The 2009 American Idol Contest!

RULES

LONG AND DETAILED VERSION:
HOW TO PLAY / WIN:
  1. Players will be given $500 of *PRETEND* money to wager on The Next American Idol, as well as the Weekly Loser.
  2. Win pretend money for correct picks. Payouts will be based on the odds on the contestant (see "Calculating Payout" below).
  3. The player with the most money after 12 weeks is The Winner!
  1. General Rules:
    1. All money used in this contest is *PRETEND*. The creators of this contest are not responsible for any behavior that results from people thinking they have won real money. Those people are idiots.
    2. The game will begin on Thursday, March 6 at 11:59PM (EST), after the Top 12 Contestants are announced.
    3. Results will not be updated and betting will not be opened until players in ALL TIME ZONES have had a chance to watch the show.
    4. Throughout the game, the term "Players" refers to people who participate in this contest online. "Contestants" refers to the people who sing on the American Idol TV Show.
    5. Also, the word "Winner" will only be used to describe the winner of this online contest. "The Next American Idol" is the term applied to the last remaining contestant on the TV Show. The contestant who gets voted off each week will be referred to as the "Weekly Loser" or the "Week (#) Loser".
    6. Foul language and inappropriate taunting is not allowed. Appropriate taunting is encouraged.
  2. Signing Up and Logging In:
    1. All players must SIGN UP to play. This will require a username and a password. Only one (1) username and password is allowed for each player. This username will be used to identify you for 12 weeks, so try not to use a stupid one.
    2. Players will be required to Log In each time they visit the website.
    3. Email addresses will be used for game reminders and updates only. The creators promise that they will not use your email address for spam.
  3. Inviting Friends:
    1. Players have the opportunity to invite friends to participate in the contest. You may invite as many people as you like.
    2. Players will be awarded $50.00 for each referral that signs up to play.
    3. The email addresses of your friends will not be used for spam either.
  4. Wagering on the Next American Idol:
    1. Players are allowed to place a wager on the contestant they believe to be the Next American Idol. Players will be given $500 in *PRETEND* money. They must use this money to bet on the Next American Idol as well as each week's loser. Players are encouraged to use their money wisely.
    2. You can only bet whole dollars. Minimum wager is $1 for all bets placed.
    3. You can only place a bet on one contestant to be the Next American Idol at a time.
    4. Players are encouraged to wager on the Next American Idol during Week 1...there will be a reward for early commitments (keep reading).
    5. If the contestant you bet on gets voted off, you may place a new bet, but a penalty will be instated (keep reading).
    6. After the Next American Idol is announced, those who picked that contestant will be paid according to the odds (see Calculating Payout below).
    7. For the Next American Idol, odds will be locked in on the DAY you place your wager. You will be paid according to the odds on that day, regardless of how the odds change over the following weeks.
    8. Also, at the end of the contest, the players who picked the Next American Idol will be given a bonus (in addition to the normal wager payout) according to this formula: BONUS=$100(13-WeekChosen). For example: If you chose Jordin Sparks to be the Next AI during week one, your bonus will be $100(13-1)=$1200. If you chose Jordin during Week 5, your bonus will be $100(13-5)=$700.
    9. For players who change their pick for the Next American Idol in the middle of the game, you will lose your original wager.
  5. Wagering on the Weekly Loser:
    1. Bets will open each week on Wednesday night at 11:59PM (EST). The only exception is week one, when it will open on Thurs at 11:59PM. Betting will not be open until players in ALL TIMES ZONES have had a chance to watch the show.
    2. Betting will be closed each Wednesday at 6:00PM (EST). This gives you a chance to hear the contestants sing before placing your bets.
    3. Wagers will be made from the pot of *PRETEND* money you currently possess.
    4. You can only bet whole dollars and the minimum bet allowed is always $1.
    5. You can only bet on one contestant per week to be voted off.
    6. Unlike the Next AI wager, the odds for the Weekly Loser will only be locked once...on Wed at 6PM (EST).
    7. After the Wednesday results show, those who picked the correct contestant to go home, will be paid according to the odds that were locked on Wed evening.
    8. RESULTS WILL NOT BE UPDATED ON THE CONTEST WEBSITE UNTIL WEDNESDAY AT 11:59PM (EST). We have to be respectful of players on the west coast.
CALCULATING PAYOUT:
  1. Odds are not just pulled out of the creator's rear ends. Odds are calculated based on how many bets have been placed.
  2. For each player who places an incorrect bet, you simply lose your money. Period.
  3. For each player who places a correct bet, you will be paid based on the odds (whenever they were locked). If the odds on your contestant were 2 to 1, that means you profit $2 for every $1 you wagered. If the odds are 15 to 1, you'll profit $15 for every $1 you wagered.

    Payout Example:

    Contestant-01: 5 bets totaling $100
    Contestant-02: 3 bets totaling $70
    Contestant-03: 1 bet totaling $30

    Total Amount Wagered by All Players: $200

    Odds on Con-01 = ($200-$100)/$100 = 1 to 1
    Odds on Con-02 = ($200-$70)/$70 = 1.86 to 1
    Odds on Con-03 = ($200-$30)/$30 = 5.66 to 1

    - So if you wagered $25 on Con-01 and were correct, you will be paid your original $25 + (25 x 1) = $50.
    - If you wagered $50 on Con-01 and were correct, you will be paid your original $50 + ($50 x 1.86) = $142.86
    - If you were the lucky risk-taker who bet $30 on Con-03, you'll get $30 + ($30 x 5.66) = $200 (a.k.a... the whole pot).

    So basically, if you bet on the underdog and are correct, you're gonna be paid BIG BUCKS!!!!