Effective as of June 29, 2022
IMPORTANT NOTICE: THIS STAKING ADDENDUM IS INTEGRATED INTO AND MADE A PART OF THE 1V1ME TERMS OF SERVICE, AND THEREFORE IS SUBJECT TO THE TERMS OF SERVICE, INCLUDING THE MANDATORY ARBITRATION AND OTHER DISPUTE RESOLUTION PROVISIONS.
This Staking Addendum (“Addendum”) is a legal contract between 1v1Me, Inc., (“us” or “our” or “we”) and you (“you” and “yours”), and specifically governs your use of the staking features of our application 1v1Me (“App”). The staking features on our App are solely for entertainment purposes only and are not intended to be utilized as an investment product, for profit, or for any other purpose except for entertainment. Staking involves the backing and support of a particular player or team and payment of part of their entry fee in a competition, tournament, or other event.
Players who use our App may choose to participate in staked video game tournaments, competitions, or events (“Staked Event”). We have the sole and absolute discretion to determine eligible players and games, as well as to set the tournament, competition, and event rules. By registering to participate in a Staked Event, you agree to be bound by our decisions and that all such decisions are final. You are not obligated in any way to participate in a Staked Event and such participation is entirely voluntary by you and does not affect your ability to use any other aspect of the App (including the head-to-head competition real-money features). To the extent that you participate in a Staked Event, your obligations are solely to us pursuant to this Addendum and your rights and remedies are limited by this Addendum. You have no rights as to, obligations to, or any other relationship with any other player, team, or user who decides to participate in a Staked Event, whether as a competitor or as a backer/supporter or in any other capacity.
You may also use the staking feature as a backer/supporter of a third party player or team in a Staked Event. If you participate as a backer/supporter, your participation is entirely voluntary and does not affect your ability to use any other aspect of the App (including the head-to-head competition real-money features). To the extent that you participate in a Staked Event as a backer/supporter, your obligations are solely to us pursuant to this Addendum and your rights and remedies are limited by this Addendum. You have no rights as to, obligations to, or any other relationship with any players team (including the player or team you have staked, backed, or otherwise supported) or any other player, user, backer/staker, or any other individual or entity.
D. ENTERTAINMENT PURPOSE ONLY.
Participating in a Staked Event (either as a player or as a backer/supporter) is solely for entertainment purposes only. By participating, you understand that you bear the risk of performance and play, including poor performance or exceptional performance, by any player just like in any sport. You understand and agree that if you back or support a player or team financially, you are purchasing entertainment for your own personal consumption, and are not entitled to any refund, return, profit, percentage, or any other gain or reward.
E. Assumption of Risk and Attorney Fees.
You understand and agree that like in any sport, there is a degree of uncertainty of performance, and you hereby absolutely and unconditionally waive any claim arising out of disappointment, poor performance, or other legal theory, whether in tort or in contract, that you may have against us or against any other player, team, or any other individual or entity related to a Staked Event. In the event that you bring any lawsuit, arbitration proceeding, or other action or complaint against us or another player related to your participation in a Staked Event or in any other way related to a Staked Event, you shall pay and are responsible for our actual attorney fees and costs incurred in defending against and/or responding to such lawsuit, arbitration proceeding, or other action or complaint.
2. Staking Events.
A. Rules, Seeding, and Final Decisions.
For all Staked Events, we will organize and administer the Staking Event, including establishing rules and parameters, seeding, and making any final decisions in the event of a dispute. We specifically and expressly reserve the right (in our sole discretion) to disqualify players or teams for violations of our Terms of Service or any other event-specific rules, including but not limited to cheating. If you do not want to be subject to our sole and final discretion, then you cannot participate in any Staked Event.
B. Entry Fees.
Each Staked Event will have an entry fee. However, players or teams of players who play in the Staked Event shall not be responsible for the payment of any entry fee. The backers/supporters will be responsible for “staking” their favorite player or team in exchange for a percentage of any prize the player or team may win, proportional to the amount staked. In the event that a player or team does not get enough backers/supporters to pay the entry fee, we will stake any shortfall without any additional obligations to the player/team or their backers/supporters.
C. Organizational Fees.
To pay for the cost of Staked Event administration, we will asses a 10% upfront fee on any payment made by a backer/supporter. We may also assess additional overage fees if a particular event exceeds 100% entry fee staking.
D. Backer/Supporter Staking.
Any person may contribute a set amount of funds towards a player or team’s entry fee as a “stake.” We reserve the right and have the sole discretion to set a maximum stake, to label events/players/teams as “sold out” and not accepting any further backers/supporters. The stake (less the organizational fee and any additional fees) will go towards the payment of the particular Staked Event entry fee and entitle the backer/supporter to a proportional amount of the prize or purse in the event that their backed player or team wins. For example, if the entry fee to a tournament is $90, and the backer/supporter contributes $10, $9 ($10 less 10% organizational fee) is applied towards the entry fee. $9 constitutes 10% of the total entry fee and entitles the backer/supporter to 10% of any eventual prize or purse. If the backed player wins a $1,000 prize, then the backer/supporter receives 10% or $100
E. Disqualification and Refunds.
If a team or player with a stake arrives late to the Staked Event or gets disqualified for any reason, backers or supporters may be eligible for a refund of all their contributions, including any fees charged by us, as determined by 1v1Me approval.