Risk Disclosure Statement

1. What you are buying

A Tufdog contract is a binary event contract: it pays $1.00 if a stated outcome happens and $0 if it does not. It is not a share, a bond, a deposit or an insurance product, it pays no interest or dividends, and it has no value after it settles. See our Market Rules.

Regulatory status: Tufdog is not licensed, registered or supervised by any financial, securities, commodities, gambling or other regulator in any country, and no regulator has approved Tufdog or its event contracts. It is your responsibility to make sure that using the Service is lawful where you are. You may not have the protections that apply to regulated investments or regulated betting.

2. You can lose your whole stake

If the outcome you bought does not happen, your contracts are worth nothing and you lose everything you paid for them, including the fee.

Losses on many small positions can add up quickly. Only trade money you can afford to lose. See Responsible Trading.

3. Prices are not predictions or advice

• A contract's price reflects the trades and quotes on the order book. It is not our forecast and may be far from the real chance of the outcome.
• Prices can move sharply and without warning — for example on team news, injuries, weather, a goal or a red card.
• Charts, "chance" figures and trending lists show past prices and activity. They do not predict future results.

4. Liquidity

• You can only trade if someone takes the other side. In a quiet market there may be no price, a wide gap between buy and sell prices, or not enough contracts at the price you want.
• A market order fills at the best prices available at that moment, which can be worse than the last price you saw. Setting a worst price limits this.
• You may not be able to sell a position before trading ends, in which case you hold it until settlement.

5. The market maker and its conflict of interest

A market maker operated by our platform provider, Victoi, quotes prices on the order book. It trades for its own account, may be your counterparty, and profits when you lose. Its quotes during live games are not subject to the delay that applies to members' orders, and it may stop quoting at any time. See our Conflicts of Interest Disclosure.

6. Live trading, delays and suspensions

• During a game your order waits a short delay before it reaches the order book and is refused if the score changes during that delay. The price may have moved by the time your order arrives.
• Scores, clocks and live prices on Tufdog can lag the real game. Others — including the market maker — may have faster information than you.
• We pause live trading after key moments and close it whenever a fresh live price is not available.
• We may suspend or close any market early — for example when a data feed fails, an event changes, or we suspect a problem — and you may be unable to trade while it is suspended.

7. Settlement, voids and corrections

• Markets settle on the official result named in their rules. A result can be delayed, disputed or changed by the league, which can delay settlement.
• A market can be voided — for example if a game is cancelled, abandoned or postponed with no new date. A void refunds what you paid, so any gain you had on paper is lost.
• We may correct an obvious error in a trade or a settlement. If you think a market settled wrongly, tell us within 7 days of the settlement by emailing support@tufdog.com with your account email, the market and why you think the result is wrong. We will review it against the market's rules and the source they name, and reply in writing. A settlement that is not disputed within 7 days is treated as accepted, except where it was wrong because of our own error or fraud, or where the law gives you longer.

8. Stocks, Crypto and Forex: day trading only

Stocks, Crypto and Forex on Tufdog are offered for day trading only: you buy and sell with market, limit and stop orders. Every open stock, crypto and forex position is closed automatically every trading day — stocks at the 4:00 PM New York close, crypto at 00:00 UTC and forex at 5:00 PM New York time — at the price available then, and the exit fee applies to that close. Buying stops 10 minutes before each close. If a close fails, we retry it; if the market has already shut, the position is closed at the next opening price, which can be very different from the last price you saw. Nothing is held overnight, so there is no overnight fee. Every order is good for the trading day only: an unfilled limit or stop order is cancelled at that market's daily close (stocks 4:00 PM New York, crypto 00:00 UTC, forex 5:00 PM New York). These products are not registered with or approved by any securities, commodities, foreign-exchange or crypto-asset regulator, and Tufdog is not a licensed broker, dealer, investment firm, exchange or crypto-asset service provider.

• A market order fills at the best price available at that moment, which can be worse than the price you saw.
• A limit order fills only at your price or better, so it may not fill at all.
• A stop order becomes a market order once the price reaches your stop. In a fast or gapping market it can fill well past your stop, so a stop does not cap your loss.

9. Stocks

A stock's price can fall sharply, and you can lose all the money you put into a position.

• What you hold: a Tufdog stock position is a contract that tracks the price of the real share. It is not ownership of the share: you do not own the share, and you have no voting rights, no right to dividends and no other shareholder rights. A position cannot be transferred to a broker or to anyone else.
• Prices follow the market for the share. Trading may be closed outside market hours, halted by the exchange, or paused by us, and the price can open far from where it closed.
• Your orders are filled on the order book of our platform provider, Victoi, where its house desk may be the other party to your trade.
• Buying is free; a fee is charged when you sell, on the total amount of the sale (not only your profit), so a sale at a loss pays it too — see our Fee Schedule.

10. Crypto

Crypto prices are extremely volatile and trade around the clock. A coin can lose most or all of its value, quickly and without warning.

• What you hold: a Tufdog crypto position is a contract that tracks the price of the coin. You do not own the coin and none is held in a wallet for you. You cannot deposit coins to Tufdog or withdraw coins to your own wallet; a position can only be closed on Tufdog, for US dollars.
• Crypto is not legal tender, is not backed by a government or central bank, and is not covered by deposit insurance or investor compensation.
• Crypto markets can be thin, disrupted, manipulated or closed by a venue; a price we show can lag the wider market.
• Laws and taxes on crypto change often and differ by country.
• Buying is free; selling pays a fee on the total amount of the sale (not only your profit) — see our Fee Schedule.

11. Forex

Exchange rates move constantly and can move sharply on news, central-bank decisions or market gaps. You can lose all the money you put into a position.

• Forex prices come from an independent market-data provider. Every price has a buy and a sell side; the gap between them (the spread) is a cost you pay when you open and close.
• How orders are filled: Forex orders are executed by our platform provider's house desk, which is the other party to your trade, at prices from an independent market-data provider.
• Every currency pair can be traded. Your Tufdog balance is held in US dollars. When a trade needs another currency — for example a forex pair with no US-dollar leg — we convert the US dollars needed at our exchange rate, which includes a conversion spread. There is no swap fee.
• Leverage: Forex is offered without leverage (1:1): every position is paid for in full from your balance. Without leverage, you cannot lose more than you put into a position.
• Opening a position is free; closing it pays a fee on the total closing amount (not only your profit); a position still open at the daily close (5:00 PM New York) is closed automatically at the price then — or, if that close fails and the market has shut, at the next opening price — which may be worse than you expect — see our Fee Schedule.
• Markets can close for weekends and holidays, and the price can reopen far from where it closed, past any stop you set.

12. Your money

• Your balance is not a bank deposit and is not protected by any deposit-insurance or investor-compensation scheme.
• Your balance is held in a ledger operated by our platform provider. You depend on Tufdog and on Victoi continuing to operate. If either fails, you could lose some or all of your balance or face delays in getting it back.
• Withdrawals are not available yet. Your balance remains yours. If you want it back before withdrawals are available, or your account is closed (by you or by us), email support@tufdog.com: we will return your available balance to the card or wallet you deposited with where the payment processor allows it, or otherwise by another method we agree with you, after any checks the law requires (which may include verifying your identity). We aim to do this within 30 days of your request.

13. Technology and access

• The Service can be slow, interrupted or unavailable, and orders can fail to arrive. Your connection, browser or device can fail too.
• Losing access to your email or sign-in account can stop you signing in.
• Laws can change. A market, or the whole Service, can become unavailable where you are, sometimes at short notice.

14. Tax

Winnings and trading may be taxable where you live. You are responsible for your taxes. We do not give tax advice.