On CoinRoster, there are three different ways to settle a contest: auto settled, user settled, and crowd settled. Choosing the best way to settle a contest should depend on the type of contest you’re creating and the type of data being used to settle the contest.
Auto settlement is what most of us are used to, this is when the website uses its own data to the settle a contest “automatically”. User settlement is a little bit different because instead of automatically settling the contest, the user who created the contest must also choose the settlement outcome and this user must also do it manually on CoinRoster.
Users who create pools and fixed odds bets based on the data CoinRoster already has, whether its golf, baseball, hockey, and basketball data can be auto settled. When a contest is auto settled, the responsibility to settle is borne by CoinRoster, but when a contest is user settled, the responsibility to settle is borne by the user who created the contest.
There are pros and cons to each settlement type. If you’re creating a contest based on the data from our site, it can be auto settled, and doesn’t require any further input from the user who created the contest, in this sense auto settling is the easiest method. But auto settlement is limited to the data CoinRoster has, and if you want to create a parimutuel pool or fixed odds bet about a topic where CoinRoster does not have the data, you must choose to either the user settle or crowd settle method. User settlement is best used when the outcome is not publicly known, such as a home game amongst friends.
Crowd settlement is the most innovative way to settle a contest. Crowd settlement does not rely on CoinRoster’s data nor does it rely on the user who created the contest to also settle it. Crowd settlement happens without any further input from the user who created the contest, and in this way, seems “automatic”, although crowd settlement relies on users on CoinRoster to vote for the outcome they believe occured. Crowd settled contests can be created by any user, and then are settled based on votes from users.
To create a crowd settled contest, you must first open an account and make a deposit. Only users who have made a deposit can create a contest. Once you’ve made a deposit to your account. login to your account and navigate to the Create Contest page.
From the Create Contest page, choose Contest Type as MISC, enter a title and description, choose a registration deadline and settlement deadline. The registration deadline is when betting will end and your contest will go in-play. The settlement deadline is the time when your contest will be settled. It makes sense to choose a registration deadline at the time when you expect your contest will be played or decided, and the settlement deadline is the time when settlement will be complete.
Next, you will enter the outcome options for your contest. The default is a parimutuel pool, but if you want to create a contest with fixed odds (where as the contest creator you will bear the risk/rewards) you can also make this choice. You’ll also need to enter the minimum wager allowed, toggle the settlement type to Crowd Settled, and decide whether you’d like your contest to be public or private. Public contests are visible and available to all users, whereas private contests are only available to users with the URL associated with the contest.
After you’re happy with your contest specifications, press the “Create Contest” button to create your contest. Your contest will then be reviewed by an admin before being added going live.