General Marketplace Policies & Rules
- What are DIBZ?
- How are DIBZ purchased in an active marketplace?
- What is a bid?
- How are orders matched in the system?
- Why is the payment method of account charged when placing a bid?
- At what price should DIBZ be bought?
- How are tickets or products purchased for successful DIBZ once the market has closed?
- What is the face value cost of the tickets or products purchased (for successful DIBZ)?
- What is the minimum bid that can be made?
- Why are there two charges on a buyerÂ?s payment method of account, for purchased tickets or products?
- How are ticket(s) or product(s) provided to the buyers?
- Where are seats for purchased event tickets located?
- What happens if the team (associated with a purchased DIBZ) does not make the game, the event does not take place, or the product is not released?
- What happens if a seller is unable to sell their DIBZ, and the market closes?
- Can purchased DIBZ be transferred to another market?
- What is a Fantasy Dibz?
DIBZ are tied to an allotment of tickets (or products) coming directly from the rights owner associated with the ticketed event or issued product.
How are DIBZ purchased in an active marketplace?
There are two different methods by which to purchase DIBZ.
1) DIBZ may be purchased directly by clicking ‘Buy’ next to a given price in a marketplace. If available, purchases will instantaneously transact at the price indicated.
2) Bids to purchase DIBZ may be submitted at a price below the lowest price posted in the marketplace. Bids will be held in the system as “active bids” until they are canceled/modified, or the market closes. If a seller meets a bid, the buyer will own the DIBZ, and be notified via email.
A bid is a commitment to purchase a specific DIBZ at a given price. Please note, in the event a marketplace participant currently holding a DIBZ in that market accepts a placed bid, the bid order will transact immediately. Bids can also be placed where there are no DIBZ yet for sale, in hopes that a market for that DIBZ subsequently develops. Before any bid can be placed within a market, buyers MUST AGREE to all marketplace terms and conditions.
How are orders matched in the system?
1. Orders are matched automatically when a Bid-to-Buy and an Offer-to-Sell match on quantity and price.
2. A match can be a function of a bidder clicking the "Buy" button, or by simply matching the Offer-to-Sell price with a Bid-to-Buy
3. Once an order has transacted, the payment on account is charged immediately and both the buyer and seller are notified via email.
Why is the payment method of account charged when placing a bid?
When placing a bid, buyers are committing a given amount of money for the purchase of a DIBZ. In the event a marketplace participant currently holding a DIBZ in that market accepts a placed bid, the bid order will transact immediately, and therefore the buyer’s payment method of account is immediately charged for the bid amount. Bids can also be placed where there are no DIBZ yet for sale, in hopes that a market for that DIBZ subsequently develops. Before any bid can be placed within a market, buyers MUST AGREE to all marketplace terms and conditions.
At what price should DIBZ be bought?
DIBZ are sold at an initial issuance price. Once DIBZ begin to sell, buyers can begin to trade DIBZ at different prices, depending on the likelihood that the event will occur. It is recommended that DIBZ are purchased at the lowest price available.
How are tickets or products purchased for successful DIBZ once the market has closed?
The face value cost of the ticket or product will be charged to the buyer’s payment account on record, once the event has been determined to occur, or the product has been determined to be released. Buyers will be notified when this has occurred via email.
What is the face value cost of the tickets or products purchased (for successful DIBZ)?
If the face value cost of a ticket or product is known, it will be listed in the marketplace Policies & Rules.
What is the minimum bid that can be made?
The current minimum price for a placed bid is $5.00 per DIBZ.
Why are there two charges on a buyerÂ?s payment method of account, for purchased tickets or products?
When purchasing within our marketplace, a buyer incurs two charges. The first charge is the cost of the initially purchased DIBZ- the right to purchase a ticket if the event occurs or the product is released. The second charge is the face-value cost of the ticket or product associated with the successful DIBZ, which holders are obligated to pay.
How are ticket(s) or product(s) provided to the buyers?
Fulfillment of the successful DIBZ for each market will be stipulated in that marketplace’s Policies & Rules.
For ticket fulfillment, the two primary methods for ticket distribution are via will-call or FedEx shipping. When a fulfillment method is determined it will be posted to the applicable marketplace Policies & Rules.
Where are seats for purchased event tickets located?
Seat locations are not generally known until closer to the event.
What happens if the team (associated with a purchased DIBZ) does not make the game, the event does not take place, or the product is not released?
There are no refunds offered or provided on purchased DIBZ. However, in this scenario, buyers will NOT be charged the face value cost of the ticket for the associated event, or the product.
What happens if a seller is unable to sell their DIBZ, and the market closes?
If the market ‘succeeds’, holders of the successful DIBZ are responsible for paying the face value cost of the associated ticket(s) or product(s). If the market does not succeed, DIBZ within that market can no longer be sold, and holders will not be refunded for the amount at which the failed DIBZ were purchased.
Can purchased DIBZ be transferred to another market?
DIBZ are tied to the specific team or product they were purchased for, and cannot be sold for another team or product in any other marketplace.
A Fantasy Dibz is a rights based instruments (”dibz”) that is defined by a marketplace participant. Once defined, it can be bought and sold in accordance with the rules and policies of the Ticket Reserve. Fantasy Dibz were created with online fantasy games in mind and have now expended to be any user defined right based instrument for sale or purchase at www.ticket.reserve.com.
