# Sports Book Desk (THE BOOK) > **Status: operating.** THE BOOK opened to the public on 2026-09-20 at > `play.netnet.capital`. Its first market, Giants at Rams on the Monday > night of 2026-09-21, was graded Rams 28 to 6, and a slate of sixteen > games for the following week opened on 2026-09-22. Contract addresses > are repeated in the Addresses section of this page. **Participation is > restricted to persons 18 years of age or older.** Dollar figures on this > page are deployed parameters or worked examples, never a promise. THE BOOK is a sports book on wsNET, the fund's wrapped staked share. You deposit USDG, which the book turns into NET, stakes and wraps, or you bring wsNET or sNET of your own, and your balance sits in the book earning the Shareholder Dividend Program's rebases like any other staked NET. Each game on the board is priced at even money on a posted point spread, and the board closes at kickoff. You bet one of two ways. **Risk on** wagers wsNET from your balance at even money. **Risk off** wagers only the rebases your balance will earn between your bet and the grade: win and the book pays you those rebases a second time, lose and you leave with exactly the NET you committed, having given up the yield. Either way the money is locked in the book until the game is graded. The house is the NetNet RWA Sleeve, which backs every imbalance on the board with its own wsNET and is never the Treasury. The team Safe grades each game from the final score, and a game that goes ungraded for 72 hours voids itself and refunds everyone. The consumer application speaks plain English by design. Its HOUSE RULES window carries the short form and links here. This page is the controlling description of the mechanics. ## Dollars on the face, wsNET underneath The desk never sees a dollar. Every balance, wager, reservation, pot, fee and payout on the contract is a quantity of wsNET. The cabinet shows dollars first, with the wsNET figure small beside them, priced at the sNET index times the NET spot price read from the fund's canonical exchange pool. That conversion happens when the ticket is placed and is a display convention only: the desk has no oracle, and no price feed can move a settlement. Legal has cleared the phrases "no-loss" and "risk free" for the risk-off mode of this product, and wherever the cabinet or the fund uses either of them, this sentence sits beside it: **Your NET does not change. Its dollar value does.** A risk-off loser gets back the same quantity of NET, in sNET terms, that they committed. What that NET is worth in dollars on the day it comes back depends on the market price of NET, which can be lower than it was on the day of the bet. ## A bet, from your seat 1. **Fund the book.** Open ACCOUNT.EXE in the cabinet. Deposit USDG, wsNET or sNET (below). Your balance appears in wsNET with its sNET and dollar value beside it. 2. **Pick a game and a side.** Each market names a favourite and an underdog with the line under each, for example `RAMS -7` and `GIANTS +7`. Both sides are even money: a winning wager pays exactly the wager on top of itself. 3. **Pick RISK ON or RISK OFF** and enter the amount. The ticket shows the fee at the current skew, which side is cheaper to bet, and, for risk off, the rebases left before kickoff, the estimated wager, and the win and lose outcomes. 4. **Press BET** before kickoff. The board closes at the scheduled kickoff time on the contract's clock. There is no live betting and a delayed kickoff does not reopen the board. 5. **Wait for the grade.** After the game the team Safe posts the final score. The contract, not the Safe, decides who covered. 6. **Press CLAIM.** Your winnings, your refund or your returned principal are credited to your free balance, and you can withdraw from ACCOUNT.EXE at any time. ## Deposits and withdrawals The desk keeps a wsNET ledger per player. Three ways in: * **USDG.** A deposit zap buys NET on the fund's canonical Uniswap v2 pool, paying the **5% trading fee like every other buyer** plus the pool's price impact, then stakes the NET, wraps it to wsNET and credits your balance. The cabinet shows the all-in cost before you confirm. The zap takes at most $2,500 of USDG per call as a pool-impact hint; the cabinet loops a larger deposit into several calls and says so. * **wsNET.** One approval, then a direct deposit. No fee of any kind. * **sNET.** The zap wraps it to wsNET and deposits it. No fee. If your wallet holds NET or sNET and no wsNET, the cabinet links to the Stake and Wrap tabs of Shareholder Services at `app.netnet.capital`. Out: withdraw wsNET from your free balance at any time, or have the zap unwrap it to sNET, or have the zap sell the NET back to USDG on the same pool, which pays the 5% trading fee again. Money in an open bet, whether a risk-on wager or risk-off principal, is not free until the market is graded or voided. Withdrawal of a free balance can never be halted. Every wsNET in the desk, player and house alike, keeps earning rebases while it sits there, because wsNET is the wrapper over rebasing sNET. That is what makes risk off possible. ## Risk on, exactly You commit `W` wsNET from your free balance. The fee for the bet (below) is taken from `W` at the moment of the bet, so the net wager is `W` less the fee. * **Win:** twice the net wager is credited to your free balance. * **Lose:** the net wager goes to the house pot. * **Push or void:** the net wager comes back. The fee was charged at the point of the wager and is not returned. The cabinet lets you enter the dollars you want to win, `S`. It reads "Bet $S to win $S" and debits `S` divided by one minus the fee, converted to wsNET at the live price, so that the net wager after the fee is `S` in wsNET at that price. The dollar value of what you are paid floats with NET from the moment of the bet. ## Risk off, exactly You commit `P` wsNET from your free balance as **locked principal**. Nothing is wagered at the moment of the bet. What you are wagering is the yield that `P` will earn between the bet and the grade, and it does not exist until the grade. Let `i0` be the sNET index when you bet and `i1` the index when the market is graded (the desk applies any due rebase before reading either): ``` yield = P − P × i0 / i1 wsNET worth exactly the rebases earned on P wager = min(yield, reserve) clipped to what was reserved at the bet win = P + wager your principal, plus its yield a second time lose = P − wager the same sNET you started with push = P principal plus its own yield, nothing wagered void = P the same ``` A loser's returned balance, unwrapped, is the exact sNET quantity they committed. That is the sense in which the mode is risk off: **principal is preserved in NET terms.** Its dollar value moves with the price of NET and is not preserved. **The reservation.** The desk must be able to cover a risk-off win before it knows `i1`. At the bet it reserves against the house pot at a growth rate the index cannot beat, 0.90% per epoch, twice the dividend program's emission cap, compounded over every epoch that ends between the bet and 24 hours after kickoff. If the real yield ever exceeded that reservation, the wager is clipped to the reservation and the excess yield stays with you. The house's solvency never depends on the index. **The fee on a risk-off bet** is set at the bet from the ladder below but taken at the grade, from the settled wager, win or lose. It never touches principal. A loser still leaves with exactly the sNET they committed; the fee comes out of the yield that was wagered. **Worked example, at the rate measured on 2026-09-19.** With NET at about $732, 4.09 wsNET was about $10,000 and about 13.66 sNET. Seven rebases at 0.488% grow it to about 14.13 sNET, a yield of about 0.47 sNET, roughly $346 at that price. Risk off on the favourite: the favourite covers and your balance is about 14.60 sNET; it does not cover and your balance is 13.66 sNET, the NET you came in with, at whatever NET then trades for; a push leaves 14.13 sNET. Risk on with the same 4.09 wsNET: a cover pays 8.18 wsNET before the fee, a miss pays nothing. These are illustrations at one day's rate, not projections. The cabinet reads the live rate, index and epoch clock and never hardcodes a rate. ## The fee The posted line is the price and both sides pay even money, so the fee is the whole edge. It is the same ladder the [Predict](/predict) market uses, applied to a wager instead of a swap. Let `ratio` be the market's exposure divided by the house pot, measured before the bet, from 0 to 1: | A bet that | Pays | |---|---| | adds to the market's exposure | 3% rising in a straight line to 6% at ratio 1 | | reduces it | 3% falling in a straight line to 1.5% at ratio 1 | The rate is fixed on the bet and never changes. Every fee, whatever its level, splits exactly in half: one half into the house pot, one half transferred to the NetNet RWA Sleeve as wsNET in the same transaction. The desk never holds a fee balance. The ticket prints the ladder beside the side that is cheaper to bet. The fee on a risk-on bet is charged at the bet and kept on a push. The fee on a risk-off bet is charged at the grade on the settled wager and is zero on a push or a void, because no wager settled. The 5% trading fee on the USDG deposit and withdrawal path is the fund's own load on NET, paid by every buyer and seller, and it goes where it always goes. It is not house revenue. ## The house pot and coverage The house is the NetNet RWA Sleeve. It funds the pot with NET it bought, staked and wrapped, and it may add to the pot at any time. **The Treasury is never the house**, no fund reserve stands behind the pot, and the pot appears in the Sleeve's own reporting, never in reserves or backing. The pot covers imbalance, and only imbalance. Per market, in wsNET: ``` owedFav = risk-on net wagers on the favourite + risk-off reservations on the favourite owedDog = the same on the underdog exposure = the most the house can owe the heavier side, net of the certain inflow from the lighter side's risk-on wagers freePot = housePot − the sum of exposure over open markets − unpaid winners of decided markets ``` Only the losing side's risk-on wagers are counted as certain inflow. A risk-off loser forfeits at most its reservation, and possibly nothing if no epoch ends before the grade, so risk-off money on the light side is never netted against what the house owes the heavy side. Three rules bound every bet: * **Per-bet cap.** A bet's payout, the gross wager for risk on or the reservation for risk off, may be at most **5% of the house pot** at the time of the bet. * **Coverage.** A bet that adds exposure is accepted only if the addition fits in the free pot. A bet that reduces exposure is always accepted while the board is open. * **Minimum.** On chain, 0.0004 wsNET, about a dollar at the September 2026 price; $5 in the cabinet. With a balanced book the house pays nothing and keeps nothing. Losers' wagers and forfeited risk-off yield flow into the pot at the grade; winners are paid out of it; the pot's own rebases accrue to it between. The Sleeve may withdraw from the pot at any time, up to the free pot only, and every such withdrawal is paid to the Sleeve whoever calls it. Player balances, locked wagers and locked principal are never reachable by the Sleeve, the team Safe or anyone but their owner. ## The clock | Moment | Rule | |---|---| | Open | The team Safe opens a market at least one hour and at most twenty days before kickoff. The line is fixed at the open; no function can move it. | | Close | Kickoff, on the contract's clock. No bet at or after it. A delayed kickoff does not reopen the board. | | Grade | No earlier than three hours after kickoff. The team Safe posts both final scores, each at most 99; the contract derives the result from the scores and the spread. | | Push | The favourite wins by exactly the line. Every wager is refunded and every principal released. A postponed game is graded as a push. | | Void | If a market is ungraded 72 hours after kickoff, **anyone** may void it. It settles as a push. Nothing can strand. | | Cancel | The team Safe may cancel an open market at any time. It settles as a push and touches no line or price. | The result is a pure function of the two scores and the spread. The favourite covers when its margin of victory exceeds the line, the underdog covers when it does not, and a margin exactly on the line is a push. The Safe cannot post a winner, only a score, and cannot post a score before the game can have finished. ## Claiming Money moves per bet, not per market, so a market with a thousand bets can never run out of gas. After a grade, a void or a cancel, `settle` for any bet is **permissionless** and idempotent: anyone may call it, calling it twice does nothing, and the cabinet's CLAIM button settles every one of your bets on decided markets in one transaction. The Safe may also sweep settlements after a grade. Settlement credits your free balance; withdrawal is a second step and is always available. ## Honesty, stated plainly This is a fair line with a printed fee. The posted line is the price, both sides pay even money, and the fee is the whole edge. The house wins on the line only when the crowd leans the wrong way, loses on the line when the crowd leans right, and backs every imbalance with its own wsNET. * **Nothing here is random.** The outcome is a football score. There is no beacon, no seed and no dealer. * **The grade is a score, not a verdict.** The team Safe posts two numbers. The contract decides who covered. * **Team wallets do not bet the board.** The team Safe, the Sleeve and the fund's keeper are refused at the point of a bet, permanently. The Sleeve funds the pot and nothing else. * **Risk off preserves NET, not dollars.** Your NET does not change. Its dollar value does. * **A halt stops new bets and new deposits only.** Withdrawal, settlement, grading and voiding can never be halted. ## What the desk can never do * Move the line or the price of an open market. * Pay a wager more than even money. * Take a player's balance, locked wager or locked principal. * Return a risk-off loser less NET than they committed. * Pay a house withdrawal to anyone but the Sleeve, or past the free pot. * Read a price feed on any path a player is paid through. * Grade a game from anything but two scores, or before it can have ended. ## Parameters | | | |---|---| | Unit of account | wsNET; dollars on the face are a display convention at the live price | | Price | Even money on the posted line, fixed at the open | | Fee | 3% base; 3% to 6% adding exposure; 3% to 1.5% reducing it; half to the house pot, half to the RWA Sleeve | | Risk-on fee | Taken at the bet; kept on a push | | Risk-off fee | Taken at the grade from the settled wager; zero on a push or a void; never from principal | | Reservation rate | 0.90% per epoch, compounded to 24 hours after kickoff | | Per-bet cap | 5% of the house pot per bet payout | | Minimum bet | 0.0004 wsNET on chain; $5 in the cabinet | | Bets per wallet | Unlimited, both sides, both modes | | Open lead | At least 1 hour and at most 20 days before kickoff | | Grade | No earlier than 3 hours after kickoff; scores at most 99 | | Void | 72 hours after kickoff, by anyone; settles as a push | | USDG deposit | Buys NET on the canonical pool with the 5% trading fee and price impact; at most $2,500 per zap call, looped by the cabinet | | House | The NetNet RWA Sleeve; may add or withdraw the free pot at any time | | Grader | The team Safe | ## What may come later A draft exists for letting locked risk-off principal serve as collateral within the book or against a credit market. **It is not live, it is not build-authorized, and nothing on the deployed desk supports it.** If it ever ships, this page will describe it first. ## Risk factors Beyond the fund-level [Risk Factors](/risks), stated plainly: * **NET price risk on everything in the book.** Every balance is NET, staked and wrapped. A risk-off bet preserves your quantity of NET, not its dollar value, and NET can fall while your principal is locked. * **A risk-on loss is a loss.** The net wager goes to the house pot. * **The fee is paid whatever happens on the field**, on every risk-on bet including a push, and on every risk-off bet that settles. * **The USDG path pays the 5% trading fee twice**, once in and once out, plus price impact on a thin pool. * **Your money is locked until the grade.** A grade lands hours after the game; a void takes 72 hours. Neither can be hurried. * **The dividend rate is not fixed.** A risk-off wager is the yield the dividend program actually pays over the lock, which is a formula of NET's premium to NAV and can be small or zero. The cabinet's estimate is an estimate. * **The house pot bounds what you can bet and what the house can pay.** A bet that adds exposure past the free pot is refused, and the Sleeve can withdraw the free pot at any time. * **Grading depends on the team Safe** posting a score. The void path is the only remedy for a missing grade and it refunds rather than pays. * This is a game. It is not an investment, not a security, and not a claim on the fund or on anything the fund holds. ## Addresses All on Robinhood Chain (chain id 4663). Every link goes to the chain's canonical explorer. | Contract | Address | |---|---| | SportsBookDesk (THE BOOK) | [`0x3174dE69a84c53F82F6B6Dca5C64E705cFFe8Dd6`](https://robinhoodchain.blockscout.com/address/0x3174dE69a84c53F82F6B6Dca5C64E705cFFe8Dd6) | | Deposit zap (USDG and sNET in and out) | [`0xC866E4f53f1439d85171a06395ce37b887D16Fa1`](https://robinhoodchain.blockscout.com/address/0xC866E4f53f1439d85171a06395ce37b887D16Fa1) | | WrappedStakedNET (wsNET), the unit of account | [`0x63C12667638f2Ae6fC6ae09B43D98Ec84a8586eA`](https://robinhoodchain.blockscout.com/address/0x63C12667638f2Ae6fC6ae09B43D98Ec84a8586eA) | | NetNet RWA Sleeve, the house | [`0x498752D5fa0600CBd613074C151Abe15B3FeC7CB`](https://robinhoodchain.blockscout.com/address/0x498752D5fa0600CBd613074C151Abe15B3FeC7CB) | | Team multisig (Safe), manager and grader | [`0x3Bb7A23316f82C0e984fA2E784846d8928a35f42`](https://robinhoodchain.blockscout.com/address/0x3Bb7A23316f82C0e984fA2E784846d8928a35f42) | The fund's other contracts are listed on [Official Channels](/official-channels). The cabinet never claims any affiliation with any team or league; the team names on the board identify the game and nothing else. Not investment advice. 18+.