What is Betting
We all know that Betting is an action of predicting the results and placing a wager on the outcome. Just like Sports Betting, for the first time, SNAC allows users to bet on the content.
How Betting in SNAC Works
Every week, content creators upload posts and receive likes and comments from the content consumers. Based on the number of likes & view counts top 10 posts are selected for the BEST FEED.
Every Tuesday 10 AM KST, users can vote and bet on a maximum of 3 posts of their choice.
Voting + Betting Starts — Every Tuesday 10 AM KST (UTC + 9:00)
Voting + Betting Stops after 48 hours.
This figure will help you understand how betting works:
How Do Users Bet?
In order to bet, users have to click BET icon, enter the amount they want to bet and confirm.
- Minimum amount to bet — 100 SNAC
- Maximum amount to bet — 10,000 SNAC
Betting Rewards for Content Creators
The top 3 posts out of 10 are decided on the basis of voting. The post with the most votes gets the 1st spot. The top 3 content creators are rewarded in the following manner:
1st place content creator= 10% of the total amount raised through betting
2nd place content creator = 5% of the total amount, while
3rd place = 3% of the total amount
Betting Rewards for Bettors
The rewards given to the bettors follow the ‘Dividend Rule’.
Bettors on the top content get more share relative to the amount they have placed for the bet.
1st place bettor = 70% of the remaining 82% amount
2nd place bettor = 20%of the remaining 82% amount
3rd place bettor = 10% of the remaining 82% amount
Let us know what you think of BETTING ON THE CONTENT feature of SNAC.
