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Processing ResultsWhen results are available for an event, all the outcome bets for that event can either be declared void, or be decided. Also dividends per share owned can be paid. If this event is the final event in bumpsdaq we also value the shares to find the final assets for all users.
The site allows people who both win and lose money to let the incoming money from gains to offset the payments from losses. Firstly dividend payments are made, with the dividend per share paid on each share owned, even if that share is reserved to be sold.
Secondly all the outcome bets are determined, working out which user has to pay which other user. There is then an algorithm to make as many payments as possible, with people who have smallest profits being paid first. To allow people to pay off debts, any assets that are recoverable are used. This means that unmatched offers are deleted to cover debts - there is no guaranteed ordering on which are deleted first. We also used banked money to cover debts, in preference to deleting unmatched offers. We do not try to sell shares automatically to cover debts.
If a user still has outstanding debt with no available assets we keep a note of their debt. That person will only be able to sell shares until the debt is cleared - profits from selling shares all go to covering the debt. If you run out of shares to sell and still are in debt, please contact email@example.com and your debt may be defaulted, and a small amount of capital may be lent to you. Any users who default are marked as having a restricted trading status. Being restricted means that you cannot lay any outcome bets with odds greater than zero, and incoming money is mainly diverted to repaying your debts. Restricted status is removed once assets have gone beyond £5,000.
The latest set of official results available at the time of processing will be used to determine bets and dividends. Results may be processed any time from the publishing of the first set of results onwards, although experience has shown the either that evening or the next morning are usually reasonable for most events. If no official results are forthcoming within 24 hours after the event, no dividends will be paid and all bets declared void.
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