What are contest settlement types?

There are three different ways to settle a CoinRoster contest. This page will define and explain each method.

The three different settlement types are auto, user, and crowd settlement.

Auto settled contests are those that are settled automatically by CoinRoster. All of our roster contests are auto settled and any prop bet users create will be auto settled. Auto settled contests are what most fantasy players are accustomed to, they are contests that the fantasy site settles based on stats from a sporting event.

User settled contests are those that are settled by the user who created the contest. User settled contests are most appropriate for contests where the outcome is only known by an insider group. Examples of this might be the question of “who will win the family board game on Saturday night?”. This outcome can only be determined by a small number of people in a private setting. It would be impossible for CoinRoster to determine this outcome programmatically, but it is easy for one of the game’s participants to input the outcome. If a user settled contest is also a private contest, users can bet on board game night, their weekly golf game, or any number of other contests that can be settled by an individual user with a private group of bettors.

Crowd settled contests are those that are settled by a voting round. Instead of relying on data from a specific source or the input of a specific user, crowd settled contests rely on CoinRoster users to determine the outcome. This is done when users vote with RosterCoins on which outcome occurred after an event has taken place. Crowd settled contest are most appropriate when the outcome is publicly known and widely available. Examples include public election results, sporting events, and other public events such as the naming of public awards like the Oscars. In all these cases, any user can post a public crowd settled contest, the outcome of which users can bet on (and thereby determine the odds for) and the contest will also settle based on public information.