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| What is Quorumbet? |
| How it Works |
|
| Adding funds to my QB account |
| Security |
| Guidelines for US, Canadian, Turkish, Bulgarian and Costa Rican residents |
| What is Quorumbet? |
| Quorumbet is a website combining social networking and betting capabilities where quorumbet.com is not a bookmaker, but rather provides the technological platform for facilitating betting activities among friends, family and anyone who is passionate about a topic. The amount of what you win depends on the total amount of the pre-paid stakes. You cannot lose more than your pre-paid stakes. This is also known as the `totalizator system`, pari mutuel or pool betting. |
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| How do I create and place my own bet? |
| CREATING BETS 1. Log in to your QB account 2. Click on the `New Bet` button on the main menu 3. Choose the parameters of each bet to suit your needs - set the bet to be private or public - set to participate or to simply facilitate the bet - include the decision source for the outcome of your bet - invite current users via the website and whoever you would like via email - set the minimum stake that will be required to participate in the bet - define the expiration date when placements for your bet are no longer accepted and the outcome will be determined - upload a picture to represent your bet - don't forget to check the box that you agree to settle the bet within 48 hours 4. Click on the Proceed button, which will load a confirmation page 5. Verify the information and click on the Submit button to place the bet on the QB system Please, explore the different features available to you in the What are the features I could use? section of the FAQ page. |
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| What are examples of bets? |
EXAMPLE ON MARKET SALES BETS Brand 1 DVD format disc sales will outnumber Brand 2 DVD format disc sales in the US in 2008 Minimum stake: $10 Bet Description This statement is TRUE if sales of Brand 1 DVD format discs outnumber sales of Brand 2 DVD format discs in the United States in 2008 and is FALSE if sales of Brand 1 DVD format discs DO NOT outnumber sales of Brand 2 DVD format discs in the United States in 2008. Decision Source The bet outcome will be based on sales figures compiled by Nielsen VideoScan. These figures are reported in a number of media publications, including Home Media Magazine at www.homemediamagazine.com. For the purpose of this bet sales figures/market share % will be used from the Home Media Magazine website. Please contact the bet creator if you have any questions regarding this bet before you place your bets. Expires on: Dec 31, 2008 -------------------------------------------------------------------------------------------------------------------------------------- EXAMPLE ON SPORTS PLAYER BETS  Ryan Giggs will score at least one goal in the game between Manchester United vs Chelsea on May 9th, 2007 Minimum stake: $30 Bet Description This statement is TRUE if Ryan Giggs scores one or more goals in the game between Manchester United and Chelsea on May 9th 2007 and is FALSE if Ryan Giggs scores no goals in the game between Manchester United and Chelsea on May 9th 2007. Decision Source The bet outcome will be based on the combined players and game statistics as reported by Scorestats on the following web page: http://www.soccerstats.com/2kplayerdata.asp?league=england&playerid=268 Please contact the bet creator if you have any questions regarding this bet before you place your bets. Expires on: May 9th, 2007 -------------------------------------------------------------------------------------------------------------------------------------- EXAMPLE ON OFFICE BETS The VP of Marketing of Corporation X, Mr. Sally Marten, will be promoted by the end of 2008  Minimum stake: $50 Bet Description This statement is TRUE if Mr. Sally Marten gets promotion by the end of 2008 for a higher position than his current position as defined by the hierarchical structure of Corporation X and is FALSE if Mr. Sally Marten does not get a promotion by the end of 2008 for a higher position than his current position as defined by the hierarchical structure of Corporation X. Decision Source The source for this bet is the accepted internal communication means of Corporation X or any official announcements made by Corporation X, but no website source is cited for this bet. If you choose to play in this bet you are relying on the credibility of the creator of the bet who also determines the final outcome. You still have discretion to dispute the decision, which provides the quorumbet.com administration with the final determination of the bet outcome. Please contact the bet creator if you have any questions regarding this bet before you place your bets. Expires on: December 31st, 2008 |
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| What are the features I could use? |
| SET YOUR PUBLICITY LEVEL You can set whether you want the bet to be `Private` or `Public`: 1. Private bets are only available to users you invite when you create a bet. Users might be able to see the bet title, but are not able to see the bet details and/or participate in them. You could invite users by user name (if you know it) or by user interest as well as by email address. 2. Public bets allow you to create a bet that anyone in the world could accept. In addition, you could also send invitations to friends, family and/or acquaintances to participate in your bet. CHOOSE YOUR ROLE You can set whether to be a `Bet creator and facilitator` or a `Bet creator and participant` 1. Bet creator and facilitator - can create a bet and promote the bet through inviting other users and creating an event announcement. At the end you receive 2% of the net winnings. However, you cannot participate in the bet you create. 2. Bet creator and participant - can create a bet and promote the bet through inviting other users and creating an event announcement. At the end you participate in the same privileges as other participants. Once you create a bet you need to also place your bet on the bet page in order to participate. CREATE YOUR GAME RULES You can outline the rules of the game for each bet you create in the Bet Description section. For examples of possible bets you can create, please see the What are examples of bets? in the FAQ section. UPLOAD A PHOTO You can upload a photo to represent your bet. By default, the photo that gets uploaded is the QB logo. You are encouraged to upload a photo proportionate to or close to a square. We automatically will resize it to a 50x50 image. PROMOTE YOUR BET You can invite existing QB members or invite through email your friends, family and social groups of your choice. SELECT YOUR COMMUNICATION PREFERENCES You can set to recieve notification via email when a new bet has been placed. You will recieve an email to the address you have provided during registration. If you prefer not to recieve messages every time, you can turn that feature off. |
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| What happens when I am invited to participate in a bet? |
| When you receive an invitation to participate in a bet, you have the option to decline or accept the bet invitation. If you decline the bet invitation then you are not participating in the bet. If you accept the invitation then the bet page will be loaded to review the bet description and rules and you can place your bet(s). |
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| What do the tags and marks on bets mean? |
| When a bet has expired, the bets get tagged in the following way: 1. Bets to be decided by the bet creator within 48 hours of expiration are tagged and marked by the icon  2. Bets to be decided by the administrator of quorumbet.com are tagged and marked by the icon  |
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| How do I settle a bet? |
| Bets expire according to the Greenwich Mean Time. 1. If you created a bet, you will recieve a notification via email when the bet expires. You will then have 48 hours to make a decision on the outcome of the bet. If 48 hours have passed, the bet will be determined by the administrator, either as cancelled, yes or no. 2. Your decision as a bet creator will remain subject to approval in the next 24 hours once you make a bet outcome decision. The administrator of the website will ensure that there are no disputes by the bet participants. 3. Once your decision is approved the system will automatically distribute the bet amount among the winning participants, which will be available to use 24 hours after a bet outcome decision has been made. 4. Every participant will recieve notification of the bet outcome. 5. As an owner of the bet, you are encouraged to make the bet decision according to the website rules and the administrator does not have to make a bet decision nor the bet outcome decision is subject to dispute. |
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| How winnings get distributed? |
| Winnings are distributed proportionately among the winning participants. The higher your winning stakes the higher amount you win out of the total stake. Your net winnings are equal to: What you win as a proportion of the net winnings times the total bet stakes that have been placed on the bet minus the commission paid to QB. As a formula your net winnings equal: (your total winning bet stakes / total winning bet stakes)* total bet stakes - QB commission on winning amount You will be notified by email for your payouts. Note: Facilitators receive 2% of the net winnings of every bet. In every case participants are charged only 5% of net winnings. That means that QB splits the 5% commission to 3% for QB and 2% for the facilitator when a bet is created by a facilitator. |
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| What fees does QB charge? |
| Quorumbet retains 5% of the total winning amount only and the rest of the winning stakes are distributed among the winning participants. There are no commission charges for bet losses! Note: Facilitators receive 2% of the net winnings of every bet. In every case participants are charged only 5% of net winnings. That means that QB splits the 5% commission to 3% for QB and 2% for the facilitator when a bet is created by a facilitator. |
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| What is the procedure to dispute a bet? |
| The procedure to dispute a bet is as follows: 1. Contact the bet creator through the messaging system of the website and state your dispute inquiry. Please, add our QB username `QB` in the correspondence, which will allow us to `freeze` any amounts related to the bet under dispute. 2. Once you settle the dispute, please send a notification to our username `QB` with the outcome of your dispute and we will take appropriate actions. 3. If you still have not settled the dispute with the creator of the bet, please notify us through the Contact Us page of the QB website. Quorumbet.com shall use its reasonable endeavours to respond to queries of this nature within a few days and intends in any event to respond to all such queries within 3 days of receipt. |
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| How to add funds to my QB account? |
| Customers deposit funds to their QB account through the MYQB page. 1. Login to your QB account. 2. Select MYQB from the homepage. 3. Under the Add Funds to your account enter the amount you wish to deposit and click on the Add link. 4. A new page will load where you can select the method you wish to use. (i.e. NETELLER, Moneybookers, Wire Transfer, Bank Transfer, etc.) 5. If you selected any of the e-wallet methods, enter the e-wallet account details and click the `Make Payment` button. 6. If you are using a Bank Wire or Bank Transfer method, please follow the instructions under the Bank Wire and Bank Transfer category. |
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| What are the different methods to add funds to my QB account? |
| Quorumbet does not retain transaction charges for any funds deposited to your QB account. Any fees that may be assigned are covering the cost of the transaction fee and are described during the transaction process. You can find all account funding methods once you click on `Add Funds`. Once you have selected the amount you wish to add to your QB account, you will have options to transfer the amount. While we are enhancing the ways you can add funds, currently you can do that in the following ways: 1. E-wallet services: By using online e-wallet accounts like NETELLER and Moneybookers, which provide streamlined services for transfering funds. Processing times are instant if you have a prefunded e-wallet account with our listed transaction partners. Note that we have carefully selected each to provide you with the most convenient way to transfer funds to your QB account. 2. Bank Wire: If you are transfering larger amounts you could use the wire transfer information to do so. Please, note that to speed up the process, you should make the wire transfer and also send a message to us by using the contact form. Please, indicate the date, amount and your user name in your message. This method usually takes 24 hours. 3. Bank Transfer: Bank transfer is usually a cheaper method to transfer money and fund your account than the wire transfer. You need to use the information provided in the `Add Funds` page. Please, note that to speed up the process, you should make the bank transfer and also send a message to us by using the contact form. Please, indicate the date, amount and your user name in your message. There is no limit to the amount you can transfer. This method usually takes 1-5 days. |
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| What currencies I can use to transact on the QB website? |
| You may transact with a large variety of currencies when you transfer funds to your QB account depending on the method of transfer. To enable convenient QB money transfers for you, the QB website uses only one currency to operate in, the US dollar. If you use any of the e-wallet services (i.e. NETELLER, Moneybookers, etc.) we have made available, you will find currency conversion to be relatively more advantageous than traditional methods like bank transfer or bank wire. |
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| What is the minimum and maximum deposit? |
| The restrictions are relevant only to the e-wallet funding method. This is a restriction of the e-wallet services. If you would like to deposit larger amounts you have to use multiple deposits or directly transfer the amount by means of Bank Wire or Bank Transfer. The minimum deposit allowed per transaction is $10 The maximum deposit allowed per transaction is $2399 Any amount higher than the above should be transfered by means of a Bank Wire or Bank Transfer. Please, notify us via the Contact us page and specify the payment details as indicated on the payment page. |
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| What is the minimum and maximum withdrawal? |
| The restrictions are relevant only to the e-wallet funding method. This is a restriction of the e-wallet services. The minimum withdrawal allowed per transaction is $10 The maximum withdrawal allowed per transaction is $2399 Any amount higher than 2399 should be requested by means of a Bank Wire or Bank Transfer. Please, notify us via the Contact us page and specify the payment details as indicated on the payment page. |
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| Financial Information Policy |
| Our Privacy Policy outlines the guidelines and measures we have taken to protect your personal information . We do not store any financial information on quorumbet.com including credit card information. Please, review our Privacy Policy for more details. |
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| Data Encryption |
| A key area of online security is encryption using the SSL mechanism, that is to say that information you provide us with is encrypted so that it cannot be read across the Internet. 128-bit SSL Encryption is used on all pages of our payment and registration systems. |
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| Third Party Security Audit |
| We take extra steps to make sure the website is secure and you can play and transact with a peace of mind. We are in the process of obtaining the Trust Guard logo, after which you would find it on our homepage. The Trust Guard logo is awarded after a security verification procedure used by millions of companies committed to a secure user environment. |
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| Partner Security Policies |
| We have partnered with companies who provide services that are integrated with our website and who perform verification procedures as well as security measures to protect our users transacting on the QB website. Some of the features are: 1. Business verification procedures to ensure transparent relationship between quorumbet.com and its users 2. Maximum amount per transaction 3. Your own e-wallet information during a transaction on the QB websites 4. Reserve amounts that cover QB user deposits |
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| What are the restrictions to use the QB website if I am a resident of US, Canada, Turkey, Bulgaria or Costa Rica? |
| If you are a resident of United States, Canada, Turkey, Bulgaria or Costa Rica and/or you have received a warning message during your registration on the QB website, you are not allowed to use our services due to legislative restrictions imposed by the respective government. Our administration will restrict your access to our website as a way to protect you from braking the laws in any of the above countries. We apologize for the incovenience. |
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| In what circumstances I can use the QB website? |
| If you are a resident of any of the above countries, you can only use the QB website if you are a resident of any other country that is not listed above and you are not currently living in any of the restricted jurisdictions. For additional questions, please contact us through our Contact us form. |
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