites might offer alternative markets or keep bets valid for rescheduled events.
– Detailed answer:
• Voiding bets: When a game or match is cancelled, most crypto betting sites will void all bets placed on that event. This means the bet is cancelled, and it’s like it never happened.
• Refunding stakes: After voiding the bets, the site will usually return the wagered amount (stake) to the bettor’s account. This is typically done in the same cryptocurrency that was used to place the bet.
• Timeframe for cancellations: Sites often have specific rules about when an event is considered “cancelled” rather than just delayed. For example, some might void bets if a football match doesn’t start within 24 hours of the scheduled time.
• Partial completions: If an event starts but is abandoned partway through, crypto betting sites might have different rules. Some may void all bets, while others might settle bets on markets that have already been decided (like first goal scorer in a football match).
• Postponements: For events that are postponed rather than outright cancelled, some sites might keep the bets valid for the rescheduled date. Others might void the bets and require users to place new ones when the event is rescheduled.
• Alternative markets: In some cases, betting sites might offer alternative markets for cancelled events. For instance, if a real football match is cancelled, they might provide virtual football markets as a replacement.
• Communication: Reputable crypto betting sites will clearly communicate their policies for cancelled events in their terms and conditions. They’ll also typically notify users about cancellations and how their bets will be handled.
• Automated systems: Many crypto betting sites use automated systems to quickly void bets and process refunds when cancellations occur, ensuring users get their stakes back promptly.
– Examples:
• Football match cancellation: Let’s say you bet 0.01 Bitcoin on Manchester United to win against Liverpool, but the match is cancelled due to severe weather. The betting site would void your bet and return your 0.01 Bitcoin to your account.
• Tennis tournament postponement: You place a bet of 50 USDT on Novak Djokovic to win a tennis tournament, but the entire tournament is postponed by a week. Some sites might keep your bet valid for the new dates, while others might void it and refund your 50 USDT, allowing you to decide if you want to bet again when the tournament starts.
• Boxing match abandonment: Imagine you bet 0.5 Ethereum on a boxer to win by knockout, and the fight starts but is stopped in the third round due to a power outage. The site might void all bets and refund stakes, or they might settle bets on markets that were already decided (like “Will the fight go past the first round?”).
• eSports server issues: You bet 1000 Dogecoin on Team A to win an eSports match, but the game is cancelled mid-way due to server problems. The site would likely void all bets and return your 1000 Dogecoin.
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