Frequently Asked Questions

What is Social Parlay?

Social Parlay is a decentralized prediction market platform for professional golf tournaments. Built on Solana blockchain, we enable users to trade on tournament outcomes with transparent, real-time odds and automated settlements.

How is this different from traditional prediction platforms?

Unlike traditional prediction platforms, Social Parlay operates as a decentralized prediction market where:

• Odds are determined by market supply and demand, not bookmakers
• You can trade (buy and sell) positions anytime before settlement
• All transactions are transparent and verifiable on blockchain
• Smart contracts handle settlements automatically
• You maintain custody of your funds in your wallet

Is this legal?

Social Parlay operates as a decentralized prediction market platform. Legality varies by jurisdiction. Users are responsible for ensuring compliance with local laws. We recommend consulting with legal counsel regarding the legality of prediction markets in your area.

Do I need to create an account?

No traditional account is required. You simply connect your Solana wallet to start trading. Your wallet address serves as your identity on the platform, and all your data is stored on the blockchain or in your wallet.

What wallets are supported?

We support all major Solana wallets including:

• Phantom - Most popular and user-friendly
• Solflare - Feature-rich with advanced options
• Backpack - Modern interface and functionality
• Glow - Lightweight and fast

Is my money safe?

Your funds are always in your control:

• Funds remain in your wallet or in smart contracts you control
• Social Parlay never has custody of your funds
• All transactions require your wallet approval
• Smart contracts are audited and open source

Can I lose my funds?

Like any trading platform, you can lose the amount you invest if your predictions are wrong. Additionally, if you lose access to your wallet (lose your private keys/recovery phrase), you will lose access to your funds. Always keep your recovery phrase secure and never share your private keys.

How do odds work?

Odds on Social Parlay are market-driven and represent the collective probability assessment of all traders. As more people buy a position, its price increases (odds shorten). As people sell, the price decreases (odds lengthen). Prices update in real-time based on trading activity.

When can I trade?

Markets open when tournaments are announced and close when the tournament begins. You can buy and sell positions anytime while the market is open. Once a tournament starts, markets typically close for that event (though live trading may be available for certain markets).

Can I exit my position early?

Yes! One of the key benefits of prediction markets is liquidity. You can sell your positions at any time while the market is open to lock in profits or cut losses, just like trading stocks.

What happens if a tournament is cancelled?

If a tournament is cancelled or postponed before starting, all positions are refunded at the price paid. If a tournament is cancelled mid-event, resolution depends on official tour rules and may result in partial settlement or full refunds.

How are markets settled?

Markets settle automatically based on official tournament results from our data provider (DataGolf). Winning positions receive payouts directly to your wallet. Settlement typically occurs within 1-2 hours after tournament conclusion.

What fees does Social Parlay charge?

Social Parlay charges a 2% platform fee on winning positions only. If your position loses, you pay no platform fee. This fee is automatically deducted when settlements occur.

What are Solana network fees?

Every transaction on Solana requires a small network fee (gas) paid to validators:

• Typical fee: 0.000005 SOL (about $0.00025)
• These fees go to the Solana network, not to Social Parlay
• Fees are paid in SOL from your wallet balance

Are there deposit or withdrawal fees?

No. Social Parlay does not charge fees for deposits or withdrawals. You only pay the standard Solana network fee for the transaction.

Why Solana?

Solana offers the perfect combination for prediction markets:

• Sub-second transaction finality (instant trades)
• Extremely low fees (fractions of a cent)
• High throughput (thousands of trades per second)
• Growing ecosystem with excellent wallet support

Where does tournament data come from?

We use DataGolf's API for official tournament data, player statistics, and live scoring. DataGolf is a leading provider of professional golf data and analytics trusted throughout the industry.

Are the smart contracts audited?

Yes. All smart contracts are open source and have been audited by reputable third-party security firms. You can view the contracts and audit reports on our GitHub repository.

What if I have a technical issue?

First, try refreshing the page and reconnecting your wallet. If issues persist, check that you have sufficient SOL for network fees and that your wallet is properly connected. For further assistance, contact our support team through the Help page.