Basketball Rules

Basketball Contract Settlement Rules

Unless otherwise specified in the applicable Contract Specifications, all Basketball event contracts listed on ProphetX shall be settled in accordance with the rules set forth in this Chapter. Defined terms used herein have the meanings ascribed to them in the ProphetX Rulebook. References to 'orders' include resting and filled orders as applicable; references to 'settlement' refer to final contract disposition following outcome determination.

A. Overtime. All contracts shall be settled on the result including overtime, unless otherwise stated in the applicable Contract Specifications (e.g., first half or first quarter contracts).

B. Governing Authority. All contracts are offered in accordance with ProphetX's Rulebook and Terms and Conditions. Unless specifically stated or implied in the applicable Contract Specifications, settlement of contracts shall be based on the official classifications, definitions, and tiebreaking rules established by the National Basketball Association ("NBA") through NBA.com, the National Collegiate Athletic Association ("NCAA") through NCAA.com, or the official website of the applicable competition.

C. Scheduling. Dates and start times displayed on the Exchange are provided for informational purposes only and are not guaranteed. Official schedules are as published by the applicable governing body.

D. Tied Results. If, after the completion of overtime, the result remains tied, all orders on the outright event moneyline contract shall be void and collateral shall be returned to the applicable accounts.

1. Period-Specific Contracts. For contracts based on specific quarters or halves, the entire designated period of play must be completed unless the contract outcome has been unequivocally determined prior to that point. Second half contracts include overtime if played.

E. Moneyline Contracts. A Moneyline contract is an event contract in which the outcome is determined by which team wins the referenced event. If the referenced team wins the event, the contract resolves to Yes for that team. Example: a Contract on Basketball Team A to win resolves as Yes if Basketball Team A wins the indicated event.

F. Spread Contracts. A Spread contract is an event contract in which the outcome is determined by whether the chosen team's margin of victory or defeat satisfies the listed Strike once the Spread is applied. In circumstances where the result, after application of the Spread, exactly equals the Strike, all contracts shall be void and collateral shall be returned to the applicable accounts. Example: a contract on Basketball Team A at -3.0 shall be void if Basketball Team A wins by exactly three (3) points (e.g., 80–77, 100–97).

G. Total Points Contracts. A Total Points contract is an event contract in which the outcome is determined by whether the combined final score of the referenced event is over the listed Strike. Contracts shall resolve to Yes if the total exceeds the Strike, to No if the total falls below the Strike, and void if the total exactly equals the Strike. Overtime counts for all full-event total, team total, and Proposition points contracts. Example: a Contract on Over 100 Points shall resolve to Yes if 101 or more points are scored, to No if 99 or fewer points are scored, and void if exactly 100 points are scored.

H. Futures Contracts. A Futures contract is an event contract in which the outcome is determined by whether a specified participant wins or places within a specified position in the final classification of the listed event or competition. Contracts shall be settled based on official results provided by the applicable governing body.

1. Individual Season Award Futures. This category includes, but is not limited to, NBA MVP, NBA Rookie of the Year, NBA Rookie Offensive Player of the Year, NBA Rookie Defensive Player of the Year, NBA Offensive Player of the Year, NBA Defensive Player of the Year, NBA Coach of the Year, and all other individual season awards as determined by the relevant voting body directly associated with the league. Settlement for all Individual Award Futures shall be based on the official determination by the relevant league authority.
2. Special Futures. Special Futures include, but are not limited to, Series Markets, Playoff Series Markets, Most Regular Season Wins, Make/Miss Playoffs, Player Awards, NCAA Champion, NCAA Final Four, and Draft markets. All Special Futures shall be settled using the official results as published by the applicable governing body (e.g., NBA.com, NCAA.com, or the official competition website).
3. Make/Miss Playoffs. Orders shall be settled based on the teams that qualify for the final playoff bracket, after the conclusion of any play-in events or tiebreakers. If the number of teams that qualify for the postseason changes during the course of the season, all orders on this market shall be void and collateral shall be returned to the applicable accounts.
4. Most Regular Season Wins/Losses. All NBA teams must complete eighty (80) scheduled regular season events for orders to be settled. If a team does not complete the required number of events, all orders on that team's regular season win or loss markets shall be void and collateral shall be returned to the applicable accounts. In the event two or more teams tie, dead-heat rules apply, unless Ties Included is specified in the market name.
5. Draft Markets. All Draft Futures shall be settled using the official Draft results as published by the applicable governing body (e.g., NBA.com, NCAA.com, or the official competition website).

I. Statistics Contracts (Props). Player Statistics contracts and other statistics-based contracts shall be settled according to the official event reports as published after the conclusion of the event by the applicable organizing association. If the official organizing association issues any statistical correction within forty-eight (48) hours of the event's conclusion, affected contracts shall be resettled as necessary.

1. Single-Event Player and Team Statistics Contracts. Contracts referencing individual player or team statistics in a single event, or comparing statistics of two individual players during a single event, require all referenced players to be active for that event. If a listed player does not participate, all contracts on that player for the relevant event shall be void and collateral shall be returned to the applicable accounts. Example: Total Points by Player A; which of Player A or Player B will record the most rebounds.
2. Season Player and Team Statistics Contracts. All season-long contracts, regardless of whether outcomes arise during a particular period, tournament, regular season, or Playoffs, shall remain valid irrespective of player trades, team movements, name changes, season length changes, or playoff format changes occurring at any point during the season.
3. Regular Season and Playoff Series Player Statistics Contracts. For contract on a player for most points, rebounds, steals, assists, or similar cumulative series statistics, the series must come to a natural conclusion for contract to be valid. Overtime counts for settlement purposes. A listed player must participate in at least one (1) event in the series for orders to remain active. If a listed player does not take the court during at least one (1) event in the series, all contracts on that player shall be void and collateral shall be returned to the applicable accounts. In the event two or more players tie on the settled statistic, dead-heat rules apply, unless Ties Included is specified in the contract details.
4. Double-Double and Triple-Double Contracts. A 'Double-Double' is achieved when a player records ten (10) or more in at least two (2) of the following statistical categories in a single event, including any overtime: Points Scored, Rebounds, Assists, Steals, and Blocked Shots. A 'Triple-Double' is achieved when a player records ten (10) or more in at least three (3) of the aforementioned statistical categories in a single event, including any overtime.

J. Absence of Official Statistics or Results. In the absence of a statistic or result required for the settlement of a specific contract from the official sources listed, another reputable source may be used to support contract settlement. ProphetX reserves the right to resettle contracts should additional official information become available. In the event ProphetX cannot reasonably determine the outcome of a contract, all orders on that contract shall be void and collateral shall be returned to the applicable accounts.