Frequently Asked Questions — January 2022
Some answers to frequently asked questions about Aver.
Merry Christmas, and Happy New Year!
Following the release of Aver’s redesigned User Interface (see details here), and due to a rapid increase in trading volumes during the FIFA World Cup, we felt that it would be a good time to answer some questions as 2023 begins.
Here, we answer the following questions that we have received from our community over the last few weeks:
- How to know if my bet has gone through/completed?
- What are backing and laying?
- How does the trading module work?
- How to use Pro vs. Simple Mode?
- How long does market settlement take?
- When is In-Play trading coming?
- Where can I suggest Prediction/Sports markets that aren’t listed?
- How can I contribute to the Aver project / Aver team?
How do I know if my bet went through / is completed?
Aver Exchange is a peer-to-peer betting exchange. Unlike a traditional sportsbook model, betting on Aver Exchange means you bet against other participants rather than a bookmaker. That means your order is “completed” or your trade has gone through once it is fully/partially matched.
Once you’ve placed an order, it can be in four different states:
- Fully Matched
- Partially Matched
- Fully Open
A ‘Fully Matched’ order will be completed in its entirety. You now hold the position you intended when making the trade.
A ‘Partially Matched’ order was partially matched by another participant and the remaining unmatched portion of the trade is still sitting on the orderbook waiting for other participant(s) to take the other side.
A ‘Fully Open’ or ‘Cancelled’ order has not been completed and you hold no risk.
Please note: At the listed time an event begins, all open or unmatched orders will automatically be cancelled.
What are backing and laying?
Backing and laying are betting terms that are common with web2.0 betting exchanges.
It’s important to always remember that in the case of peer-to-peer betting exchanges, such as Aver Exchange, there are two sides to every bet: A participant buying or backing and a participant selling or laying.
- Buying or backing means wagering that something will happen.
- Selling or laying means wagering money that something will not happen.
For example, let’s look at Manchester United versus Arsenal.
When selling or laying Manchester United, you are betting that they will not win. Therefore, you believe Arsenal will win, or the match will end in a draw.
When buying or backing Arsenal, you are betting that they will win. Therefore, you believe Arsenal will win, Manchester United will lose, and a draw will not occur.
Most participants, and anyone unfamiliar with these terms, will most likely want to buy / back an outcome majority of the time.
How does the trading module work?
As long as you understand the concepts of backing and laying (see above for more details), using the trading module is straightforward.
The Pro Mode trading module was created for those familiar with betting exchanges.
- The cells in blue are for buying or backing an outcome (wagering that it will occur)
- The cells in red are for selling or laying an outcome (wagering that it will not occur)
Each cell has the odds and the maximum payout/stake at those odds (depending on your preferences).
To place a trade, simply click on your cell of choice and a bet slip will automatically be created. You can then fill out any additional trade details and place the trade.
Please note: for most participants, you most likely will want to simply back or buy an outcome at the best price. You should click the blue button in the row of the outcome you believe will occur, at the best odds (closest to the centre of the module). For example, if you would like to bet on France to beat Morocco you will click the blue cell “0.65” and fill out any additional details in the bet slip.
Simple Mode is a trading module view designed for those unfamiliar with betting exchanges.
You can toggle between Pro or Simple Mode via the settings drop-down menu at the right of the search bar or the Account Settings subtab in the ‘Account Overview’ page.
Unlike the Pro Mode, which shows options to back or lay, Simple Mode just shows the option to back. This is much more intuitive to participants familiar with sportsbooks!
How long does settlement take?
Once an active market ceases trading, it generally takes a short period of time before the market is resolved and an outcome is determined. Sometimes there can be delays as we take extra precautions to ensure our participants are paid out fairly.
If there are any delays of longer than 12 hours, please feel free to reach out via Discord.
Markets will always be settled and funds will always be paid out!
When is In-play trading coming?
This is one of the most commonly asked questions, and for good reason!
The technology for In-Play trading is almost fully developed, and close to implementation. However, this is a significant undertaking and our top priority with any new function is to ensure safe, efficient trading for all parties. The Aver development team is currently still testing the functionality until it is ready for mainnet.
In addition to the technical requirements, consistent pre-match trading volumes will be required before the team can sustainably support in-play trading. As soon as we have further updates or timelines we will be sure to notify the community via Twitter and Discord.
I want to bet on a sports or prediction market but it’s not listed. What can I do?
You’ll find all major sporting events including football, cricket, tennis, NBA, NFL, and more listed on Aver.
Prediction markets such as US interest rates, US inflation, Cryptocurrency prices and Elections will also be available again soon. But if you are looking for any markets that aren’t currently listed, we strongly encourage you to reach out via Twitter or Discord in our #Market-Ideas or #Suggestions subchannels.
How can I contribute to the Aver project/team?
Currently, our main focus is continuing to grow the application ecosystem.
The best way you can do this is by experimenting with our Software Development Kits (SDKs) and developer tools here.
We are looking for developers to build on the protocol and would love to support builders, by providing guidance, resources, or even funding. If you have an idea for building on Aver, please reach out via discord in the #Dev-Workspace / Dev-Support subchannels or directly to any Aver admin.
Thanks for reading!
Got any other questions? Check out the official Aver project documentation here. If you have any questions unanswered there, reach out to us!