OwnersBucks are a virtual currency that are only valid on the OwnersBucks platform. They cannot be directly withdrawn. However, OwnersBucks convert to real-money at a predefined rate based on your rank. We reward ranking up with a higher rate of conversion. Our conversion rates are subject to change. OwnersBucks have no cash value.
How do OwnersBucks work?
- When a user enters a real money contest, 1% of the entry fee is added to their OwnersBucks balance as a reward for entering the contest.
i.e. If you enter a $100 real money contest, your OwnersBucks balance will increase by 1. (1% of 100 = 1)
- When a user enters a real money contest, part of their current OwnersBucks balance becomes convertible to real money, based on a percentage of their entry fee. This conversion rate/percentage is based on the user's rank.
****Conversion is not automatic, and you will have to process a conversion through The OwnerBox platform.
i.e. A user with a rank of Rookie (1% conversion rate) enters a $100 real money contest, 1 OwnersBucks from their current balance is now available in their convertible OwnersBucks balance to be converted to real money. (1% of 100 = 1)
A user with a rank of Hall-of-Famer Tier 3 (3.5% conversion rate) enters a real money contest of $50, 1.75 OwnerBucks of their current balance is now available in their convertible OwnersBucks balance to be converted to real money. (3.5% of 50 =1.75)
Note: OwnersBucks can only become convertible if you have an OwnersBucks balance. Therefore if you have 0 (Zero) OwnersBucks and enter a real money contest, your convertible balance will not increase, however your overall OwnerBucks balance will increase by 1% of your entry fee as a reward for entering the real money contest.
For a detailed explanation of the rewards for ranking up see HERE.