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Manifold announced Wednesday night it was doing away with its sweepstakes model. The company is asking users to redeem their sweepcash by March 28.
Their resolution, successful predictors can redeem their sweepcash for real USD withdrawable to their bank account.
"We quietly launched in beta last week to get feedback and our sweepcash markets already have 20,000 in volume!" Manifold said.
By default, all markets on Manifold will continue to use mana, their non-redeemable play-money.
"We are not making any changes to mana markets and users can continue to trade on them as they always have. However, selected questions will have both a mana market and a sweepcash market allowing users to toggle between the two. These two markets will share the question title, description, and comments but will have separate probabilities, trades, and winners. Sweepstakes markets will be managed and resolved solely by Manifold. To see an example, check out our largest sweepstakes market here.
"Users may only withdraw sweepcash once it has been used to win a resolved market. Sweepcash from gifts, bonuses, and exiting a market early will not be eligible for withdrawal until it has been used to win a market. You can see how much sweepcash you are eligible to withdraw on the redeem page."
While Manifold is available in most U.S. states, residents in Washington D.C., Delaware, Idaho, Michigan, and Washington are NOT eligible to participate. Residents of non-U.S. countries are also NOT eligible.
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