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What is the Payment of Payouts and Refunds in Lotus365 Id?

1.Declaration of Outcome and Payment of Payouts

Upon the declaration of the Outcome by the Lotus365 Id, payment of Payouts for all successful Wagers will be made.

2.Options for Payment of Payouts to Investors

Payouts payable to an Investor can be paid in cash or credited to the Investor's Account. The Betting Operator may choose to credit the Payout amount to the Investor's current balance or create a new Account with a starting balance of zero.

3.Timing of Payouts and Refunds

Payouts and Refunds will be paid in cash or credited to the Investor's Account as soon as possible following the declaration of the Outcome. In the case of multi-leg betting, the payment will be made after the conclusion of the Event that forms the final leg.

4.Handling of Account Balances and Instructions

The amount in an Account or any other devices used by an Investor will be paid or dealt with according to the instructions provided by the holder. The Betting Operator may require the instructions to be in a specific form determined at its discretion.

5.Calculation of Payouts for Ties or Dead Heats

If an Event is declared with joint winners or placegetters and a tie, draw, or dead heat is not a betting option offered by the Betting Operator, the revised payout will be calculated as follows:

  1. Divide the face value of the sports betting ticket (original payout) by the number of competitors involved in the tie, draw, or dead heat.
  2. Multiply the result obtained in Rule 12.5(a) by the number of official placings to be filled by the competitors in the tie, draw, or dead heat.

6.Payment of Place Ties

In Events where place betting is available, place ties will be paid based on the remaining number of placings available. The place portion of the ticket's face value will be multiplied by the remaining placings and divided by the number of eligible Competitors tying for those placings.

7.Betting Operator's Right to Postpone Payouts

The Betting Operator retains the right to postpone the payment of Payouts for any Event or Events as it deems appropriate.

8.Treatment of "Outcomes Not Quoted"

The "outcomes not quoted" Selection is considered as a single competitor for the payment of Payouts. It will receive the equivalent of one payout, regardless of the number of "outcomes not quoted" that would have achieved a payout if they had quoted prices.

9.Procedures for Claiming Payouts or Refunds

Procedures for making claims for a payout or refund, including lost tickets, are outlined in the Betting Rules.

10.Manifest Error and Corrective Actions

In the event of a Manifest Error, the Lotus365 Id has the discretion to take various actions, including:

  1. Voiding and refunding any Bet affected by the error.
  2. Following the procedures provided in the Betting Rules.
  3. Paying the correct Payout to an Investor (calculated at the Betting Operator's discretion).
  4. Voiding the affected leg(s) of a multiple bet and revising the Payout based on the remaining leg(s) decided in the Investor's favor and the original stake, if all the remaining leg(s) are successful.

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