Matchbook's "Market Rules" govern the administration and treatment of all trading activity in Matchbook markets, and should be read in conjunction with our "Terms & Conditions" and "Rules for Individual Sports."

These rules may be updated from time to time; and when such updates occur, we will post an announcement to that effect prominently on the website.

Clients may trade on the exchange using only cleared funds. No credit arrangements or advances against in-transit funds are available - sorry.

Clients are expected to familiarize themselves with "Matchbook's Terms and Conditions", "Market Rules", and "Rules on Individual Sports" prior to entering any trades. Remember: avoid surprises-read the rules for a market before you trade it.

Clients wishing to trade on the exchange using credit-card deposits are generally subject to a 30-day hold on deposited funds, and to a supplementary account-verification process. This requirement is intended to reduce our processing costs and to eliminate chargebacks. Full information on alternate funding methods is available in our "Cashier" section.

Clients are responsible for managing all their open offers. Matchbook does not undertake to manage clients' open positions.

Clients may cancel offers at any time. Clients are reminded that not all of their original offer may remain available for cancellation; some or all may have already been taken by another client.

All open offers are automatically cancelled by Matchbook at the start of an event. Should a market remain open for trading past the start of the event due to an erroneously listed starting time, all trades made after the event's actual starting time will be voided.

Clients are reminded that starting times posted on the site are estimates, as provided to us through publicly available sources. Events often start several minutes later than the official time; and where possible (due to TV coverage, for example), we will attempt to keep markets open until the event's actual starting time.

If Matchbook becomes unavailable for trading during normal business hours, leaving clients unable to manage open offers, we will take action as follows:

Cause of delay	Action
Unscheduled downtime:	Cancel all offers on events starting that day.
DOS attack:	Cancel all offers on event starting that day; markets then reopened under "trade at own risk" status.
Client connectivity:	Client's responsibility; call for assistance with trade cancellation during Matchbook office hours.

Matchbook reserves the right to void any trades where fraudulent, market-manipulative or other prohibited activity is involved.

Matchbook reserves the right to void trades in the unlikely event of a system failure on Matchbook's side that prevents clients from managing their open offers.

Matchbook further reserves the right to suspend trading on any market and to cancel any existing offers, if necessary.

In the rare case that a market is loaded on the exchange using a pointspread or handicap value with a reversed sign or missing digit, Matchbook reserves the right to void the market and refund all trades. For example, if the prevailing market for Chicago vs. Washington is Chicago +9.0 and the Matchbook market is accidentally loaded at Chicago -9.0, Matchbook would void trades placed on this market. The purpose would be to protect players who wagered on the market assuming that the pointspread was Chicago +9.0.

To further protect clients against "trap offers," malicious users, technical faults, and so forth, Matchbook reserves the right under extraordinary circumstances to break trades that are the result of an obvious and extreme input error. An example would be if a client is matched on a heavy underdog at 1-25 odds instead of 25-1 odds. Note that this rule protects against technical errors, not pricing errors, so while a match at odds of -150 vs. a prevailing market value of -115 may be regrettable, it could not be classed as an obvious and extreme input error. No claims will be considered after the start of an event or for trades that take place in running (i.e., during live trading).

All client offers are routed to the Matchbook exchange on an time-priority basis and are matched using the following priority:

Price ("asking price or better")

Time submitted ("first in, first matched")

The exchange will always fill your order at the best available price, if a better price than you requested is available.

All wagers are matched based on US-style odds; any wagers submitted in the percentage- or European-odds formats are first rounded to the nearest applicable US odds. (Note that all odds are submitted from your "Place Your Bets" slip in US odds; the other formats are provided only as a reference/convenience.)

If an offer is only partially matched, the unmatched portion will be immediately displayed and the client given the chance to cancel it immediately. If not cancelled, the unmatched portion will appear in the "Unmatched Bets" pane where it can be further managed by the client.

Rounding of bet stakes takes place at the fourth decimal point. All stakes are rounded down, and any remaining increments are assigned to a common pool and netted against client processing costs.

All trades take place between anonymous parties; clients are not to attempt to disclose or signal their identities to one another.

Your counterparty to a trade is always another client; Matchbook does not take positions on the exchange, and hence is unable to break trades except in cases of fraudulent activity or as otherwise outlined above.

In certain markets where no tiebreaking rules exist (e.g., golf three-balls, or horse races), Dead Heat settlements may be employed. A Dead Heat settlement is calculated as follows, where "gross return" is equal to the stake plus profit:

For a "to win" bet:
(gross return if selection had won)/(number of dead-heat winners) - stake

For a "to lose" bet:
(gross return if selection ahd won)*(1/(number of dead-heat winners)) - stake

Events settled based on reported results as provided by our designated information providers.

Markets on events postponed for more than 24 hours, or reassigned to another venue, will be cancelled and all client funds returned.

Official results for events overturned due to subsequent protest, appeal or other judgement stand as originally reported.

Unless otherwise stated, all markets for an event are generally graded together at the time the event is completed, rather than at the time a result is available. (Example: midway through the 4th quarter, a basketball game goes over the total, but the side and moneyline markets remain uncertain. All markets await the final game result before grading.)

Las Vegas rules will apply to any rule or wager not covered by the rules and regulations herein.

Commissions are collected on a "net win per market" basis. A "market" is defined as a single tradable outcome on an event; hence, a single game/event may be linked to two or more individual markets. For commission purposes, net losses in one market on an event do not offset net wins in another market on the same event.

Current commission schedules are always posted in the "cashier" section. We strive to maintain consistency in commissions, and will always announce any changes via a prominent notice on the front page of the site. If you'd like to receive email notification of any changes to commissions, please notify us.

Matchbook incurs processing costs on most forms of deposit activity, including Neteller and credit cards. Current rates (our cost) for these transactions are always shown in the "Cashier" section. When a client makes a deposit using one of these designated methods, the processing costs are held as "Commission Credits" in his/her account and credited back against commissions on a dollar-per-dollar basis, up to the total processing cost.

Commission Credits do carry forward from one deposit to the next, if necessary.

Withdrawal requests should be submitted via the "Cashier" section. Please note that bank checks can only be directed to your registered client address - be sure to keep this information up to date, and inform us of any changes.

Neteller, InstaDebit, FirstPay, Moneybookers and bank check withdrawal requests are processed during regular office hours. There is no fee for Neteller, InstaDebit, Moneybookers or FirstPay withdrawals; bank checks cost $18 via regular mail; or alternatively, by courier mail at a cost of $39.

Please note that only cleared funds are available for withdrawal; funds linked to open positions or to recent credit-card deposits are not classified as "cleared." The "account balances" section of your account in the "Cashier" provides an up-to-date look at your cleared balance, along with your other funding commitments.