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Basics

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What is a combo?

A combo combines 2 to 10 markets into a single position. Each market you add is a leg, and each leg carries the side you took on it, buy or sell. Every leg has to resolve the way you took it for the combo to pay. A combo is a single position that settles once, at a single value.

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Why does a combo pay more than a single market?

Because all of the legs have to come in together. A combo pays more than any one of those legs would on its own, and it carries correspondingly more risk.

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Does being part of a combo change what a leg is worth?

No. A leg settles inside a combo exactly as it would settle on its own.

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Payouts

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How is a combo payout calculated?

Your payout is the full potential payout multiplied by the value of every leg:
  • A leg that resolves the way you took it is worth $1.00
  • A leg that resolves against you is worth $0.00
  • A leg that cannot resolve at all is worth its last fair market price (LFMP)
On an ordinary market, a winning Contract settles at $1.00 and a losing one at $0.00. A combo works the same way, except that its value depends on all of its legs at once.

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What happens if every leg wins?

The multipliers are all $1.00 and you receive the full potential payout. On a $10 combo quoted to pay $80, that is $80.

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What happens if one leg resolves against me?

That leg is worth $0.00 and the combo pays $0.00. This holds however the other legs turn out. One leg going against you is enough, and the remaining legs cannot make up for it.

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When a leg cannot resolve

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What does it mean for a leg to be unable to resolve?

Occasionally a leg cannot resolve to Yes or No at all. The usual reasons are that a match is walked over or cancelled before it begins, a listed player does not take part, or an event is postponed and not replayed.

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What happens to that leg?

It settles at its last fair market price (LFMP). The leg is not removed from your combo. It is assigned a fair price, and your payout is multiplied by that price.

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What is last fair market price?

Last fair market price is the prevailing fair market price on the exchange at a specified moment in time, typically the moment an official announcement is made, such as a cancellation, walkover, or no-contest.

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Who decides the price?

That price is determined by the Settlement Committee. Its decisions are final.

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Can a leg at LFMP rescue a combo that already has a losing leg?

No. A leg at LFMP reduces the payout rather than voiding the combo, and it never rescues a combo that already has a losing leg in it.

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How does the payout work out in practice?

Take a $10 combo with 3 legs that would pay $80: