Splash Market rules

ACHIEVEMENTS
Scope: These rules shall apply to this contract.

Underlying: The Underlying for this Contract is the official result of <achievement>. Revisions to the Underlying made after Expiration will not be accounted for in determining the Expiration Value.

Source Agency: The Source Agencies are the league or association governing <achievement>, the Associated Press, ESPN, The Wall Street Journal, and Fox Sports.

Type: The type of Contract is an Event Contract.

Issuance: The Contract is based on the outcome of a recurrent event. Thus, Contract iterations will be issued on a recurring basis, and future Contract iterations will generally correspond to the next time frame (e.g. year) that will have an official result of <achievement>.

<participant>: <participant> refers to a group, an entity, individuals, or individual participating in a sport.

<achievement>: <achievement> refers to a given sports achievement, and will include a specified year and/or other distinguishing information, e.g., "The 2025 winner of the French Open Men's Singles Championship".

Payout Criterion: The Payout Criterion for the Contract encompasses the Expiration Values that it is reported that the first official final result of <achievement> event is <participant>.

If the final event necessary for determining the result of <achievement> is postponed past its scheduled date (e.g. because of severe weather or other emergencies), then the market will remain open and will resolve after the sooner of (1) the results of <achievement> being reported or (2) two weeks following the originally scheduled date of the final event necessary for determining the result of <achievement>. If the final event date is unknown, the market will resolve after the sooner of (1) the results of <achievement> being reported or (2) two years following the estimated date of the final event necessary for determining the result of <achievement> until a final date is known.
If the final event necessary for determining the result of <achievement> is suspended during, then the market will remain open and will resolve after the sooner of (1) the result of <achievement> being reported or (2) two years following the originally scheduled date of the final event necessary for determining the result of <achievement>.
If the final event necessary for determining the result of <achievement> is moved to be earlier than its originally scheduled date, then the market will remain open and will resolve after the result is reported.
If the final event necessary for determining the result of <achievement> is cancelled outright (or the <achievement> is canceled or will not have an official result, or will have an official result of nothing or no one) before the final event necessary for determining the result of <achievement> is concluded, then the markets for eligible participants (not disqualified or eliminated) will resolve so "Yes" holders receive the last traded price prior to cancellation and "No" holders receive $1 minus the Yes payout. If a last traded price is not available, or if -Splash Sports determines at its sole discretion that the most recent last traded price prior to cancellation does not represent a fair settlement, the Outcome Review Committee will be responsible for making a binding determination of fair allocation. Determinations will be made using market data, historical trades, and external sources. If a fair allocation is not able to be reliably determined, then the markets for eligible participants (not disqualified or eliminated) will resolve so "Yes" holders receive $1/[the number of eligible participants (not disqualified or eliminated) remaining for which there is a strike listed] rounded down to the nearest cent and "No" holders receive $1 minus the Yes payout. Determinations of the Outcome Review Committee are final and not subject to review.
If multiple participants are reported as the result of <achievement>, then the markets for those participants will resolve so "Yes" holders receive $1/[the number of participants declared as the result of <achievement>] rounded down to the nearest cent and "No" holders receive $1 minus the Yes payout. For example, if two participants are the reported result of <achievement>, both "Yes" and "No" holders for each of those participants shall receive $0.50 per share.
If <participant> forfeits, withdraws from consideration, or takes any other official action directly to be removed from being able to achieve <achievement>, such as withdrawing from the events that will determine the result of <achievement>, the market will resolve to "No" for <participant>.
If the official result of <achievement> is reported even though the event or events necessary for determining the result of <achievement> were truncated or ended early, the market will resolve based on that reported result.
If <participant> is disqualified from consideration for <achievement> before the Contract expires – even if the final event necessary to determine the result for <achievement> has concluded – the market for <participant> will resolve to "No". If this causes another participant to be reported as the official result of <achievement>, the contract will resolve on the basis of which participant is reported as the official result of <achievement>.
Note that any revisions after Expiration will not be considered. Therefore, if <participant> or any other participant is disqualified, removed, or the official result of <achievement> is reversed or changed in any way after the Contract expires, that will not impact the market's resolution.
If <participant> was eliminated from contention for being the result of <achievement>, including by being eliminated from the event or events that are necessary to determine the official result of <achievement>, then the market will resolve "No". A <participant> is eliminated from contention when it is reported so by the Source Agency.
If <participant> is eliminated from contention for being the result of <achievement>, including by being eliminated from the event or events that are necessary to determine the official result of <achievement>, and the market for <participant> resolved to No, but then <participant> is re-entered into contention (for example, because a team that was originally in contention was disqualified), then a new market with the same <participant> may be created. The original market will remain resolved to No.

Minimum Tick: The Minimum Tick size for the Contract shall be $0.01.

Position Accountability Level: The Position Accountability Level for the Contract shall be $25,000 per strike, per Member.

Last Trading Date: The Last Trading Date of the Contract will be the same as the Expiration Date. The Last Trading Time will be the same as the Expiration time.

Settlement Date: The Settlement Date of the Contract shall be no later than the day after the Expiration Date, unless the Market Outcome is under review.

Expiration Date: The latest Expiration Date of the Contract shall be the day after the day the achievement event has an official final result. If an event described in the Payout Criterion occurs, expiration will be moved to an earlier date and time.

Expiration time: The Expiration time of the Contract shall be 10:00 AM ET.

Settlement Value: The Settlement Value for this Contract is $1.00, unless otherwise specified in accordance with the Contract's terms and conditions.

Expiration Value: The Expiration Value is the value of the Underlying as documented by the Source Agency on the Expiration Date at the Expiration time.

Contingencies: Before Settlement, Splash Sports may, at its sole discretion, initiate the Market Outcome Review Process. If an Expiration Value cannot be determined on the Expiration Date, Splash Sports has the right to determine payouts.

Draws/Ties: Unless "draw" or "tie" is listed as an available contract, games/events that are declared a draw or tie will result in the market resolving to 50/50 for both teams/participants.

RULES SUMMARIES

Close and determination: The close time is the time that trading closes in the market. After this time, no new orders can be placed and no more trades will match. The determination time is the time by which the market outcome should be determined and made live on the exchange.

Outcome verification: The listed source agency publish the data or information used to determine the market outcome.

Market resolution: Describes how the market outcome and expiration are determined. The binding market resolution criteria can be found in the Rulebook. The rules presented here are a simplified version of those criteria; if the two version conflict, the version in the rulebook is considered definitive.

Mutually exclusive: Only one market can resolve to YES. Owning NO contracts in multiple markets will result in funds returned to you.

Non-public information: Trading is prohibited if you are an employee of the source agency, have access to material non-public information, or have the ability to influence the market's outcome.

TRADING PROHIBITIONS

In addition to the general prohibition against trading on material nonpublic information, the Exchange will institute additional prohibitions for trading the contract. Persons under 18 years of age are not permitted to create Splash Sports accounts. The following individuals will be prohibited from trading:

Current and former players, coaches, and staff of the league, association, or organization(s) governing <event>.
- For college leagues/associations specifically, or where otherwise appropriate (as identified by the Exchange), this applies to current and former players/coaches/staff of the specific teams in <event> rather than the league/association as a whole (e.g., if the Division I Gonzaga Men's Basketball Team is playing in <event>, this prohibition will restrict trades by current/former players of that team, rather than all current/former players/coaches/staff in any NCAA sport);
Paid employees of the league and league participants;
Ultimate beneficial owners of teams and the league; and
household members and immediate family of all above.

These prohibitions apply to the appropriate values of <event>. For example, former players of the National Football League are not necessarily prohibited from trading on iterations of the Contract related to the National Basketball Association, unless they are part of any other group listed for that league.

PRO/COLLEGE FOOTBALL GAMES

Determinations for this event will be made within 30 minutes of an official announcement from a verified source or agency.

If the match is cancelled or postponed more than two weeks past its scheduled date, the market will resolve at the last fair market price prior to the cancellation.

Unless "tie" or "draw" is offered as a market outcome for a game, the market will resolve to 50/50 for both teams when the game's outcome is a tie.

GAME INTERRUPTION AND WEATHER SCENARIOS

Game Paused Due to Weather or Safety Concerns

If a game is suspended and does not resume within 2 weeks of the original scheduled start time:

All markets that have already reached a definitive outcome remain settled
All incomplete markets are settled to fair market price
Anytime TD market: Settled to fair market price unless the specific player already scored
2+ TD markets: Settled to fair market price unless already achieved

Weather Delays (Under 2 Weeks) When games are delayed but expected to resume:

Keep all markets suspended during delay
If resumed same day: All markets continue normally
If postponed but rescheduled within 2 weeks: Markets stand
If cancelled or rescheduled past 2 weeks: Settle to fair market price all markets

Shortened Games and Mercy Rules If a game is called early but deemed official:

Markets already determined are settled
Incomplete markets settle to fair market price unless outcome is certain

Forfeited Games Game forfeits require special handling:

Pre-game forfeit: ALL markets settle to fair market price immediately, no exceptions
Mid-game forfeit: Settled markets stand (e.g., First TD if already scored), incomplete markets settle to fair market price
Post-game forfeit: All settlements stand as played
For futures: Forfeited games count as wins/losses for season totals, playoff qualification, etc.
For player stat markets: No stats accumulated in forfeited games

VENUE AND SCHEDULE CHANGES

Game Rescheduling Rules

Timing Changes

Moved within 2 weeks: All markets stand
Moved beyond 2 weeks: All markets settle to fair market price

Venue Changes

Neutral site (both teams away): Markets stand
Home/away designation stays same: Markets stand
Home/away flips: Markets stand
International games: Standard rules apply

Football Player Stat Markets

Overtime is included in every player prop that isn't period-specific.

Pre-Game Inactives (90 minutes before kickoff)

Players officially listed as inactive or not on the 53-man active gameday roster will be settled to the fair market price. This includes healthy scratches, players on injured reserve, and practice squad players not elevated. Splash Sports settles these markets to the fair market price immediately upon inactive list release.

Active But Never Plays – The One Snap Rule

A player must play at least ONE snap for the market to be considered live. If a player is active and dressed but takes zero snaps during the game, all stat markets for that player will be settled to the fair market price at the game start time. This protects users who place trades on players expected to play but never enter the game.

Player Ejections and Non-Injury Exits

If a player is ejected for unsportsmanlike conduct, fighting, or accumulating penalties, prop markets remain live and settle based on stats accumulated before ejection. The market settles as normal based on final statistics.

Touchdown Scoring and Review Policy

First TD markets are settled if a TD has occurred, otherwise only the "No TD" strike resolves Yes, if listed. At least 55 minutes must be played for player stat markets to stand, other than anytime TD markets.

TD Is Overturned or Under Review

Settlement Timing Protocol: Splash Sports never settles a touchdown market while a scoring play is under review. Determination will be based on statistics once the play and any ensuing review is completed.

The market will not settle if a touchdown is overturned after initial ruling on the field, the market should never have been settled in the first place. The market will remain open until statistics are updated or the game has ended.

Defensive and Special Teams Scoring

Return TDs (kickoff/punt): Returner gets individual credit if listed, does not count for "Defense" market
Blocked kick TDs: Recovery player gets credit if listed, not blocker
Defensive TDs: Credited to "Defense" option, not individual defenders. Individual defenders will not be listed.
- Example: Travis Hunter scores defensive TD through pick six or fumble return, "Jaguars Defense" settles to Yes, but "Travis Hunter" does not settle to Yes unless he also scores a TD on offense in that game
Safety scored: Does not count as TD for any market
Defensive 2-point conversion return: Worth 2 points but not a TD

Player Listings

Initial Market Creation: Markets are created after the final injury report prior to the game.

90-Minute Pre-Game Update When active rosters are released, Splash Sports will add all remaining healthy active offensive players to markets, settle to the fair market price any positions on players declared inactive, and maintain Defense/ST options. This is the final opportunity to adjust player listings before kickoff.

Position-Specific Requirements

Offensive players: Must be on active gameday roster
Two-way players: List only if expected offensive snaps
Special teams specialists: Only list proven return TD threats
Practice squad: Only if elevated to active roster

Splash Sports retains final discretion on which players are listed. Fulfillment of any requirement does not necessitate listing.

Official Statistics and Corrections

24-Hour Correction Window Markets are settled based on official NFL statistics. Stat corrections do not change the determination of the market.

Season Long Futures and Awards

Player Traded Mid-Season

When a player is traded after market creation:

Season-long statistical markets remain
Stats from both teams combine toward totals
New team must complete their remaining scheduled games
Example: Player traded Week 8, "Over 1000 yards" prop continues with combined stats

Season/Award Cancellation or Incompletion

Awards Markets (MVP, OPOY, DPOY, etc.)

If award is not given by NFL: All markets settle to fair market price
If voting is cancelled: All markets settle to fair market price
If winner announced by NFL: Market settles regardless of controversy

Season-Long Statistical Markets

Player must play at least 1 game, otherwise this market settles to fair market price. If season shortened but player already achieved Over: Settles as win
If season shortened but player cannot reach Over: Settles as loss
If outcome still possible: Market settle to fair market price
- Example: Over 10.5 TDs with 8 TDs through 12 games, season ends = settle to fair market price

Team Win Totals and Futures

If a season doesn't complete the scheduled games, this does not affect settlement. The market will settle according to the rules.
Forfeited games count as wins/losses for futures
Playoff qualification markets stand if team clinches before cancellation

Settle to Fair price:

Inactive players (pre-game)
Zero snaps (post-game)
Game suspended over 2 weeks

Settle to binary:

Player took 1+ snaps
Determined outcomes before suspension
Completed games (55+ minutes)

PRO/COLLEGE BASKETBALL GAMES

Determinations for this event will be made within 30 minutes of an official announcement from a verified source or agency.

If the match is cancelled or postponed more than two weeks past its scheduled date, the market will resolve at the last fair market price prior to the cancellation.

GAME INTERRUPTION AND WEATHER SCENARIOS

Game Paused Due to Various Reasons

If a game is suspended and does not resume within 2 weeks of the original scheduled start time:

All markets that have already reached a definitive outcome remain settled
All incomplete markets are settled to fair market price

Game Delays (Under 2 Weeks) When games are delayed but expected to resume:

Keep all markets suspended during delay
If resumed same day: All markets continue normally
If postponed but rescheduled within 2 weeks: Markets stand
If cancelled or rescheduled past 2 weeks: Settle to fair market price all markets

Forfeited Games Game forfeits require special handling:

Pre-game forfeit: ALL markets settle to fair market price immediately, no exceptions
Mid-game forfeit: Settled markets stand, incomplete markets settle to fair market price
Post-game forfeit: All settlements stand as played
For futures: Forfeited games count as wins/losses for season totals, playoff qualification, etc.
For player props: No stats accumulated in forfeited games

VENUE AND SCHEDULE CHANGES

Game Rescheduling Rules

Timing Changes

Moved within 2 weeks: All markets stand
Moved beyond 2 weeks: All markets settle to fair market price

Venue Changes

Neutral site (both teams away): Markets stand
Home/away designation stays same: Markets stand
Home/away flips: Markets stand
International games: Standard rules apply

HOCKEY GAMES

Determinations for this event will be made within 30 minutes of an official announcement from a verified source or agency.

If the match is cancelled or postponed more than two weeks past its scheduled date, the market will resolve at the last fair market price prior to the cancellation.

Overtime and Penalty shootouts are included in every game line unless stated otherwise.

GAME INTERRUPTION AND WEATHER SCENARIOS

Game Paused Due to Various Reasons

If a game is suspended and does not resume within 2 weeks of the original scheduled start time:

All markets that have already reached a definitive outcome remain settled
All incomplete markets are settled to fair market price

Game Delays (Under 2 Weeks) When games are delayed but expected to resume:

Keep all markets suspended during delay
If resumed same day: All markets continue normally
If postponed but rescheduled within 2 weeks: Markets stand
If cancelled or rescheduled past 2 weeks: Settle to fair market price all markets

Forfeited Games Game forfeits require special handling:

Pre-game forfeit: ALL markets settle to fair market price immediately, no exceptions
Mid-game forfeit: Settled markets stand, incomplete markets settle to fair market price
Post-game forfeit: All settlements stand as played
For futures: Forfeited games count as wins/losses for season totals, playoff qualification, etc.
For player props: No stats accumulated in forfeited games

VENUE AND SCHEDULE CHANGES

Game Rescheduling Rules

Timing Changes

Moved within 2 weeks: All markets stand
Moved beyond 2 weeks: All markets settle to fair market price

Venue Changes

Neutral site (both teams away): Markets stand
Home/away designation stays same: Markets stand
Home/away flips: Markets stand
International games: Standard rules apply