All winning Orders are calculated based on contracts that settle to $0.01 if the corresponding outcome occurs.

Users may request purchase of a contract through placing an Order, which may be matched against Orders from Novig’s internal market maker or other Users’ Orders.

Upon placement of an Order, virtual currency will be moved from the User’s wallet into escrow.

Upon matching of an Order, virtual currency may be returned to the User’s wallet if the Order is matched at an improved price.

Upon Settlement, virtual currency may be returned to the User’s wallet if their Position has nonzero Settlement value. Each contract of exposure in favor of an outcome that occurs, or against an outcome that does not occur, will be worth 1¢ at Settlement.

The price of each contract is represented as a number between 0¢ and 1¢, exclusive, with three significant decimal figures (e.g. 0.230¢). Payouts are shown to the User in the Order Slip at the time of Order placement and in the User’s Order history.

Upon placement of an Order via the Novig application, the wager amount and odds input by the user may be rounded. Such rounding will always be favorable to the user, so that when a user is buying an Outcome, the odds round to the highest internally-representable price that is less than or equal to the exact price implied by the user odds. Further, because Novig only allows whole number purchases of contracts, the Order placed will be for a size such that the total amount wagered may equal but not exceed the wager amount input by the user.

Upon settlement and payout, no rounding occurs since a user’s Position is represented by a whole number of contracts, and since Novig internally represents balances exactly to a precision of $0.00001.

Markets where the event is rescheduled before the start of the event will be voided if the rescheduling moves the event more than 24 hours. Specific sport rules supersede this rule, such as in the case of American Football, where Orders will be voided if the event is not started in the same game week.

If a match is interrupted or postponed, and is not continued within 48 hours after the initial scheduled date, Orders will be void.

If a match is declared “official” by the league’s governing body, then Orders will be settled based upon the official determination of the league.

If a competition is otherwise not fully completed and the eventual market winner is unknown, all Orders will be declared as voided or canceled.

Markets which refer to whether a team/participant will reach a subsequent phase of the competition (e.g., Playoffs) will be settled as void should there be any changes to the format/number of participants scheduled to contest that particular phase or if that particular phase is not played at all, unless an outcome based on the market connotations at time of Order publishing has already been determined and the change in number of applicable games bears no influence on the outcome of the offer.

Odds are displayed to Users within the Novig application. All odds offered are subject to variation.

If an Order has different terms or Settlement rules than those covered within this Market Rules document, the Settlement rules will be clearly shown within the application at the time of Order placement either within the market title (e.g., to win the NFL MVP Award excluding certain players, MLB Orders that are conditional upon a certain pitcher starting) or via a rules popup within the application (e.g. player must start for Order to be valid). The User is to be aware of all conditions, rules, and stipulations affecting any market in which they wish to play.

Novig can be contacted at the following email address for any questions or complaints: [email protected]. Novig typically responds to questions from Users within 24 hours. Novig’s primary method of communication with users who have questions is via in-app chat support, facilitated by Intercom.

Users also have the ability to email [email protected] at any time, which is frequently monitored by the team’s internal customer service team. Novig will respond to any complaints within at least 10 business days from the time in which the complaint is received.

A prohibited player must refrain from using the Novig platform. Failure to comply with the provisions of this rule may result in disciplinary action up to and including criminal prosecution. Novig considers the following individuals as Prohibited Participants:

Novig reserves the right to limit the total payout on any Order (including parlays) at the time of placement.

Minimum and maximum wager limits vary depending on the sport, the type of competition, the type of Order, and available liquidity.

Should an Order contain a combination of offers from different sports, events, markets, and/or offer types, the system will limit the wager amount so that the maximum net payout does not exceed $1,000,000.00.

All Order selections are subject to pre-imposed limits set solely at Novig’s discretion.

For maximum payouts, limits are only established through limiting the amount of an Order at placement and cannot be applied to reduce the amount paid to a User as a result of a winning Order.

In case of any obviously incorrectly displayed or calculated odd, Novig reserves the right to cancel or void an Order. Incorrectly displayed or calculated odd is defined as being clearly incorrect and verifiable by comparison to alternative prices in the general market. Examples of obvious errors include, but are not limited to:

Should Novig void an Order for any of the reasons listed above, Novig’s customer service team will attempt to contact the User with an explanation of the decision.

Should an error occur from an incorrect result, and the incorrect result leads to an overpayment of funds or winnings to a User’s account, Novig will make an adjustment to the account that may take any virtual coins relating to such overpayment at any time. Novig reserves the right to correct any Order payout resulting in an obvious error.

Novig is responsible for receiving and addressing any User disputes that should arise as a result of Orders placed on the platform.

An incoming Order may be matched against one or more open Orders on the Order Book while:

If a User’s Order matches against one or more of the User’s other Orders on mutually exclusive outcomes, the matching portion of both Orders will be canceled and the matching algorithm will continue while the above conditions are met.

Markets will close temporarily immediately before a game’s scheduled start time, clearing the Order Book of all open Orders.

Markets will close permanently once a game is marked as final by Novig’s data supplier and/or by Novig.

Markets will settle once the game is finished and results are approved by Novig’s data supplier and/or by Novig.

For markets whose outcomes may be determined unequivocally before a game ends (e.g. Total markets), markets may close prior to game finish. However, these markets will settle only when results are approved by Novig’s data supplier and/or by Novig.

Novig reserves the right to reject any unmatched Order and to limit or change the price on an outcome in any market.

Novig will allow Users to place Orders on any outcome that decreases their effective net exposure in a given market (i.e. closing a position).

The User’s minimum Payout across all potential outcomes of a market (excluding pushes) constitutes the Restricted Payout and can be used to place Orders in that same market.

At any point, Novig reserves the right to disable or suspend the Restricted Payout feature, even if there is liquidity in a given market.

Any Order made in-play may be subject to a delay according to Novig’s discretion. Trading in an ongoing event may be partially or fully suspended, according to Novig’s discretion.

Markets are generally settled shortly after the end of the event in question. Novig may settle, or partially settle, some markets before the official result is declared purely as a customer service benefit. However, Novig reserves the right to amend the settlement of the market if:

The official result is different to the result on which Novig initially settled the market; or

If the whole market is eventually voided (e.g. for an abandoned event).

Novig reserves the right to reverse the settlement of a market if a market is

settled in error (for example, a human or technical error).

If Novig resettles a market, this may lead to amendments being made to a

customer's balance and/or the deduction of funds from a customer’s Account

to reflect changes in market settlement.

Novig will settle markets on the basis that it obtains the relevant information

once the outcome has been determined. If this information is not obtained, or if there is an obvious error in the information, the settlement of the Order will be based on other public information and official sources at the reasonable discretion of Novig.

“Moneyline” markets are markets where it is possible to place an (partial or definite) outcome of a match or event.

“Total” markets are markets where it is possible to place an (partial or definite) amount of a predefined occurrence (e.g. points, runs, rebounds, etc.). Should the total amount of the listed occurrences be exactly equal to the state line, then all Orders on this offer will be declared void.

“Spread” markets are markets where it is possible to place an Order on the margin of victory for a team in a game, or a subset of a game. The margin of victory is defined as the difference between the two teams’ scores. Spread lines denoted by “+” indicate that the listed occurrence is for the listed team to win, or to lose by a margin of victory at most the number of points preceding the “+”. Spread lines denoted by “-” indicate that the listed occurrence is for the listed team to win by a margin of victory equal to or more than the point value preceding the “-”. Should the margin of victory of the listed occurrence be exactly equal to the Spread line, then all Orders on this market will be declared void.

Games must start in the same scheduling week of the league (for NFL, the scheduling week is Thursday-Wednesday, local stadium time; for NCAA, the scheduling week is Tuesday-Monday, local stadium time) for Orders to have action.

If a game is halted before the minimum time has been played (all but 5 minutes at a minimum), and not completed within 24 hours of the scheduled start date, Orders will be void, unless the specific market outcome is already determined (unless otherwise stated).

If a game is halted at any time, and replayed in full, all full game and undetermined Orders will be void.

If a game venue is changed, and the home team remains designated as such, Orders will stand, otherwise, Orders placed on the original listing will be void.

In 2-way markets, games can result in a push, unless otherwise stated.

All Orders include overtime unless otherwise stated.

Forfeited games, whether won or lost, will not count as a game played or completed (or any other similar term) for Settlement purposes.

Any Orders on Spread, Moneyline, and Total markets for the full game include overtime scoring. Orders for the 4th quarter do not include overtime scoring.

Orders on specific quarters or halves will be graded if the period listed has been played in full.

For all NFL player markets, wagers will be void (unless explicitly stated in market specific rules) if the listed player does not participate at any point in the game, including any appearance on offense, defense, or special teams.

The following rules apply to all baseball events offered on the Novig platform.

Games will settle with outcomes according to the relevant league or competition’s governing body.

If a game does not start on the officially scheduled day (local venue time) as published by the associated league or competition, all Orders on the game will be declared void.

If a game starts, is suspended, and then resumes more than 12 hours later, all Orders on the event will be declared void.

Unless stated otherwise, all game results become official only following the completion of the entire baseball game. A completed baseball game entails either a) at least 9 innings of play or b) 8.5 innings of play in the event the home team is leading going into the bottom of the 9th, in which case the home team is declared the victor. This is known as the 8.5 inning rule, and applies to all markets unless otherwise noted.

A game must be a “regulation game” for full-game Moneyline Orders to stand. A regulation game is one in which (1) five innings have been completed in full or (2) the home team has scored more runs in four and a half innings. If a game is called off before either case, then all Orders associated with the game are declared void. This is known as the 4.5 inning rule.

Extra innings will be included for Settlement in all games where extra innings are played.

Forfeited games, whether won or lost, will not count as a game played or completed (or any other similar term) for Settlement purposes. Consequently, all Orders on a forfeited game will be void.

Moneyline Orders will be honored using the “Action” rule. Action: All Orders placed on the Moneyline are defaulted to “Action.” This means that all Orders placed will stand if a pitcher change occurs. Orders will be honored at the odds at placement and settled as normal, even if a pitcher change moves the pregame odds.

All markets which have a time period attached to the Order, whose period has elapsed, and results are unequivocally determined, will be settled regardless of the state of the full game or any postponement.

For all MLB player markets, wagers will be void as per below (unless explicitly stated in market specific rules):

Games must start on the scheduled day (local stadium time) for Orders to have action.

Orders on games suspended after they have started will have action as long as the game is resumed within 24 hours of the original start time. If a suspended game is scheduled to be resumed more than 24 hours after the original start time, all Orders will be void, unless the Order has been unequivocally determined prior to the game’s suspension.

If a game is terminated before becoming official and is not scheduled to resume from where it was halted, all Orders will be void, unless the Order was already determined (e.g. a first-half Order will stand if the first half is completed, even if the game is suspended prior to the second half being completed).

If a game is halted at any time, and replayed in full, all full game or unsettled Orders will be void.

If a game venue is changed and the home team remains designated as such, Orders will stand.

If a game venue is changed and the home and away team’s listings are reversed, Orders placed on the original listing will be void.

In 2-way markets, games can result in a push, unless otherwise stated.

All full game Orders include overtime unless otherwise stated.

Orders on specific quarters or halves will be graded if the period listed has been played in full.

Forfeited games, whether won or lost, will not count as a game played or completed (or any other similar term) for Settlement purposes.

For all NBA and WNBA player markets, orders will be void (unless explicitly stated in market specific rules) if the listed player does not participate at any point in the game.

ICE HOCKEY RULES (NHL)

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Games must go 55 minutes for Orders to stand. In the event a game is suspended prior to the 55th minute of play and does not resume within 24 hours, Orders will be void unless the result of a market has been unequivocally determined during the normal course of play.

All markets will be settled inclusive of overtime (including any subsequent shootout) unless explicitly stated to be settled on 60 Minutes or Regulation Time.

In the event of a shootout, the winning team will be credited with one goal. This counts for all markets where applicable.

Money Line/Puck Line/Total Goals/Alternates - Includes overtime and any subsequent shootout for settlement purposes. In the event of the total being the exact index quoted, Orders will result in a push.

60 Minute Markets - Where indicated 60 minute markets exclude overtime and shootout goals. If the game goes to overtime, the “tie” selection will be the winner.

Total Goals (Flat Line) – Settled on the total goals scored during a game. If the result is equal to the quoted index, Orders will be voided.

Period Markets - Settled on the exact score of the specified period. For settlement purposes the 3rd period does not include any overtime played.

1st/2nd/3rd Period Money Line - Settled on the final score of the listed period only. If the score is a tie, Orders will be voided.

A parlay order consists of two or more selections, which must all win for a payout to be due.

A “Same Game Parlay” is a type of parlay order that combines eligible selections within the same event. Individual event markets that are eligible to be combined will include a “Same Game Parlay” designation.

Novig reserves the right in its sole discretion not to accept certain parlay orders or to scale back the amount of an order.

All parlay orders placed are subject to the Market Rules that apply to each individual sport that relates to any leg of any parlay order.

In the event of one or more selections grading as “Void” or “Push”: