How Crypto Price Markets Are Settled.
This page covers how a crypto price market is priced, when it settles, where the settlement rate comes from and what happens when something goes wrong. If you are looking for whether these markets are legal in Australia, see is crypto betting legal in Australia.
A reminder on what these markets are. You are betting on where a price sits at a stated time. You do not hold the asset, and cryptocurrency is not accepted as payment.
The three things published before you bet
| Part | What it means |
|---|---|
| The target price | The price level the market is set around, quoted in US dollars unless the market states otherwise. Your stake and any payout are in Australian dollars. |
| The settlement time | The exact moment the rate is read. Shown in Australian Eastern time on the market. |
| The source | The independent published rate the settlement is read from, approved by the Northern Territory Wagering Commission: FEX Global, the Australian futures exchange, in conjunction with Kaiko, an enterprise cryptocurrency market data provider. |
Over and under
Each market has two sides. Over is the correct side if the settlement rate is above the target price. Under is the correct side if it is below.
Each side is shown in cents on the market, and the two prices move between 0c and 100c while the market is open as the price moves relative to the target. When you add a selection to your bet slip, that cents price is converted to the odds your bet is placed at. The odds shown in the bet slip are the odds you take, and they do not change afterwards.
A worked example
A 15 minute Bitcoin market runs with a target price of US$75,582.10 and a settlement time of 10:15am on 28 October 2026. You are betting on whether the price will be over or under that target when the market settles.
- Over and Under both initially show at 50c on the market. Those prices move between 0c and 100c while the market is open, as the price moves relative to the target.
- You add Over to your bet slip, where the 50c is converted to the odds your bet is placed at, and you stake $100.
- At 10:15am the market closes and settles. The rate is read from the approved source.
- If the settlement rate is above US$75,582.10, Over is the correct side and is paid out. If it is below, Under is.
There is no partial outcome and no adjustment for how far above or below the target the rate landed. A price that crosses the target during the fifteen minutes and comes back before settlement does not change the result.
Snapshot, not an average
Settlement reads the source at a single stated moment, shortly after the market closes. It is not an average across the market's life and not the highest or lowest price reached while it was open. On a 15 minute market in particular, a price that crosses the target early and comes back before settlement does not change the outcome.
When a market is voided
A market is voided and stakes returned when the result cannot be determined fairly from the approved source. That covers the following.
- The source does not publish a rate at the settlement time.
- The source publishes a rate it later corrects or withdraws.
- Target prices are set so that an exact match is not possible, so there is no drawn outcome to resolve.
Why the source matters
The settlement source is approved by the regulator and is not chosen by Bet Right market by market. That is the point of it. A market whose result depends on a number the bookmaker selects after the event is not a market a client can check. Recently settled markets show their target price, rate, source and timestamp on the recent settlements page, so a result can be verified rather than trusted.
Where to bet
Bet Right offers crypto price markets on Bitcoin and Ethereum. Terms used on this page are defined in the glossary.
Common questions
What if the price moves after settlement?
Nothing changes. The market reads the rate once, at the stated time.
Can I cash out before settlement?
No. Cash out is not available on crypto price markets. A bet runs to settlement.
What are the minimum and maximum stakes?
The minimum stake is $0.25, the same as every other Bet Right market. Maximum stakes are set at Bet Right's discretion and can vary by market.