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Performance & Valuation
Annual Differential
The change in SPLT's NAV across one fiscal year. FY1's Annual Differential (produced under the platform's earlier execution approach; the go-forward model uses corporate accounts at regulated U.S. prediction-market venues) was positive: NAV ended above its $1.0000 base between April 2025 and April 2026. One fiscal year is a single period, not yet a track record.
NAV (Net Asset Value)
The published per-unit value of SPLT, computed from platform performance and updated on the site. NAV can rise and fall, and resets to a $1.0000 base each April.
The Instruments
FYN (Fixed-Yield Note)
A 12-month senior unsecured corporate note paying 15% fixed at maturity. "Senior" describes repayment priority; "unsecured" means no collateral — the participant bears the issuer's credit risk.
SPLT
A five-year, non-transferable utility credential whose value tracks platform performance. Offered as a non-security per the legal opinion of outside counsel.
Utility credential
An instrument that grants platform participation rather than ownership of a company. SPLT holders do not own equity in BettorToken.
Legal & Eligibility
Offering Status
A federal securities exemption that permits private offerings to be marketed publicly, provided every participant is verified as accredited before investing.
Accredited participant
Under U.S. rules, generally an individual with $200K+ annual income ($300K jointly) or $1M+ net worth excluding primary residence, or an entity meeting equivalent thresholds. Verification is performed by an independent third party.
Howey test
The four-part U.S. Supreme Court framework used to determine whether an instrument is a security. Outside counsel's legal opinion analyzes SPLT under this framework; a legal opinion is not an SEC no-action letter.
How the Platform Works
Uncorrelated
Moving independently of traditional markets. Sports outcomes are not priced by interest rates, earnings, or geopolitics, so the platform's returns are largely independent of the inputs that move stocks and bonds. Uncorrelated does not mean risk-free.
Rejection rate (99.7%)
The share of evaluated markets CHUNKER declines to act on. Fewer than three of every 1,000 candidate markets meet the platform's structural criteria.
Permissioned ledger
A restricted-access blockchain (XDC) on which platform records are written so they cannot be quietly altered. The ledger is recordkeeping infrastructure, not a tradable token.
Diligence Process
NDA
A non-disclosure agreement, signed before detailed diligence materials are shared.